Silver

Morning Correction: Precious Metal Loses Its Shine

Asian trading on Thursday 23.07.2026 began with an unexpected but understandable cooling in the precious metals market. August gold futures on COMEX, a division of the New York Mercantile Exchange, fell to $4,123.97 per troy ounce, losing 0.67% during the session. The decline may appear insignificant, but in a world where every cent matters and investors are desperately searching for safe havens, even such a correction raises questions.

Why has gold—a traditional defensive asset that usually appreciates during periods of instability—suddenly moved lower? As is often the case, the answer lies on the surface but requires careful consideration. The U.S. Dollar Index, which measures the American currency against a basket of six major currencies, declined by 0.14% to 100.82. Such a modest weakening of the dollar should theoretically have supported gold, since commodity prices denominated in dollars generally rise when the currency loses value. Today, however, that mechanism failed to work.

At the time of writing, gold had found support at $3,963.00, while resistance awaited at $4,171.09. A range of almost $200 represents more than just technical levels—it reflects the profound uncertainty currently dominating the markets. Investors do not know where the price will move next and prefer to lock in profits rather than take risks at a time when geopolitics and macroeconomics have become tightly intertwined.

The precious metals market is also showing an interesting divergence. September XAGUSD ... silver futures declined by 0.68% to $59.89 per ounce, following the same trajectory as gold. Copper, by contrast, gained 0.41% to reach $6.52 per pound. This divergence suggests that investors see different prospects for different metals: gold and silver are viewed as defensive assets, while copper is regarded as an indicator of industrial demand and economic growth.

The Dollar and Geopolitics: Which Will Prevail?

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Monday: The Precious Metal Returns to the Spotlight

XAUUSD ... Gold began the new trading week with solid gains. Prices of the precious metal climbed back above the psychologically important level of $4,000 per ounce, rising by 0.4% to $4,024.72. Gold futures performed even more strongly, gaining 0.5% to reach $4,029.87.

The recovery came after gold closed 0.2% lower on the previous Friday. The market has once again shifted its attention to geopolitical risks, which remain the main driving force behind demand for safe-haven assets. The conflict in the Middle East continues to escalate, prompting investors to seek protection in gold.

Silver also advanced, with XAGUSD ... rising by 0.9% to $56.93 per ounce. Platinum, however, declined by 0.2% to $1,594.30. This mixed performance suggests that investors are choosing gold as the most reliable safe-haven asset amid geopolitical uncertainty.

The Middle East: Escalation and Signs of Diplomacy

The situation in the Middle East remains tense. The United States continues to carry out strikes on Iranian targets, while President Donald Trump warned Tehran that it would “pay” for the deaths of three American service members in recent days. This tough statement leaves little doubt that Washington has no intention of backing down.

Regional uncertainty has been intensified by a threat from Yemen’s Iran-backed Houthi movement to impose a naval blockade on Saudi Arabia. This poses a serious risk to shipping in the Red Sea, one of the world’s key routes for energy supplies. In response, the Saudi-led military coalition has strengthened measures to protect maritime traffic.

However, there are also signs of hope for a diplomatic resolution. Iran said that mediators were discussing proposals aimed at de-escalating the conflict. Reuters reported on a proposed 10-day suspension of strikes, easing concerns about an immediate escalation. Markets breathed a sigh of relief, although only cautiously....

Friday’s Opening: The Yellow Metal Attempts to Recover Its Losses

Friday began on an encouraging note for the precious metals market. August gold futures XAUUSD ... on COMEX gained 0.24% and were trading at $3,982.45 per troy ounce. This is a modest but meaningful move after several days of pressure, during which the metal even fell below the psychologically important $4,000 level.

The gold market currently resembles an athlete who has just lost a race but is already gathering strength for the next one. The previous day’s decline was significant, and investors watched anxiously as the price moved further away from its recent highs. However, the morning rebound demonstrated that demand for gold has not disappeared—it was simply waiting for the right moment.

Notably, gold is rising despite a stronger U.S. dollar. The U.S. Dollar Index increased by 0.03% on Friday to 100.60. Although this movement is largely symbolic, a stronger dollar usually works against gold. In this case, however, the dollar weakness observed earlier in the week continues to support the metal, even as the U.S. currency attempts to recover. Investors appear to have concluded that geopolitical risks outweigh short-term currency fluctuations.

Technical Outlook: Support and Resistance Set the Rules

Technical indicators on Friday present a relatively clear picture. Support is located at $3,974.15, where buyers entered the market and prevented the price from falling further. Resistance is considerably higher at $4,112.50. The distance between these levels is almost $140, giving traders plenty of room to maneuver.

Interestingly, the current price of $3,982.45 is very close to the lower boundary of this range. This means buyers still have considerable work to do before gold can return to levels above $4,000. Nevertheless, the fact that the metal found support and rebounded from it suggests that many investors consider current prices attractive...

Thursday Morning: Gold Opens in Negative Territory

Asian trading on Thursday began with the gold market deciding to cool off slightly. COMEX gold futures for August delivery fell by approximately half a percent, settling at around $4,032 per troy ounce. At first glance, the decline appears modest—just 0.49%. However, in the gold market, even movements of this size are rarely accidental. Behind every change in price are investors’ expectations, fears, and calculations.

Interestingly, the decline is taking place against a backdrop of rather contradictory signals from global markets. On the one hand, the US dollar strengthened slightly, with the USD Index rising by a symbolic 0.03% to 100.30. This movement can hardly be described as a confident surge, but because gold generally has an inverse relationship with the US currency, even a slight indication of dollar strength can be enough to trigger a price correction.

On the other hand, the geopolitical situation remains tense, which would normally encourage investors to move into safe-haven assets—gold above all.

However, markets, as we know, do not always behave according to textbooks. The current dynamics of gold provide a perfect example.

Technical Picture: The Levels Everyone Is Watching

Technical indicators present a highly revealing picture. The low of today’s session was $3,990.40 per ounce. This is not merely a random figure—it represents a significant support level that traders have been monitoring for several weeks. A break below this level could open the way for a deeper correction, but buyers are continuing to defend it for now.

Resistance is located considerably higher, at $4,144.60. The price is fluctuating between these two levels as it attempts to find equilibrium. A range of almost $150 is substantial for gold, but looking at the metal’s performance over recent months, the market has already become accustomed to such price...

Introduction: A Pullback Following Weak Inflation Data

Wednesday began with another round of correction for gold. August gold futures fell by 0.90% to $4,032.87 per troy ounce. Silver also declined by 0.81% to $58.63. This is happening against the backdrop of a weaker US dollar, which fell by 0.09% to 100.63 points.

What is happening? Why is gold falling while the dollar is weakening? A weaker dollar usually supports gold prices, but today this correlation has broken down. The reason lies in US inflation data, which came in below expectations, and comments from Federal Reserve Chair Kevin Warsh, who maintained a hawkish stance.

Investors are reassessing their positions. Lower inflation reduces demand for gold as protection against currency depreciation, while the Fed’s tough rhetoric creates expectations that interest rates will remain high. In this article, we will examine all the factors affecting gold, assess the key technical levels, and try to determine where the metal may move in the coming days.

Inflation Data: Easing Pressure

A Weak CPI Report

US inflation data for June came in below expectations. The Consumer Price Index fell by 0.4% month over month, while annual inflation stood at 3.5%, compared with the projected 3.8%. Core CPI increased by 2.6%, also below forecasts.

This decline in inflation reduces demand for gold as a safe-haven asset. Investors are becoming less concerned about currency depreciation, weakening one of the key factors that has supported gold prices.

The Dollar’s Reaction

The US dollar weakened by 0.5% following the release of the data, but this did not help gold maintain its position. A weaker dollar usually supports gold, but today this effect was outweighed by other factors.

Falling inflation and hawkish signals from the Federal Reserve created pressure on the metal that proved stronger than the currency factor.

Impact on...

Introduction: A Breather After the Sell-Off

Tuesday brought long-awaited relief to gold investors. After plunging nearly 3% on Monday—the sharpest one-day decline in more than a month—the precious metal began to recover. XAU/USD rose by 0.54% to $4,022.87 per ounce, while gold futures gained 0.59% to reach $4,029.22. Silver and platinum also moved higher, rising by 0.63% and 0.42%, respectively.

However, this increase does not represent a confident recovery but rather a cautious pause. The market has entered a holding pattern ahead of two key events: the release of US inflation data and testimony by Federal Reserve Chair Kevin Warsh before Congress. These events are likely to determine the direction of gold prices over the coming weeks.

Tensions in the Middle East continue to escalate, while comments from Federal Reserve Governor Christopher Waller have added fuel to the fire by strengthening expectations of a possible interest rate hike. In this article, we will examine all the factors currently affecting gold and attempt to determine where the precious metal may move in the coming days.

The Middle East Conflict: A Double Blow to Gold

Escalation and Transit Fees

President Trump announced the reinstatement of a blockade on Iranian shipping in the Persian Gulf and described Washington as the “Guardian of the Strait of Hormuz.” Moreover, he proposed introducing a 20% fee on cargo passing through this strategically important waterway.

The announcement represented a sharp escalation of US pressure on Tehran and raised doubts about the durability of the fragile ceasefire reached in June. Markets reacted immediately: oil prices continued to rise, while investors began reassessing their inflation expectations.

Inflation Risks

Rising energy prices are reviving concerns that higher energy costs could fuel inflation and complicate the Federal Reserve’s efforts to return price growth to its target level.

For gold, this creates...

Introduction: A Ray of Light After a Difficult Period

Tuesday began on a long-awaited positive note for the gold market. August gold futures rose by 0.54%, reaching $4,027.30 per troy ounce. For investors who had endured several weeks of bearish pressure, this increase came as a breath of fresh air.

What is driving this recovery? A weaker US dollar, geopolitical uncertainty surrounding Iran, and the approaching release of key US inflation data have all created favorable conditions for gold prices to rebound. However, technical levels suggest that the path toward sustainable growth will remain challenging.

Silver and copper also posted gains, indicating a broader recovery across commodity markets. Nevertheless, it is still too early to speak of a full trend reversal. The market is awaiting signals from the Federal Reserve and consumer price data, which will determine the future direction of precious metals.

Technical Overview: Key Levels to Watch

Support Holds

Gold found support at $3,991.90 per ounce. This is a critical level, and holding above it keeps hopes of a recovery alive. Had the metal fallen below this mark, the decline could have continued toward the next support levels, potentially in the $3,800–$3,900 range.

For now, however, support has held, giving bulls renewed hope. The current 0.54% increase signals that buyers are beginning to return to the market. Nevertheless, gold must overcome resistance at $4,148.40 to establish a sustainable recovery.

Resistance as the Next Target

Resistance at $4,148.40 is the key barrier separating the bearish and bullish scenarios. If gold manages to break above this level, the way could open toward $4,200 and beyond, including the 200-day moving average near $4,491.

For now, however, this remains only a target. The market remains cautious, and investors are reluctant to open large long positions until they receive clear signals from the...

Introduction: Monday’s Sell-Off

Monday morning brought an unpleasant surprise for gold investors. Precious metal prices continued to decline, and the drop was substantial. XAU/USD fell by 1.5% to $4,057 per ounce, while gold futures lost 1.17%, slipping to $4,065. Silver and platinum suffered even heavier losses: silver plunged by nearly 3%, while platinum fell by 1.6%.

What happened? Why is gold, traditionally considered a safe-haven asset, falling at a time when geopolitical tensions are reaching their peak? As is often the case, the answer lies in a complex combination of factors, with rising oil prices and inflation expectations outweighing demand for safety.

The resumption of hostilities between the United States and Iran, the threat of the Strait of Hormuz being closed, and the surge in oil prices above $78 per barrel have created a perfect storm for the gold market. Investors are not so much afraid of the war itself as they are of its consequences: accelerating inflation and, as a result, tighter monetary policy from the Federal Reserve. For gold, which generates no income, higher interest rates can be a fatal blow.

Geopolitical Shock: Iran, the United States, and the Strait of Hormuz

Escalation of the Conflict: From Words to Action

The weekend marked the point at which diplomatic efforts finally reached a dead end. The United States launched another round of strikes against Iranian targets following an attack on a Cyprus-flagged cargo vessel in the Strait of Hormuz. Tehran responded swiftly by announcing the closure of the key shipping route until further notice.

Although US officials disputed the announcement and emphasized that the waterway remained open under the protection of the US armed forces, markets had already begun pricing in the worst-case scenario. Shipping activity in the region declined sharply, and even if the strait technically remains open,...

Introduction: The Safe-Haven Asset Paradox

In the world of finance, there are axioms that seem unshakable. One of them says that during periods of geopolitical instability, investors flee to gold. It is the ultimate refuge, a safe harbor where money waits out the storm. But the current week has shattered this neat narrative. Prices for the yellow metal barely changed on Friday, yet over the course of five trading sessions they are down by roughly one and a half percent. And this is despite the fact that the conflict between the United States and Iran has entered a new phase, while oil prices have surged to levels that only recently seemed almost unimaginable.

So what is happening? Why has gold, the traditional beneficiary of crises, suddenly come under pressure precisely when its protective qualities should have been fully on display? The answer, as is often the case, lies in a complex combination of factors, where geopolitics collides with monetary policy and short-term fears give way to long-term calculations. Let’s break it down.

The Iran Factor: War as an Inflation Catalyst

Escalation of the Conflict and the Market Reaction

This week began with what many analysts called a “worst-case scenario.” U.S. President Donald Trump announced the end of the ceasefire with Iran and ordered an intensification of strikes against the country. Tehran responded in kind, and the Middle East once again found itself on the brink of full-scale war.

For financial markets, this became a moment of truth. Oil prices reacted immediately with a sharp jump. And this is logical: the Middle East remains a key supplier of energy resources, and any military action in the region directly threatens the stability of supply.

But why did gold not follow oil higher? After all, classic logic suggests: war → uncertainty → rising...

Introduction: The Wednesday When the Safe-Haven Asset Stopped Providing Safety

Wednesday, U.S. trading session. New York, COMEX. Traders who are used to seeing gold as a reliable safe haven during periods of uncertainty are now watching their confidence collapse. Gold futures for August delivery are plunging by 1.53% to $4,093.80 per troy ounce. This is not just a correction — it is the sharpest decline in recent weeks.

What happened? The yellow metal, which usually rises on geopolitical risks, is today ignoring the escalation of the conflict between the United States and Iran. Instead of rising, gold is falling. Silver, gold’s loyal companion, is falling even harder — down 3.92% to $58.93 per ounce. Copper is losing 1.48% to $6.13 per pound.

The technical picture is also discouraging. Gold found support at $4,032.37 and resistance at $4,215.50. The current price of $4,093.80 is closer to the lower boundary of this range. If gold continues to decline, it may test support at $4,032.37. If it reverses, resistance at $4,215.50 will become the next target.

The U.S. Dollar Index fell by 0.05% to 100.73 points. This is a minor decline, but it is not helping gold. The reason for the fall is not the dollar. It is something else.

Let’s examine why gold has plunged despite the geopolitical crisis and what this means for the precious metals market.

Why Gold Is Falling: Solving the Paradox

Inflation Expectations and Interest Rates

The main reason for gold’s decline is inflation expectations. The geopolitical crisis in the Middle East has led to higher oil prices. Higher oil prices mean higher inflation. Higher inflation means higher interest rates. Higher interest rates mean a stronger dollar. And a stronger dollar weighs on gold.

Gold is traditionally considered a hedge against inflation. But when inflation leads to higher...