Global gold records its first monthly gain in five months with spot at $4,076.53 an ounce

On Friday 31 July 2026, spot gold fell 0.5 percent to $4,076.53 an ounce but was headed for a weekly rise of 0.7 percent and a monthly gain of about 1.8 percent, its first monthly increase in five months. US gold futures for August delivery lost 0.5 percent to $4,079.60. Bargain buying around the $4,000 level was the main support behind the monthly gain.

The US dollar index firmed about 0.3 percent the same day, after diving 2.4 percent on Thursday 30 July 2026, its biggest single day drop since January 2023. A stronger dollar makes dollar denominated commodities more expensive for overseas buyers.

The Federal Reserve left interest rates unchanged at its meeting on Wednesday 29 July 2026, and Chair Kevin Warsh gave little indication of the central bank's next policy move. According to CME Group's FedWatch tool, markets are pricing in a 63 percent chance of a rate hike in September. Spot silver also fell 0.5 percent the same day, to $58.70 an ounce.