Gold fell about 1% on the last day of July but still ended the month higher than a month earlier

Gold stood at $4,038 an ounce at 9 a.m. Eastern Time on Friday, 31 July 2026, $44 below the same hour a day earlier, when it was $4,082, a decline of 1.08%. The stated cause of the retreat was a rebound in the dollar from a more than one month low.

Despite the fall on the final session, gold ended July above where it began: the price a month earlier was $4,015, giving a gain of 0.57% over the month. According to Trading Economics data, that is gold's first monthly increase since February 2026. Against a year earlier, gold is $729, or 22.03%, more expensive; the metal stood at $3,309 on 31 July 2025.

Expectations of tighter monetary policy have capped gold's advance. According to Trading Economics, markets are pricing in roughly a 65% chance of a Federal Reserve rate increase at the September meeting, and the three officials who dissented from this week's decision reiterated on Friday that further tightening is needed. Iran's domestic gold and coin market is closed on Thursdays and Fridays, so the effect of this move will show up in Tehran on the first working day of next week.