Spot gold fell 0.3% to $4,374.82 per ounce by 05:48 GMT, after hitting $4,434.84 per ounce earlier in the session, its highest level since June 5. U.S. gold futures rose 0.4% to $4,435.00.
The precious metals market is seeing a rare convergence of supportive forces. According to Scott Rubner, Head of Equity and Equity Derivatives Strategy at Citadel Securities, the current environment could represent one of the most attractive bullish setups for gold and silver in recent months.
Gold and silver prices moved higher during Monday’s U.S. trading session as markets balanced last week’s weak employment data against a rebound in oil prices, Treasury yields, and expectations for a possible Federal Reserve rate hike.
The U.S. dollar edged higher on Monday after falling to a two-month low, supported by rising oil prices and cautious trading ahead of key U.S. inflation data that could provide further clues about the Federal Reserve’s policy outlook.
For much of 2026, gold faced a clear paradox: geopolitical uncertainty and financial risks remained elevated, yet the metal still came under pressure as real yields rose sharply, increasing the opportunity cost of holding a non-yielding asset.
Global stocks were on track for their strongest weekly gain since May on Friday, although markets turned cautious ahead of key U.S. employment data.
As of 01:56 GMT, spot gold was up 0.4% at $4,254.11 per ounce, after hitting a seven-week high in the previous session. Gold had gained more than 5% for the week. U.S. gold futures rose 0.3% to $4,312.00 per ounce.
Gold has climbed above $4,200 per ounce and at one point traded above $4,300 per ounce, signaling a strong return of buying interest in the precious metals market.
Currency markets traded cautiously on Thursday as the Japanese yen gave back part of its intervention-driven gains, while the U.S. dollar remained near a six-week low.
Gold and silver prices rose sharply during the U.S. trading session as private-sector employment data came in below expectations, while the U.S. dollar weakened and Treasury yields declined.