Precious metals recover as oil slides, with gold above $4,050 and silver above $58

According to Iran's capital market news agency SENA, gold moved back above $4,050 an ounce in Monday's session on 3 August 2026 (12 Mordad 1405), recovering part of the previous day's decline. Lower oil prices, which followed news that the United States had called off a planned military strike on Iran and announced a fresh round of talks, eased concerns over inflation and the interest rate outlook and supported the gold market.

Silver likewise moved above $58 an ounce the same day, recovering the previous session's loss. Copper futures rose to around $6.5 a pound, their highest level in two weeks, with analysts pointing to a shortage of copper concentrate and scrap in China, the metal's largest consumer.

Traders are now focused on the week's US labour market data, the most important of which is Friday's monthly employment report. The Federal Reserve left its policy rate unchanged last week, and markets are currently pricing roughly a 68 percent probability of a 25 basis point increase at the September meeting. The global ounce is the external anchor for gold and coin pricing in Iran's market.