Gold prices are declining in global markets.
Washington, DC – Gold prices retreated on Monday after a strong rally that took the precious metal to its highest level in two weeks. This corrective decline was driven by signs of a slight recovery in the US dollar, which regained some strength after its recent decline.
By 9:45 AM Moscow time, spot gold had fallen 0.52% to $4,155.38 per ounce, after reaching its highest level since June 22, 2026, earlier in the session. In contrast, August gold futures (COMEX) showed a different performance, rising 1.07% to $4,169.80 per ounce. Other precious metals were also affected by the overall market sentiment, with spot silver declining 1% to $61.77 per ounce, after also reaching its highest level since June 23, 2026, earlier in the day.
Impact of economic data and monetary policy
This move in gold prices comes after strong gains for the metal last week, exceeding 2%, which ended a four-week losing streak. This support stemmed from weaker-than-expected US jobs data, easing pressure from concerns about persistent inflation and tighter monetary policy.
Regarding the Federal Reserve’s direction, the CME’s FedWatch tool indicates that the probability of an interest rate hike in September has fallen to around 55%, compared to rates that exceeded 60% before the release of the latest jobs data.
Markets await the Federal Reserve minutes.
Tim Waterer, chief market analyst at KCM Trade, believes gold continues to face pressure from the strong dollar. Waterer explained that investors are currently focused on the minutes of the Federal Open Market Committee meeting, due for release this week.
He added, “Investors will be looking for clearer signals regarding the direction of monetary policy; to see if there are divisions within the committee regarding Chairman Kevin Warsh’s hawkish stance, or if there are indications pointing towards further monetary easing.”
This anticipation reflects the prevailing state of caution among traders, as everyone awaits the features of the next phase, which will be determined by the Federal Reserve’s decisions based on successive economic data, and which will play a crucial role in charting the course of the yellow metal during the remaining months of 2026.
