Gold holds steady at the $4,000 mark as weak dollar and easing geopolitical tensions counterbalance each other

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智通财经2026/08/03 14:01

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On Monday, gold remained largely unchanged near $4,030 per ounce, as the market sought a balance between support from a weak US dollar and the outflow of safe-haven funds following the easing of geopolitical tensions. Oil prices fell sharply due to optimism over a potential US-Iran agreement, which to some extent alleviated concerns about prolonged high inflation and interest rates.
US President Trump stated that after delaying a new round of strikes, he will initiate fresh negotiations with Iran, but Tehran denied that any consultations with Washington are underway. The marginal easing of geopolitical risks weakened safe-haven demand for gold, but the softer dollar acted as a counterbalance.
The US Dollar Index fell to its lowest level since mid-June, mainly due to joint intervention by the US and Japan in the foreign exchange market to support the yen, providing additional support for dollar-denominated gold. The market is awaiting a series of US labor market data this week, in particular Friday’s nonfarm payrolls report, to seek further clues regarding the Federal Reserve's policy trajectory.

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Gold holds steady at the $4,000 mark as weak dollar and easing geopolitical tensions counterbalance each other

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