Gold Logs First Monthly Gain Since February

2026-07-31 14:48 By Joana Ferreira 1 min. read

Gold fell to around $4,040 an ounce on Friday as the dollar rebounded from a more than one-month low.

Still, the metal gained about 0.5% in July, its first monthly increase since February, supported by softer US inflation data and the Federal Reserve's decision to keep interest rates unchanged.

Gains were capped by expectations of tighter monetary policy, with markets pricing in about a 65% chance of a Fed rate hike in September.

While Chair Kevin Warsh reaffirmed the Fed's commitment to lowering inflation without signaling an imminent hike, the three officials who dissented this week reiterated on Friday that further tightening is needed.

Meanwhile, renewed US-Iran hostilities continued to cloud the outlook, with fresh US strikes on Iranian targets reducing hopes for a near-term diplomatic resolution.

Since the conflict erupted in late February, higher oil prices have fueled inflation concerns and weighed on gold by strengthening expectations for higher interest rates.



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Gold Logs First Monthly Gain Since February
Gold fell to around $4,040 an ounce on Friday as the dollar rebounded from a more than one-month low. Still, the metal gained about 0.5% in July, its first monthly increase since February, supported by softer US inflation data and the Federal Reserve's decision to keep interest rates unchanged. Gains were capped by expectations of tighter monetary policy, with markets pricing in about a 65% chance of a Fed rate hike in September. While Chair Kevin Warsh reaffirmed the Fed's commitment to lowering inflation without signaling an imminent hike, the three officials who dissented this week reiterated on Friday that further tightening is needed. Meanwhile, renewed US-Iran hostilities continued to cloud the outlook, with fresh US strikes on Iranian targets reducing hopes for a near-term diplomatic resolution. Since the conflict erupted in late February, higher oil prices have fueled inflation concerns and weighed on gold by strengthening expectations for higher interest rates.
2026-07-31
Gold Heads for Monthly Gain
Gold slipped below $4,100 an ounce on Friday, snapping a two-session winning streak, but remained on track for its first monthly gain in five months. The precious metal found support this week after the US Federal Reserve left interest rates unchanged despite mounting inflationary pressures stemming from renewed hostilities in the Middle East. However, expectations for tighter monetary policy continued to cap gains, with markets currently pricing in about a 63% chance of a Fed rate hike in September. Meanwhile, the US military launched fresh strikes on Iranian targets in retaliation for Tehran’s attacks on US assets across the Middle East, reducing the likelihood of any near-term diplomatic agreement. Gold has come under constant pressure since the US-Iran war erupted in late February, as surging oil prices fueled inflation concerns and strengthened expectations for tighter monetary policy.
2026-07-31
Gold Holds Gains as Dollar Weakens
Gold traded around $4,100 an ounce on Friday after rising for two straight sessions, supported by a sharp decline in the US dollar as Japan is suspected to have intervened in the currency market once again to strengthen the yen. The precious metal also drew support this week after the Federal Reserve left interest rates unchanged despite mounting inflationary pressures stemming from renewed hostilities in the Middle East. However, expectations for tighter monetary policy continued to limit further gains, with markets currently pricing in about a 63% chance of a Fed rate hike in September. Meanwhile, the US military launched fresh strikes on Iranian targets in retaliation for Tehran’s attacks on US assets across the Middle East, reducing the likelihood of any near-term diplomatic agreement. Gold is also on track to rise more than 2% this month, marking its first monthly gain in five months.
2026-07-31