# Gold Prices Fall Across the Board on July 28... Pure Gold Buying Price at 841,000 Won Amid Easing U.S.–Iran Tensions

As of July 28, 2026, domestic prices for major precious metals fell across the board compared to the previous trading day, according to the Korea Gold Exchange. Pure gold, along with 18K and 14K gold, platinum, and silver all recorded declines.

Major Precious Metal Prices (July 28)

• *Pure Gold (24K, 3.75g)**
• Buying price (when purchasing): 841,000 won — down 4,000 won (0.48%) from the previous trading day
• Selling price (when selling): 709,000 won — down 3,000 won (0.42%) from the previous trading day

18K Gold (selling): 521,200 won — down 2,200 won (0.42%)

14K Gold (selling): 404,200 won — down 1,700 won (0.42%)

• *Platinum (3.75g)**
• Buying price (when purchasing): 332,000 won — down 1,000 won (0.30%)
• Selling price (when selling): 269,000 won — down 1,000 won (0.37%)

International Market Backdrop: Easing U.S.–Iran Tensions Pressure Gold Prices

Gold is typically regarded as an asset that gains strength during wars or heightened geopolitical tensions, buoyed by safe-haven demand. However, this trend was disrupted in the recent situation surrounding the United States and Iran.

The starting point of this decline was signals of easing military tensions between the U.S. and Iran. Under instructions from President Trump, the U.S. temporarily suspended airstrikes against Iran, with U.S. diplomatic channels explaining it as "a measure to preserve room for negotiation." Iran also signaled that it could suspend operations if the other side halted military action.

As tensions eased, international oil prices plummeted. September WTI futures on the New York Mercantile Exchange (NYMEX) fell more than 7% in a single day, dropping to the $82-per-barrel range, while Brent crude also slipped to the upper $80s. With the sharp drop in oil prices, risk-aversion sentiment weakened, leading to reduced investment demand for gold as a safe-haven asset.

Monetary Policy Factors Also at Play

Monetary policy variables are also intertwined. The Personal Consumption Expenditures (PCE) Price Index, the most closely watched metric by the Federal Reserve, was released within market expectations, causing Treasury yields to fall. While lower interest rates are typically a favorable factor for gold, this time the easing of Middle East risks and the sharp decline in oil prices dominated market sentiment, suppressing gold's upward momentum.

During the same period, the New York stock market saw profit-taking supply emerge centered on semiconductor stocks, causing divergent flows across asset classes. Fluctuations in international prices are often reflected in domestic gold prices after a certain time lag.

Key Factors to Watch Going Forward

This episode demonstrates that gold prices are influenced by a complex set of factors beyond geopolitical variables, including international oil prices, interest rates, the dollar, and risk-asset preference sentiment.

The key variable going forward is the direction of the Middle East situation. If negotiations proceed smoothly, gold prices may face short-term correction pressure. Conversely, if talks break down or new military clashes occur, safe-haven demand could revive, leading to a rebound. Upcoming U.S. inflation and employment indicators, as well as changes in the Federal Reserve's (Fed) interest rate policy, are also cited as major variables that will determine the direction of gold prices. However, these are key points to watch based on currently available information and do not constitute a definitive prediction of future gold prices.

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Gold Prices in South Korea Fall Across the Board as Geopolitical Tensions Ease

Precious metal prices in South Korea declined across the board on July 28, according to the latest pricing from the Korea Gold Exchange. Prices for 24K gold, 18K and 14K gold, platinum, and silver all posted losses compared with the previous trading day.

24K gold (3.75g): Buying price 841,000 won (-0.48%, -4,000 won); selling price 709,000 won (-0.42%, -3,000 won).

18K gold (selling): 521,200 won (-0.42%, -2,200 won).

14K gold (selling): 404,200 won (-0.42%, -1,700 won).

Platinum (3.75g): Buying price 332,000 won (-0.30%, -1,000 won); selling price 269,000 won (-0.37%, -1,000 won).

The decline followed signs of easing military tensions between Washington and Tehran. U.S. President Donald Trump instructed the military to temporarily suspend planned airstrikes against Iran, with U.S. officials describing the move as an effort to preserve room for diplomatic negotiations. Iran signaled it could halt military operations if the United States refrained from further action.

As tensions eased, international crude oil prices fell sharply. September WTI crude on the NYMEX dropped more than 7% in a single session to the $82-per-barrel range, while Brent crude retreated into the upper $80s.

The Federal Reserve's preferred inflation gauge, the PCE Price Index, came in broadly in line with market expectations, pushing U.S. Treasury yields lower. Although lower rates are generally supportive of gold, the easing of Middle East tensions and the sharp decline in oil prices dominated sentiment, preventing gold from gaining upward momentum.

Looking ahead, the direction of the Middle East situation remains a key variable. If diplomatic negotiations continue smoothly, gold could face short-term downward pressure. Conversely, if talks break down or new military clashes emerge, renewed safe-haven demand could support a rebound. Upcoming U.S. inflation and employment data, along with future Federal Reserve interest-rate decisions, are also expected to play a key role.

Market participants caution that these scenarios represent potential outcomes based on currently available information and should not be interpreted as definitive forecasts.

[This article was written with AI assistance. This article is for informational purposes only and does not recommend the purchase or sale of gold.]