Gold prices are projected to remain under pressure in trading on Friday (24/7/2026) as the US dollar strengthens, US government bond yields rise, and a surge in oil prices reduces the appeal of precious metals. Citing Kitco News, gold prices in Thursday’s (23/7/2026) US trading closed down 1.98% to US$4,047.80 per troy ounce in the spot market. Pressure on gold emerged despite ongoing geopolitical tensions between the US and Iran that are still driving demand for safe-haven assets. Higher oil prices due to increasing risks of energy supply disruptions have instead boosted inflation expectations, lifting US government bond yields for the 10-year tenor to around 4.7% and supporting the strengthening of the US dollar index. These conditions make investors more inclined to reduce exposure to gold, which does not provide returns. The market is also still digesting US economic data showing resilience in the labor market. Weekly unemployment claims fell by 22,000 to 187,000, the lowest level since September 1969. The data reinforces expectations that the Federal Reserve will keep interest rates unchanged at its meeting on July 29 and has not signaled easing of monetary policy. At the same time, the European Central Bank (ECB) kept interest rates at 2.25% while remaining alert to inflation risks triggered by a surge in energy prices.