Global gold holds near 4,048 dollars on Friday as yields and the dollar blunt its haven bid

Spot gold eased on Friday, 24 July 2026, holding near 4,048 dollars an ounce, down from roughly 4,090 dollars on Thursday. The metal tested a support band around 4,040 to 4,043 dollars that has underpinned prices since mid-July.

The main driver of the decline, despite the war tensions, is the surge in oil prices, which has raised expectations of stickier inflation and in turn pushed US Treasury yields to their highest since January 2025 and firmed the dollar; higher real yields raise the opportunity cost of holding non-yielding gold and have repeatedly outweighed its haven appeal through this conflict. A break of the 4,040 dollar level could open the way toward 4,000 dollars.

Gold and coin prices in Iran are shaped by both the global ounce and the exchange rate; a lower global ounce eases one of the two inputs, while the war-risk premium and pressure on the rial pull in the opposite direction.