Global Gold Prices Fluctuate Amid Rising Oil Costs and Geopolitical Tensions in the Middle East

Key summary

On October 26, 2026, Huaxingheng reported that global gold prices adjusted downward as Brent crude oil surpassed $115 per barrel and WTI crude exceeded $100 per barrel. The price surge in oil was attributed to a major retaliatory airstrike by Saudi Arabia against Houthi forces allied with Iran, which had previously launched ballistic missiles at Riyadh. Additionally, the Islamic Revolutionary Guard Corps Navy disclosed that two large oil tankers collided with naval mines south of the Strait of Hormuz, carrying a combined total of over 4.5 million barrels of crude oil. These developments increased concerns about a potential expansion of US-Iran conflict and a disruption to the Strait of Hormuz, which could drive up energy inflation and Federal Reserve interest rates, negatively impacting gold. The SPDR fund sold 17.39 tons of gold in the previous week. In Thailand, the opening market price for gold was -200 baht (third session plus 50 baht), resulting in a selling price of 64,000 baht per gram for gold bars and 64,800 baht per gram for ornamented gold. The global Gold Spot price stood at $3,992 per ounce with an exchange rate of 33.80 baht to the dollar. Analysts noted that while gold recovered briefly above the support level of $3,975, it failed to break the resistance at $4,032, suggesting a sideways movement within this range unless it drops below the next support at $3,960. For 2026, the annual high was 81,950 baht and the low was 62,500 baht.