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2026-07-13 09:49:12
[Middle East Conflict Pushes Up Oil Prices, Gold Prices Fall Over 1%] 1. In early Asian trading on Monday, spot gold opened lower and continued to decline, falling over 1% to $4061.16 per ounce at one point, before recovering to around $4084, a drop of about 0.8%. The sharp escalation of the US-Iran military conflict, with Iran announcing the re-closure of the Strait of Hormuz, pushed oil prices up by over 4%, triggering a new round of market concerns about inflation and interest rate hikes, putting downward pressure on gold prices. 2. Over the weekend, the US and Iran launched fierce missile and drone attacks against each other. Iran attacked US facilities along the Persian Gulf coast on Sunday and stated that it had once again closed the Strait of Hormuz. As a result, oil prices rose sharply, the US dollar strengthened, and Asian stock markets generally came under pressure. 3. This week, the market will closely watch Federal Reserve Chairman Warsh's first semi-annual testimony to Congress, as well as key economic data such as June CPI, PPI, and retail sales. These will provide the market with new clues about the economic, inflation, and monetary policy outlook. 4. In its monetary policy report submitted to Congress last Friday, the Federal Reserve stated that inflationary pressures accumulated last year, driven by tariffs, rising war-related energy costs, and the AI construction boom, led to a further rise in U.S. inflation this spring.
