Gold Rebounds as Crude Oil Tumbles; Safe-Haven Demand Surges

Gold futures rallied on May 28, 2026, reversing early losses to close sharply higher, while crude oil prices suffered a steep decline. The divergence came as a substantial pullback in energy markets boosted demand for the precious metal as a hedge. Gold for August delivery rose 1.8% to settle at $2,115.40 an ounce on the Comex, after touching a session low of $2,060. West Texas Intermediate crude for July delivery dropped 3.4% to $67.95 a barrel on the New York Mercantile Exchange, its largest single-day percentage decline since early April. The moves reflected shifting investor sentiment amid renewed global growth worries and a stronger U.S. dollar. Oil’s retreat followed data showing an unexpected build in U.S. gasoline stockpiles, while gold attracted flight-to-safety inflows.