Gold edged higher on Tuesday as investors weighed mixed signals surrounding potential U.S.-Iran talks and awaited a series of U.S. labor-market reports for clues about the Federal Reserve’s interest-rate path.
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Gold has just recorded its first monthly gain after five consecutive months of decline, rising by approximately 1%. This came as markets continued to process mixed geopolitical developments, while investor sentiment remained cautious.
Gold and silver prices edged higher during the U.S. trading session as crude oil prices fell sharply, Treasury yields eased, and the U.S. dollar weakened. These factors offset weaker safe-haven demand as tensions between the United States and Iran showed signs of easing.
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Oil prices fell sharply at the start of the week as hopes for a peace agreement between the United States and Iran increased. Meanwhile, the Japanese yen jumped after the U.S. and Japan confirmed coordinated intervention to support the currency.
Gold prices moved higher at the start of the week as oil prices fell sharply after U.S. President Donald Trump postponed a new strike on Iran in hopes of reaching a swift agreement. The development eased some concerns about inflation and the prospect of interest rates remaining higher for longer.
At the end of the month, the actively traded December gold contract was trading around $4,107.60, down $55, or 1.32%, on the day. After accounting for that decline, gold gained only about $16 during July.
Gold and silver prices fell in late U.S. trading on Friday as a stronger U.S. dollar, elevated Treasury yields and higher oil prices outweighed support from softer PCE inflation data. Spot gold was trading near $4,050.70 per ounce, down 1.27%, while spot silver fell 1.93% to $57.75 per ounce.
The Federal Reserve’s decision to keep interest rates unchanged has generally eased some pressure on gold and silver. However, the Fed’s continued emphasis on controlling inflation shows that monetary policy remains restrictive.
Oil prices declined on Friday as shipments through major maritime routes showed signs of recovery, easing some concerns about supply disruptions. However, tensions between the United States and Iran have yet to produce any meaningful diplomatic progress.
Gold and silver prices moved higher in late U.S. trading on Thursday as softer PCE inflation data and a weaker U.S. dollar helped precious metals recover following the Federal Reserve’s hawkish decision to hold interest rates steady.