U.S. — Gold (GC=F) August futures opened on Friday, July 24, 2026. The contract was up 0.1% from Thursday's closing price as the latest jobless claims report showed 187,000 new claims, lower than the median forecast of 212,000.

The gold price rose during early trading on Friday, July 24, 2026. This movement followed a session on Thursday, July 23, 2026, where gold prices exceeded $4,100 per troy ounce.

On the previous day, Gold (GC=F) August futures opened on Thursday, July 23, 2026. That session saw the contract finish down 1.9% from Wednesday's closing price. The European Central Bank held interest rates steady on Thursday, July 23, 2026. The Federal Reserve policy-making committee is scheduled to meet next week.

Earlier in the week, Spot gold traded in early trading on Wednesday, July 22, 2026. On Tuesday, July 21, 2026, Spot gold climbed 1% at 01:24 ET. Gold Futures rose 1% at 01:24 ET on Tuesday, July 21, 2026.

Markets assign a 64% probability to a September interest rate increase. Afdhal Rahman, Executive Director of Wealth Advisory at OCBC, said gold's strong rally has run into a more challenging macro backdrop as higher real yields, a stronger U.S. dollar and hawkish repricing of interest-rate expectations have weighed on investor demand.

Gold prices declined 14% during the second quarter of 2026. The metal hit an all-time high in late January 2026. Bank of America analysts said in a July 16 note, "A death cross signal, elevated net-long positioning and similarities to major peaks raise the risk of a longer, deeper correction." ING commodities strategists Warren Patterson and Ewa Manthey attributed gains to "bargain hunting after recent weakness" rather than "a material shift in the geopolitical or macroeconomic backdrop."

Diane Garrett, executive chair and CEO of Hycroft Mining, said, "this is not a broken bull market." She stated that the fundamentals for commodities remain extremely strong, particularly on gold because it has surpassed the U.S. Treasuries as the number one asset class. Garrett added that people don't want to own hard assets that are backed by another country's debt, and we're seeing 17 straight months of central bank buying.

Robert R. Johnson, professor at Creighton University's Heider College of Business, said, "while having a small position in precious metals may dampen portfolio volatility in the short-run, the tradeoff between slightly dampened volatility and the lost long-term return is certainly not a prudent one, particularly for Gen Z/millennials with long investing time horizons." Blake McLaughlin, executive vice president at Axcap Ventures, said, "Gold may not offer the outsized return potential of private investments, but the metal holds a set of attributes that are increasingly hard to ignore." Vince Stanzione, CEO and founder at First Information, recommends a 20% gold allocation. He said, "gold keeps with inflation and gold retains its purchasing power." Brett Elliott, director of content and SEO at American Precious Metals Exchange (APMEX), recommends a 2% to 5% gold allocation for income investors. Thomas Winmill, portfolio manager at Midas Funds, recommends a long-term gold allocation of 5% to 15%.

Geopolitical tensions continue to influence market sentiment. Yemen's Houthi rebels are targeting Saudi Arabian oil tankers in the Bab el-Mandeb Strait. A senior Iranian official that mediators have proposed a 10-day ceasefire designed to preserve last month's interim agreement. These developments occur as gold prices fluctuate near record highs.

Silver (SI=F) September futures opened on Tuesday, July 21, 2026, and were down 0.6% from Monday's closing price. Silver rose during early trading on Tuesday, July 21, 2026. Silver (XAG/USD) gained 2.6% on Tuesday, July 21, 2026.

Silver's price dropped in February 2026. Spot silver hit an all-time high in late January 2026. 2026 will be the sixth year silver mining hasn't supported usage. Platinum (XPT/USD) added nearly 1% on Tuesday, July 21, 2026.