Gold futures were little changed early Monday after President Donald Trump said new talks between the U.S. and Iran would begin, diminishing fears of an inflation-driven interest rate hike.
Dovish news on the war has boosted gold in recent months as investors turned to other assets like the dollar as a hedge against the conflict, which has sent oil prices climbing. The increased price of energy and other goods because of shutdowns in the Strait of Hormuz has recently boosted speculation that the Federal Reserve would boost interest rates at its next policy meeting in September.
December gold futures fell 0.6% last week to settle at $4,107.00 an ounce on Comex, after the front-month contract dropped 1.3% Friday. Bullion rose 1.7% in July, its first monthly increase since February, after sliding 12% in June and dropping 0.8% in May. It decreased 7% in the first half of 2026 after rallying 64% last year. The December contract is currently down $21.40 (-0.52%) an ounce to $4085.60 and the DG spot price is $4033.30.
Trump touted progress in attempts for the U.S. and Iran to reach a deal on Monday after canceling strikes against the country the day before.
The dollar fell after Japan and the Trump administration confirmed that the two countries had engaged in joint yen-buying intervention on Friday for the first time since 2011. Japan’s finance ministry and U.S. Treasury Secretary Scott Bessent have said they won’t hesitate to conduct joint interventions in the future. The yen his historically weak because of lower interest rates than other major economies. The weaker dollar makes gold more affordable to holders of other currencies, and keeping rates unchanged is seen as bullish because it makes gold a more attractive alternate investment.
The Fed last week held interest rates steady at 3.5% to 3.75% but the dissenters signaled growing support for a rate hike in 2026. Over 62% of investors tracked by the CME FedWatch Tool are betting on a 25 basis point rate hike at the Fed’s next policy meeting in September. The Fed has kept interest rates unchanged this year after three previous rate cuts.
A series of key U.S. jobs reports due out at the end of this week will give the latest indications on the state of the economy.
Front-month silver futures tumbled 1.9% last week to settle at $57.79 an ounce on Comex after the September contract decreased 2.1% Friday. The most-active contract touched a record above $115 in January. Silver slid 3.6% in July after declining 21% in June and gaining 2.5% in May. It lost 15% in the first half of 2026 after rising 141% last year. The September contract is currently down $0.646 (-1.12%) an ounce to $57.140 and the DG spot price is $57.16.
Spot palladium rose 2.5% last week. to $1,289.00 an ounce, though it lost 1.7% Friday. Palladium added 5.8% last month after dropping 11% in June and losing 12% in May. It retreated 25% in the first half of 2026 after rising 74% last year. Currently, the DG spot price is down $31.90 an ounce to $1255.00.
Spot platinum advanced 3.8% last week to $1,662.20 an ounce after edging up 0.2% Friday. Platinum gained 6.6% last month after tumbling 19% in June and dropping 3.2% in May. Platinum slid 23% in the first half of 2026 after increasing 122% in 2025. The DG spot price is currently down $31.70 an ounce to $1626.00.
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