Oil prices climbed for a third consecutive session after President Donald Trump said the interim agreement with Iran to end the war was “over.” The U.S. military also continued launching fresh strikes against Iran for a second day, with the aim of keeping the Strait of Hormuz open for shipping traffic.
Gold prices went through a difficult second quarter as inflation pressure, expectations of higher interest rates, and a stronger U.S. dollar weighed heavily on the precious metal. However, according to Invesco’s latest quarterly gold outlook, central bank demand may remain a key factor helping gold end 2026 on a positive note.
The U.S. Dollar Index, which measures the greenback against a basket of six major currencies, fell 0.2% to 100.97, after earlier reaching its highest level since July 2.
Malaysia’s economic outlook has become more positive as economists raised their 2026 GDP growth forecast to 4.8%, up from the previous estimate of 4.6%. The revision came after business activity in the first half of the year performed better than expected.
Spot gold and silver prices moved slightly lower after the North American trading session, as investors remained cautious ahead of the Federal Reserve’s meeting minutes and developments surrounding the Strait of Hormuz. At the time of writing, spot gold was trading around $4,161.90 per ounce, down 0.29%. Spot silver was near $61.90 per ounce, down 0.59% for the session.
The U.S. stock market ended Monday’s session firmly higher, with both the S&P 500 and Nasdaq posting strong gains as Broadcom and other semiconductor stocks rallied. Investors continued to buy shares of companies linked to artificial intelligence, expecting the sector to drive a strong second-quarter earnings season.
European stocks and U.S. futures moved slightly higher on Monday as oil prices remained under pressure from the prospect of increased energy supply. This helped ease concerns over inflationary pressure, while investors shifted their focus to a crucial earnings season for companies linked to artificial intelligence.
As of 02:52 GMT, spot gold was steady at $4,174.66 per ounce, after earlier touching its highest level since June 22. Meanwhile, U.S. gold futures for August delivery rose 1.5% to $4,186.70 per ounce.
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Spot gold rose to around $4,184 per ounce, while spot silver climbed strongly to nearly $62.27 per ounce.
Oil prices were nearly unchanged for the week as investors continued to monitor diplomatic efforts aimed at securing a peace agreement between the United States and Iran. Market sentiment remained supported by hopes that tensions in the Middle East could ease, allowing oil shipments through the Strait of Hormuz to gradually return to normal.