Gold fell on Friday as the dollar rebounded, but closed July with its first monthly gain in five months

Global gold prices fell in trading on Friday, 31 July 2026 (9 Mordad 1405), after the dollar rebounded from a more than one month low. According to Reuters, as published by Bourse News, spot gold was down 1.3 percent later in Friday's session at $4,049.83 an ounce, and US futures for August delivery closed down by the same margin at $4,107. In a separate reading from the end of the same day, Trading Economics recorded the ounce at $4,042.97, down 1.47 percent.

Despite Friday's fall, July was gold's first rising month in five and its first monthly gain since February. Estimates of the size of that gain differ by source and instrument: Reuters put it at 1.1 percent and Trading Economics at about 0.3 percent. The main driver cited was softer US inflation data, which tempered expectations of a Federal Reserve rate increase.

The dollar index had recorded its biggest single day drop since January 2023 on Thursday, 30 July, falling 2.4 percent, and recovered part of that on Friday. A stronger dollar makes gold more expensive for buyers holding other currencies. According to CME Group's FedWatch tool, markets are pricing a 63 to 65 percent probability of a US rate increase at the September meeting. Among other precious metals, silver fell 2.1 percent to $57.76, while platinum and palladium closed the month higher despite Friday's declines. The gold ounce is the main reference for pricing gold and coins in the Tehran market.