Spot Gold Slid Below $4,000 on Thursday as the Oil Jump Revived Inflation Concerns

The price of an ounce of spot gold fell on Thursday, July 16, 2026, dropping below the $4,000 mark. Based on Sahmino data, spot gold reached about $3,992 by Thursday evening, roughly 1.8% below the previous day and a marked decline from the mid-week $4,060 zone. Earlier the same day, gold had eased about 0.6% and traded near $4,034.

The main driver was the jump in oil prices from the escalating regional conflict, which has revived concerns about a return of inflation and, with it, the chance of a Federal Reserve rate hike. Despite a softer US June producer price reading, traders are still pricing in roughly a 73% chance of a rate hike in December, an outlook that weighs on the non-yielding metal.

In the domestic market, 18-karat gold also slipped about 0.6% on the day. The latest prices are available on the Sahmino prices page.