Spot Gold Up 1.3% To $4,127.04 Per Ounce With Silver Up 1.9% And Platinum Climbing 1.4% As Qatar Signals US-Iran Hormuz Deal Progress And Dollar Weakens On Softer Jobs Data
According to Reuters, gold rose for a third consecutive session on August 5, 2026, with spot gold up 1.3 percent to $4,127.04 per ounce as of early Asian trade, while US gold futures climbed 0.8 percent to $4,184.40. The US dollar remained subdued, making greenback-priced metals more attractive to holders of other currencies.
Oil prices fell to a three-week low the previous session after Qatari and US officials raised hopes for a diplomatic resolution to the Iran war that could improve flows through the Strait of Hormuz, with Brent crude falling more than 4 percent. Lower oil eases inflation concerns that feed expectations of higher interest rates; a key headwind for non-yielding gold.
“Lower oil is probably one of the drivers supporting gold prices,” said Bart Melek, global head of commodity strategy at TD Securities. “The decline in many ways has contributed to the interest rate outlook with short-term rates falling a little bit.”
Traders were also watching the ADP employment report and July non-farm payrolls for Federal Reserve rate clues. TD Securities analysts expect gold to remain range-bound near current levels. Spot silver gained 1.9 percent to $60.64 per ounce, while platinum climbed 1.4 percent to $1,758.35; its highest since mid-June.
Gold at $4,127. The same Iran diplomacy that cut oil prices is propping bullion up. Check out our previous coverage of global commodities on The Trusted Times.
