As of 02:42 GMT, spot gold was down 0.7% at $4,061.35 per ounce. U.S. gold futures for August delivery also fell 0.5% to $4,076.40 per ounce. The precious metal is heading for its fourth consecutive monthly decline, with losses of around 10.4%.
According to Invesco’s latest survey, institutions managing a combined $29 trillion in assets are increasing their focus on energy assets, infrastructure, and real assets in an effort to make their portfolios more resilient against global shocks.
The U.S. stock market is preparing to close out the first half of 2026 with relatively solid performance. The S&P 500 is currently up more than 7% year to date, showing that investor demand for equities remains resilient.
Spot gold opened the week around $4,142 per ounce and quickly advanced to the $4,220 per ounce area at the start of the week. However, the recovery lost momentum as the U.S. dollar strengthened, stronger-than-expected U.S. economic data emerged, and expectations of a potential Fed rate hike continued to weigh on the precious metal.
At the time of writing, spot gold fell 0.9% to $3,991.49 per ounce. Meanwhile, U.S. gold futures for August delivery dropped 1% to $4,007.30 per ounce.
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At the time of writing, spot gold was trading around $4,027.40 per ounce, up 0.73% on the session. Meanwhile, spot silver rose 0.87% to around $57.80 per ounce.
The U.S. dollar strengthened sharply against several major currencies this week. Against the euro, the greenback broke through the 1.14 EUR/USD level and at one point pushed EURUSD down to 1.1325, marking the dollar’s strongest level in around 13 months.
On Wednesday, spot gold fell more than 3%, trading around $3,980.20 per ounce. This is a notable move as the market continues to test the key support zone around $4,000 per ounce.
In addition, increasingly hawkish comments from Fed officials also supported the strength of the greenback. According to CME FedWatch, markets are currently pricing in around a 37% chance of a 25-basis-point Fed rate hike at the July meeting, up sharply from 8.5% a week earlier. The probability of a rate hike in September also rose to 70%, compared with 29.1% previously.
At the time of writing, spot gold was trading around USD 4,123 per ounce, down 1.64%. Meanwhile, spot silver dropped 5.45% to around USD 61.545 per ounce.