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Gold Futures Fall 1.58% to $3,987.80/oz on July 16 Amid Iran-Houthi Red Sea Closure Threat

2026-07-16 21:30:13

XAU-1.92%

According to CME COMEX data, August gold futures fell $64 (down 1.58%) to $3,987.80 per troy ounce on July 16 in afternoon trading, marking the lowest level since June 30. Iran has instructed Yemen's Houthi militant group to blockade the Red Sea and Strait of Bab el-Mandeb if the U.S. attacks Iranian power facilities, escalating Middle East tensions. Rising geopolitical risk and elevated U.S. Treasury yields have pressured gold prices, as higher interest rates reduce the appeal of non-yielding assets like gold relative to dollar-denominated investments.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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