Gold prices settled lower on Friday as a stronger US dollar and rising oil prices weighed on the precious metal. However, gold posted its first monthly gain since February, supported by easing US inflation and reduced expectations of further monetary tightening.
Geopolitical uncertainty continued to shape investor sentiment at the end of the week after Iran said transit through the Strait of Hormuz is currently not possible due to ongoing US military operations.
The stronger dollar and higher oil prices pressured precious metals, although losses were limited as markets scaled back expectations of a US Federal Reserve interest rate hike. According to the CME FedWatch Tool, traders now see a 65% probability of a rate increase, down from 80% a week earlier.
Gold and Silver Futures Prices
Metal
Price ($/oz)
Change ($)
Change (%)
Weekly Performance
Monthly Performance
Gold (October futures)
4076.60
(52.80)
(1.27 %)
(0.54 %)
+0.23%
Silver (August futures)
57.591
) 1.224 (
(2 %)
(1.91% (
(3.17%)
Settlement prices as of Friday, July 31.
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