Gold: Rallies face headwinds from Oil and rates – OCBC
Par FXStreet Insights Team
Mis à jour: 8 Jul 2026
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OCBC Bank’s Sim Moh Siong and Christopher Wong explain that the precious-metals complex has come under renewed pressure following the recent spike in Oil prices. Gold is down nearly 2% and Silver more than 4% week-to-date, as geopolitics work mainly through the Oil, inflation and rates channel.
OCBC Bank’s Sim Moh Siong and Christopher Wong explain that the precious-metals complex has come under renewed pressure following the recent spike in Oil prices. Gold is down nearly 2% and Silver more than 4% week-to-date, as geopolitics work mainly through the Oil, inflation and rates channel. Near term, rallies in Gold and Silver may struggle unless Oil stabilises or Federal Reserve/rates concerns ease.
Non-yielding metals pressured by macro
"The precious-metals complex has come under renewed pressure, following the recent spike in oil prices."
"While geopolitics would normally offer some support for gold, the latest move has worked more through the oil, inflation and rates channel."
"That has weighed on non-yielding assets, with gold down nearly 2% week-to-date and silver falling more than 4%."
"Silver’s underperformance is not surprising given its higher-beta profile. Near term, unless oil stabilises or Fed/rates concerns ease, rallies in gold and silver may still struggle to sustain."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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