Gold Records Second Weekly Loss Under Pressure from the Dollar and Oil Prices
The price of gold slightly decreased during trading on Friday, May 22, 2026, heading toward a second consecutive weekly loss, impacted by the strength of the U.S. dollar and rising oil prices.
The spot price of gold marginally dropped to $4,522.89 per ounce, while U.S. futures contracts for June delivery fell by 0.4% to $4,524.40 per ounce.
Other Precious Metals Also Decline
Other precious metals also saw declines. Silver fell by 0.2% to $75.20 per ounce, platinum decreased by 0.17% to $1,933.25, and palladium lost 0.15% to $1,369.25, moving toward a negative weekly close as well.
A Strong Dollar Weighs on the Market
The U.S. dollar remains near its highest levels in six weeks, making gold more expensive for holders of other currencies and reducing demand for the precious metal.
The rise in oil prices is also fueling concerns about inflationary pressures, strengthening expectations for a prolonged restrictive monetary policy from the U.S. Federal Reserve.
Gold Between Inflation and Interest Rates
Traditionally viewed as a safe haven against inflation, gold loses some of its appeal when interest rates remain high, as it does not generate any returns, making it sensitive to global monetary policy decisions.
