Gold Prices Drop Globally as Houthi Attacks Spike Oil

Gold and silver prices declined across Asian markets on July 23, 2026, tracking a drop in international bullion rates. In Pakistan, gold per tola decreased by Rs. 1,800 to Rs. 432,036, while in New Delhi, prices fell ₹400 to ₹1,49,200 per 10 grams. These corrections followed a sharp rally the previous day.

The bullion slump coincided with a nearly 6% surge in Brent crude oil, which reached $99.51 per barrel. This volatility was triggered by attacks from Yemeni Houthis on ships in the Red Sea, including two Saudi Arabian vessels. Donald Trump, President of the United States, responded to the escalation by warning that the U.S. would hold Iran responsible if such attacks continued.

Market analysts suggest the combination of rising oil prices and geopolitical tension is fueling inflation concerns. This environment may prompt the U.S. Federal Reserve to maintain restrictive monetary policies or raise interest rates, creating further headwinds for gold. Meanwhile, the Government of Oman is coordinating with Saudi Arabia and the United Nations to resume a regional security political process.