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Gold Dips, Oil Surges as Fed Hints December Rate Hike

7/20/2026

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Summary

Story summary

Spot gold fell 0.1% to $4,014.53 per ounce on July 20.
Brent crude rose above $90 a barrel, lifting oil 3% after limited shipments in the Strait of Hormuz.
Cleveland Federal Reserve President Beth Hammack said rates may need to rise, prompting traders to see an 82% chance of a December hike.
OANDA analyst Kelvin Wong warned higher rates raise gold’s opportunity cost and flagged the $3,886 support level.

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Story summary

Spot gold fell 0.1% to $4,014.53 per ounce on July 20.
Brent crude rose above $90 a barrel, lifting oil 3% after limited shipments in the Strait of Hormuz.
Cleveland Federal Reserve President Beth Hammack said rates may need to rise, prompting traders to see an 82% chance of a December hike.
OANDA analyst Kelvin Wong warned higher rates raise gold’s opportunity cost and flagged the $3,886 support level.