Global gold tops $4,100 early Monday as the US-Iran pause pushes oil lower

Spot gold rose more than one percent in early trading on Monday, 27 July 2026 (5 Mordad 1405). According to Reuters, spot gold was up 1.3 percent at $4,103.99 an ounce by 0058 GMT. Sahmino's own price feed put the ounce at $4,108.94, up 1.38 percent, as of 05:29 Tehran time the same morning.

The main driver is the pause in attacks between the United States and Iran, which pushed oil prices lower and eased concerns about energy-driven inflation and the prospect of interest rates staying higher for longer. Non-yielding gold typically benefits when rate expectations fall, the same mechanism that worked in reverse in recent weeks, when surging crude weighed on the ounce. The Federal Open Market Committee meets on 28 and 29 July (6 and 7 Mordad).

The global ounce is one of the two inputs into gold and coin prices in Iran; the other is the exchange rate, and the two are currently moving in opposite directions. Based on Sahmino data, a gram of 18-carat gold stood at 17,878,000 tomans on the evening of Sunday 4 Mordad, down 2.1 percent, and the Emami coin at 181,490,000 tomans, down 1.65 percent.