Why did gold prices climb to a nearly two-week high on Wednesday?

Gold prices climbed to a nearly two-week high on Wednesday due to technical buying, while investors awaited the U.S. Federal Reserve's upcoming meeting for clues on the interest rate outlook and monitored the ongoing Middle East conflict.

What recent developments in the Middle East affected energy markets and contributed to gold's rally?

Two oil tankers carrying Saudi crude to Asia reversed course in the Red Sea after threats from Yemen's Iran-aligned Houthis, disrupting shipping through two of the world's most critical energy chokepoints; this escalation amid a widening Middle East conflict contributed to rising oil prices — which climbed over 1% and neared six-week highs — and supported safe-haven demand for gold.

Gold nears two-week high as Fed outlook, Middle East conflict stay in focus

Jul 21, 2026

Gold prices hit a nearly two-week high driven by geopolitical tensions and Fed expectations, while oil rates rose following Red Sea shipping disruptions. Mining firms Sibanye Stillwater and Newmont faced legal challenges regarding trade rulings and insurance claims.

reuters

2026-07-21

Gold nears two-week high as Fed outlook, Middle East conflict stay in focus

Gold nears two-week high as Fed outlook, Middle East conflict stay in focus

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