Oil briefly climbed above $100 per barrel for the first time since May before easing slightly below that level on Friday. The surge was driven by fears of global supply disruptions as trade through the Strait of Hormuz slowed to a near standstill.
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During the session, gold traded between $4,021.20 and $4,083.10 per ounce. The rebound from the session low suggests that buying interest has returned, although further gains remain limited by resistance above.
Asian equities fell sharply on Friday as oil prices climbed nearly 40% this month, reviving inflation concerns and increasing expectations that central banks may need to maintain tighter monetary policy.
The U.S. Dollar Index held near 101.45, its highest level in three weeks. Meanwhile, the British pound weakened to $1.3313, the euro slipped to $1.1376, and the Japanese yen remained close to a 40-year low at 163.86 per dollar.
The June employment report showed that the U.S. economy added only 57,000 jobs, well below the three-month average of 164,000 jobs.
Asian equities advanced on Thursday after major U.S. technology companies announced substantial investment plans for artificial intelligence infrastructure, improving the outlook for chipmakers across the region.
After rising above $5,500 per ounce in January and falling below $4,000 per ounce by late June, gold has experienced one of its most volatile periods in years.
Silver’s sharp correction after reaching a record high in January 2026 disappointed many investors. However, according to WisdomTree, the pullback may have helped remove excessive speculation and create a healthier foundation for a more sustainable bull market.
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Gold and silver prices rose sharply during Tuesday’s U.S. trading session as safe-haven demand and short covering outweighed pressure from higher Treasury yields, a stronger U.S. dollar and rising crude oil prices amid the U.S.–Iran conflict.
The U.S. dollar hovered near a one-week high on Tuesday as markets reacted to conflicting signals from the Middle East. Renewed attacks raised concerns over global energy supplies and inflation, while hopes for a temporary ceasefire between the United States and Iran offered some relief.