Financial Mirror16 Jul 2026

Gold under pressure on inflation, Iraq supplies, Iran crisis

Gold is down 0.7% to near $4,030 in European trading on Thursday, as XAUUSD faces selling pressures amid global inflation concerns and elevated energy prices in the wake of widening military aggression between the US and Iran.

A drone crash into an oil tanker in Iraq’s Basra terminal resulted in the suspension of all crude loading at Iraqi terminals. This has renewed fears of lower oil supply, a scenario that will keep energy prices elevated....

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