Spot Gold Climbs Back Above $4,100 in Wednesday Trade

Spot gold rose about 1 percent in Wednesday trade on 22 July 2026, climbing back above the $4,100 an ounce level. Bullion changed hands near $4,119 by Wednesday morning, while US gold futures traded around $4,124. Even so, the price remains near its lowest level in nine months and well below the record set earlier this year.

The main driver was safe-haven demand amid tensions in the Strait of Hormuz and threats by Houthi forces to disrupt shipping in the Red Sea and the Bab el-Mandeb strait. On the other side, high US Treasury yields (the 10-year yield in the mid-4 percent range) and a firmer dollar kept a lid on gold's advance.

For the Iranian market, the global ounce is the main anchor for domestic gold and coin prices; the Emami coin traded around 185 million tomans on Tuesday, 21 July.