The proposal for a 10-day ceasefire caused oil prices to retreat, while gold prices edged higher.

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智通财经2026/07/21 02:56

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During early Asian trading on Tuesday, international gold prices rose slightly. As of 10:40, the highest level reached was $4044.56 per ounce, an increase of about 0.9%. Signs that the US-Iran conflict may be resolved through diplomatic means caused oil prices to soften, providing support for gold prices. Nevertheless, threats from Yemeni Houthi forces to impose a maritime blockade on Saudi Arabia keep the market vigilant for renewed risks of oil price surges.
Gold prices are up about 0.58% at the start of this week, mainly benefiting from a softer US dollar and a re-pricing of expectations for Fed rate hikes. If Houthi forces successfully block the Bab el-Mandeb Strait, one of the world's most important oil transportation routes will be disrupted, which could trigger a new round of oil price surges, disrupt fuel supplies, and intensify global economic pressure.
The Iranian Ministry of Foreign Affairs stated that mediators have made several "proposals" to Tehran, including a proposal for a 10-day ceasefire, aiming to salvage the interim agreement signed on June 17. This indicates diplomatic contact is ongoing, although no specific details were disclosed. Meanwhile, related statements from the Houthi forces suggest the Middle East situation remains highly uncertain.
The recent escalation in Middle East conflict drove oil prices on Monday to their highest in over a month. Following reports of ceasefire proposals, oil prices gave back most of their gains, with Brent crude falling from above $91 to around $88.80 per barrel. At the same time, an increasing number of policymakers believe that curbing persistent inflation may require another rate hike, setting the stage for intense debate at the Fed’s next meeting.
From a technical perspective, gold prices have found support around $4000, and there is a short-term rebound opportunity. The market is closely watching geopolitical developments and US economic data for further guidance on interest rate expectations.

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The proposal for a 10-day ceasefire caused oil prices to retreat, while gold prices edged higher.

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