Gold fell on Thursday after hitting over a two-week high in the previous session, as the dollar firmed amid soaring oil prices, fueling inflationary concerns and driving up U.S. Treasury yields on rising expectations for Federal Reserve rate hikes. 

The yellow metal had bounced back over the last two days, largely helped by technical buying after repeatedly testing the key psychological level of $4,000/oz last week.

Oil prices rose more than 3% on Wednesday, with the global crude benchmark briefly climbing above $95 a barrel for the first time since June 11. Supply disruption concerns swept markets amid continued fighting between the U.S. and Iran and threats to multiple shipping corridors in the Gulf. 

Additionally, government data showed U.S. crude oil inventories, including commercial and emergency stocks, fell for a fifteenth straight week.  

NEW YORK, July 21 (Reuters) - Oil prices climbed about 2% on Tuesday to a five-week high, on worries that energy supply disruptions could worsen in the Middle East due to more attacks between the U.S. and Iran and a threatened naval blockade of Saudi Arabia by Yemen’s Houthis.

Brent futures rose $1.79, or 2.0%, to settle at $91.01 a barrel, while U.S. West Texas Intermediate crude gained $1.68, or 2.0%, to settle at $84.91.

Bitcoin pared some gains on Tuesday but remained at an over one-month high, extending a recent rebound as inflows into exchange-traded funds pointed to some recovery in institutional demand.

But broader tensions over a worsening U.S.-Iran conflict limited overall gains in cryptocurrency markets, with the sector still nursing deep losses so far in 2026.