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Daily Market Update

Gold Holds Above $4,050 as Markets Assess the US Dollar and Fed Expectations

Gold (XAU/USD) remains above the $4,050 level as traders assess the US Dollar's recovery, Federal Reserve policy expectations and falling oil prices. With key US economic releases, including ISM Manufacturing PMI and Nonfarm Payrolls, approaching, market participants continue to monitor factors that could influence gold prices and near-term volatility.

Daily Market Update August 3, 2026

Gold Holds Above $4,050 as Markets Assess the US Dollar and Fed Expectations

Gold Holds Above $4,050 as Markets Assess the US Dollar and Fed Expectations

Gold opened the week modestly higher but remained below $4,100, holding above $4,050 as a recovery in the US Dollar from its lowest level since June 17 limited further gains.

Lower oil prices eased near-term inflation concerns and reduced expectations of more aggressive Federal Reserve tightening. OPEC+ plans to increase production in September contributed to the decline in crude prices, providing some support to non-yielding gold.

Market attention now turns to Monday’s US ISM Manufacturing PMI and Friday’s Nonfarm Payrolls report for further signals on economic conditions and the Federal Reserve policy outlook.

Technically, gold remains within a broad range and below its 200-day Simple Moving Average near $4,490.33. The MACD remains positive at approximately 11.6, while the 14-day Relative Strength Index at 47.1 indicates broadly neutral momentum.

The nearest upper references are $4,100 and $4,200, while the $3,976–$4,000 area remains an important lower reference. US Dollar movements, oil prices, Federal Reserve expectations and upcoming US data may continue to influence XAU/USD volatility.

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