Gold fell nearly 2% on Friday but closed July with its first monthly gain in five months

Spot gold fell 1.3% to $4,049.83 an ounce in Friday's session on 31 July 2026, after dropping close to 2% in the early hours of the day. US gold futures for August delivery settled 1.3% lower at $4,107.

Even so, gold ended July up 1.1%, its first monthly gain in five months and the largest monthly rise since February. Softer US inflation data and the retreat of oil prices to pre war levels in early July both contributed. The dollar fell 2.4% on Thursday, its biggest one day drop since January 2023, and was flat on Friday.

Among other precious metals, silver fell 2.1% to $57.76 an ounce, platinum lost 0.6% to $1,650.14 and palladium fell 1.8% to $1,281.18; both platinum and palladium still posted monthly gains. According to CME's FedWatch tool, markets are pricing a 65% probability of a US rate hike in September. The global ounce is the reference price for gold and coin pricing in the Tehran market.