Data timestamp: Asian trading hours on August 7, 2026. Precious-metal prices trade continuously, and the figures below represent a market snapshot.
International gold prices moved moderately higher on August 7. Spot gold climbed above $4,250 per ounce, COMEX gold futures approached $4,320, and silver significantly outperformed gold.
The market was supported by geopolitical uncertainty surrounding the Strait of Hormuz. However, elevated Treasury yields and the possibility that the Federal Reserve will maintain restrictive monetary policy continued to limit the upside.
Market Overview
| Market Indicator | Current Level | Daily Change | Daily Range | Previous Close |
|---|---|---|---|---|
| Spot gold, XAU/USD | About $4,257.87/oz | +0.41% | $4,229.88-$4,258.24 | $4,240.69 |
| COMEX gold, December 2026 | About $4,316.87/oz | +0.40% | $4,288.00-$4,320.20 | $4,299.60 |
| COMEX silver, September 2026 | About $62.47/oz | +1.40% | $61.44-$62.55 | $61.61 |
| US Dollar Index | About 99.84 | Nearly unchanged | Around 99.92-100.00 | About 99.82 |
| US 10-year Treasury yield | About 4.68% | Up roughly 1 bp | Intraday movement | About 4.67% |
Market sources: spot gold, COMEX gold, silver futures and the US Dollar Index.
The December gold futures price includes contract maturity, financing and holding costs, so it should not be directly compared with spot gold as if both represented the same delivery date.
Global Market Background
1. US Employment Report Drives Near-Term Rate Expectations
The US Bureau of Labor Statistics is scheduled to publish the July employment report at 8:30 a.m. ET on August 7. At the report's data cut-off, the figures had not yet been released.
The previous June report showed:
- Nonfarm payrolls increased by 57,000
- The unemployment rate was 4.2%
- Average hourly earnings increased 0.3% month over month
- Average hourly earnings increased 3.5% year over year
- April and May payroll growth was revised down by a combined 74,000
Weaker July data could lower Treasury yields and support gold. Stronger payroll and wage growth could strengthen expectations for tighter monetary policy. US Bureau of Labor Statistics
2. Federal Reserve Maintains Restrictive Policy
The Federal Reserve kept the federal funds target range at 3.50% to 3.75% on July 29. Three voting members preferred a 25-basis-point rate increase. The Fed also noted that energy-related supply shocks were keeping inflation above its 2% objective.
Elevated nominal and real yields increase the opportunity cost of holding non-yielding gold. Federal Reserve statement
3. Strait of Hormuz Risks Support Safe-Haven Demand
Investors continue to monitor military and diplomatic developments involving the United States, Iran and the Strait of Hormuz. Iran has indicated that a shipping agreement may be close while simultaneously threatening to restrict US and Israeli vessels.
The impact on gold is not entirely one-directional. Geopolitical escalation supports safe-haven demand, but rising oil prices can increase inflation and strengthen the case for tighter Federal Reserve policy. Gold and Hormuz market update
4. Gold ETF Flows Remain Regionally Divergent
World Gold Council data showed:
- Global physically backed gold ETFs recorded $8.9 billion of outflows in June
- ETF holdings declined by 74 tonnes to 4,047 tonnes
- Global gold ETFs still attracted $8 billion during the first half
- Holdings increased by a net 18 tonnes during H1
- Asian funds attracted approximately $12 billion
- North American funds recorded approximately $7.7 billion of outflows
Long-term allocation demand remains present, but investors in North America and Europe remain sensitive to higher rates and gold-price volatility. World Gold Council ETF report
Recent market reports also indicate that Chinese gold ETFs have recorded 14 consecutive sessions of inflows.
5. Central-Bank Buying Provides Structural Support
The World Gold Council's 2026 central-bank survey found that:
- 89% of reserve managers expect global central-bank gold holdings to increase
- 45% expect their own institution to add gold
- 83% expect gold's share of global reserves to rise over five years
- 74% expect the US dollar's share of global reserves to decline
Reserve diversification remains an important source of long-term gold demand. World Gold Council central-bank survey
Sector Performance
Spot Gold: Retesting Short-Term Highs
Spot gold traded near $4,258 and approached the top of its intraday range.
- Support: $4,240 and $4,200
- Secondary support: $4,100 and $3,940
- Resistance: $4,260 and $4,300
- Medium-term resistance: $4,450-$4,490
A sustained break above $4,300 could strengthen the recovery toward $4,450-$4,490. A fall below $4,200 would weaken the short-term structure.
Gold Futures: Contract Premium Remains
December COMEX gold traded near $4,317, with an intraday high around $4,320.
- Support: $4,300 and $4,250
- Resistance: $4,350 and $4,500
Silver: Outperforming Gold
Silver futures gained approximately 1.4%, outperforming gold. The gold-to-silver ratio was approximately 68.2 based on current prices.
- Support: $61.40 and $60.00
- Resistance: $62.50 and $65.00
Gold Miners and ETFs
Higher bullion prices generally support mining margins, but mining shares are also affected by energy costs, ore grades, currencies, operating execution and political risk. Their volatility is normally greater than that of physical gold.
Assets to Watch
| Asset | Code | Reason |
|---|---|---|
| Spot gold | XAU/USD | Global benchmark gold quotation |
| COMEX gold futures | GC | Institutional price-discovery market |
| SPDR Gold Shares | GLD | Major physically backed gold ETF |
| iShares Gold Trust | IAU | Physical-gold-related ETF |
| VanEck Gold Miners ETF | GDX | Large gold-mining company exposure |
| VanEck Junior Gold Miners ETF | GDXJ | Higher-volatility junior miners |
| COMEX silver futures | SI | Gold-silver ratio and precious-metal sentiment |
Market Drivers
- US payrolls, unemployment and wage growth
- Federal Reserve policy expectations and real yields
- Whether the Dollar Index breaks above 100
- Strait of Hormuz developments and US-Iran negotiations
- Global gold ETF flows
- Chinese and Indian physical and investment demand
- Central-bank reserve diversification and gold purchases
Outlook
Gold is likely to remain caught between geopolitical support and pressure from elevated interest rates.
If the US employment report is weaker and the 10-year Treasury yield declines, spot gold could break above $4,300 and subsequently test $4,450-$4,490. Strong employment and wage data, combined with a Dollar Index move above 100, could push gold back toward $4,200 and potentially $4,100.
For market observation only; not investment advice.