Gold falls to $4,486.63 amid inflation and interest rate fears
Gold took a big hit on May 20, 2026, dropping to $4,486.63 per ounce after fears of rising inflation and possible interest rate hikes by central banks.
Silver also slid to $73.81 per ounce, its lowest point in almost two weeks, thanks to higher energy costs driven by the U.S.-Israel conflict with Iran.
Silver surged on AI optimism
Since the U.S.-Israel conflict with Iran started, gold's value has fallen nearly 15%. Inflation concerns and surging energy prices are keeping markets tense.
Silver's price has been all over the place lately. It shot up to nearly $90 per ounce last week on AI optimism before quickly falling back down.
Platinum and palladium fall
Even with all these ups and downs, gold is still considered a go-to for anyone looking to hedge against chaos.
As OCBC Bank strategist Vasu Menon puts it, "We continue to see gold as a useful hedge against global uncertainties given significant political and economic changes happening globally, which look set to gather pace in the coming years."
Platinum and palladium have also dropped, showing just how shaky things are for precious metals right now.