Gold Prices Slip from Two-Week High as Dollar Gains Slightly

Gold spot contracts fell on Monday following a rise to their highest level in two weeks, as the dollar edged up slightly from recently recorded lows.

At 09:45 Moscow time, spot gold prices dropped by 0.52% to $4,155.38 per ounce, after earlier reaching their highest point since June 22, 2026.

In contrast, August futures for gold on Comex increased by 1.07%, settling at $4,169.80 per ounce.

Last week, gold rose over 2%, ending a four-week losing streak, supported by weaker-than-expected U.S. employment data that eased concerns about persistent inflation and further interest rate hikes.

Expectations of a Federal Reserve interest rate increase limited gold's losses. According to the CME FedWatch tool, market participants currently assign about a 55% probability to a rate hike in September, down from over 60% before the employment data release.

Tim Watters, chief market analyst at KCM Trade, stated, "Gold still faces challenges due to the strength of the dollar." He added, "The minutes from this week's Federal Open Market Committee meeting will be closely monitored for clearer indications of the Federal Reserve's monetary policy direction. Investors will look for evidence on whether other committee members share Chairman Kevin Warsh's tightening outlook or if there is more inclination toward easing within the group."

Regarding other precious metals, silver spot prices declined by 1% to $61.77 per ounce, after earlier reaching their highest level since June 23, 2026.