This is elementary.
Oil is priced in dollars.
More dollars are needed to buy oil. So it is being bought. This drives the “value” of the dollar higher. An ounce of gold hasn’t changed…so the value of the dollar drives the price. Thus it the price of gold drops.
This has nothing to do with inflation.
Market has priced out rate cuts this year, so the dollar rises. Has nothing to do with oil. Look at the 10yr. Has everything to do with inflation.
A good reality check.
Gold Stuck in Dubai Is Being Sold at Discount as War Widens
https://finance.yahoo.com/news/gold-stuck-dubai-being-sold-084523920.html
Gold and silver went bonkers last year and earlier this year. Some pullback should be expected just like silver. I am still buying.
In June 2025, gold was $3300
Silver was $38