Gold Slumps Below $4,750 as Middle East Tensions and Robust US Retail Sales Weigh

FXStreetApr 22, 2026 12:23 AM

Gold price tumbles to near $4,720 in Wednesday’s early Asian session.
Ongoing conflict in the Middle East exerts some selling pressure on the yellow metal.
US Retail Sales rose 1.7% in March, hotter than expected.

Gold price (XAU/USD) attracts some sellers to around $4,720 during the early Asian session on Wednesday. The precious metal falls as renewed Strait of Hormuz disruption stokes inflation concerns.

Bloomberg reported on Wednesday that US President Donald Trump will extend the ceasefire with Iran until talks between the two countries have progressed. Trump’s announcement struck a markedly different tone from earlier in the day when he said, “I expect to be bombing” if Iran didn’t meet his conditions, adding the military was “raring to go.”

Rising energy costs are stoking inflation fears, raising the bar for cutting rates. Gold is often used amid geopolitical uncertainty but does not yield interest, making it less attractive when interest rates are high.

However, hotter-than-expected US Retail Sales data could lift the US Dollar (USD) and weigh on the USD-denominated commodity price. Data released by the US Census Bureau on Tuesday showed that Retail Sales in the United States (US) rose 1.7% MoM in March, compared to the 0.7% increase (revised from 0.6%) seen in February. This figure came in above the market consensus of 1.4%. On a yearly basis, Retail Sales climbed 4.0% in March, matching February's print.

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