Gold Heads for Weekly Loss in May 2026 Amid Surging Oil Prices and Global Inflation Fears

 Gold prices stabilized in May 2026 but remained on track for a 1.8% weekly decline as surging oil prices fueled inflation concerns and clouded interest rate outlooks. Spot gold hovered around $4,622.41 per ounce following Brent crude's jump to a four-year high of $126. Geopolitical tensions in the Strait of Hormuz and Iranian warnings of retaliatory strikes against U.S. sites have further complicated 2026 market stability and global energy security efforts.