Gold Prices Bounce Back from Four-Month Losing Streak

Global gold prices rebounded from a four-month losing streak, experiencing their strongest increase since February. In July 2026, spot gold prices rose approximately 1.1%, reaching $4,049.83 per ounce on July 31. This surge came despite US August 2026 gold futures falling 1.3% to $4,107 per ounce.

The US dollar had a significant impact on the gold market. On July 30, it recovered from its lowest level in more than a month in the previous session, causing spot gold prices to fall 1.3%. However, the dollar stabilized after falling about 2.4% that day, its sharpest decline since January 2023.

A stronger US dollar makes gold more expensive for holders of other currencies. Despite this, gold prices maintained their upward momentum in early trading on July 27 as crude oil prices fell to a one-week low, easing concerns about inflation ahead of the Fed's interest rate decision.