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Gold Below $4,800 as Dollar Strength Caps Upside

Ricardo Evangelista
April 21, 2026

Gold prices edged lower in early Tuesday trading, slipping below $4,800. Despite the recent decline in oil prices, the upside for the precious metal remains capped by lingering inflationary pressures, which continue to support the US dollar and keep Treasury yields elevated. This dynamic creates a headwind for non-yielding gold and is likely to persist until there is a clear, time-bound plan for the normalisation of traffic through the Strait of Hormuz. Against this backdrop, bullion prices are unlikely to deviate significantly from the range seen over the past few weeks, roughly between $4,500 and $4,850, until a credible peace prospect emerges between the US and Iran. In the meantime, traders will be watching closely today’s Senate confirmation hearing for Kevin Warsh. Any hawkish signals from the Federal Reserve chair nominee could strengthen the dollar and push Treasury yields higher, adding further downside pressure on the precious metal.

 

Ricardo Evangelista, ActivTrades  

Gold Below $4,800 as Dollar Strength Caps Upside

Source: ActivTrader

 

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