Gold Prices Fluctuate Around $4,000/Ounce Mark Amid Falling Oil Prices

Gold prices are fluctuating around the $4,000/ounce mark as of August 4, 2026. The current price is trading at $4,060 per ounce, up from $4,030 per ounce on August 3rd.

The rise in gold prices can be attributed to falling oil prices and lower US Treasury yields. Brent crude has fallen to around $83.7 per barrel, while WTI crude retreated to the $79.5-$79.75 per barrel range. This decrease in oil prices has helped cool inflation expectations, supporting gold prices.

However, not all experts agree on the direction of gold prices. Tim Waterer, Head of Market Analysis at KCM Trade, notes that gold is having a positive but cautious start to the week. Marc Chandler, CEO of Bannockburn Global Forex, believes that gold prices have not yet shown strong enough signals to confirm an upward trend.

Sean Lusk, co-director of commercial risk hedging at Walsh Trading, expects gold to rise in the next few weeks due to seasonal factors. He also notes that the $4,000/ounce level is a strong support level for the market, and whenever prices fall below this level, buying pressure quickly emerges.