Gold prices fell 0.7% to approximately $4,540 an ounce on May 26, 2026.
The decline followed U.S. military strikes on Iranian missile sites and boats in the Strait of Hormuz. This escalation dampened market optimism regarding peace talks previously described as progressing by President Donald Trump.
Brent crude prices rose over 2% following the military action. Higher energy costs increased expectations for interest rate hikes, which strengthened the dollar and pressured non-yielding bullion.
Spot gold has declined roughly 14% since the geopolitical conflict began in late February.