Global gold prices have recently dipped below the $4,000 mark, with the latest trading session on July 13 showing a decrease of $119 to settle at $4,000 per ounce. As of the morning of July 14, the price continued to decline, reaching $3,996. This drop in gold prices comes in the wake of U.S. President Donald Trump's announcement to reinstate maritime sanctions against Iran, which has led to a significant increase in crude oil prices.

On July 13, oil prices surged by over 9%, with Brent crude trading at $83.3 per barrel and WTI at $79 per barrel. The imposition of sanctions has raised fears of inflation and the possibility that the Federal Reserve will maintain high interest rates for an extended period. During the trading session on July 13, gold prices even fell to a low of $3,985, marking the second consecutive day of decline.

In addition to the sanctions, Trump stated that a 'protection fee' equivalent to 20% of the value of goods would be charged for vessels passing through the Strait of Hormuz. Market analysts, including Fawad Razaqzada from Forex.com, suggest that if oil prices continue to rise, gold could potentially drop to $3,800 or even $3,500 as selling pressure increases.

On July 14, Federal Reserve Chairman Kevin Warsh is scheduled to testify on monetary policy before Congress, and investors are keenly awaiting insights that could influence interest rate expectations. This week, the U.S. will also release several important economic indicators, including June inflation data, retail sales figures, and weekly jobless claims.