The rise in the gold market shows no signs of slowing down: Current prices for August 5, 2026...

Gold prices maintained their positive trend on the third trading day of the week. With the strengthening of investors' search for a safe haven, gram, quarter, and Republic gold started the day with gains. The weakening of the US Dollar and the decline in oil prices have increased demand for gold, while markets are focused on the upcoming interest rate decision by the Federal Reserve (Fed).

In light of the latest data, the price of an ounce of gold rose by 1.3 percent to 4,127.04 dollars, while US gold futures were recorded at 4,184.40 dollars, an increase of 0.8 percent.

The decline in the US Dollar has accelerated the shift toward gold by investors trading in different currencies worldwide. As the dollar retreats, the appeal of gold prices has increased, providing support for the upward trend.

ACTIVITY IN THE OIL AND GOLD MARKETS

Following the sharp pullback in the oil market in recent days, prices began to trade sideways today. This decline in global energy prices has reduced inflationary pressure and led to a tempering of expectations for higher interest rates in the markets. The relief in energy costs has provided additional support for the rise in the gold market.

DIPLOMATIC CONTACTS FROM QATAR, GEOPOLITICAL UNCERTAINTY PERSISTS

Political developments in the Middle East are also among the factors closely followed by the market. Qatar announced that some progress has been made in its mediation efforts between the US and Iran. However, the Iranian administration continues to deny claims by US President Donald Trump that the two countries have begun negotiations. Geopolitical uncertainty in the region keeps the interest of investors seeking a safe haven in gold alive.

OANDA Senior Market Analyst Kelvin Wong pointed to the strong correlation between gold and oil. According to Wong's assessment, due to the impact of energy prices on inflation, the decline in oil prices is also reflected positively on gold. Furthermore, it is stated that if uncertainty in the market decreases as geopolitical tension eases, a faster rise in gold prices could be possible.

FED AND MARKET EXPECTATIONS

The upcoming Fed meeting continues to be a major agenda item in financial markets. In recent pricing, the probability of the Central Bank raising interest rates at the September meeting has fallen to 59 percent. This rate was 67 percent the previous day. Philadelphia Fed President Anna Paulson emphasized that they are open to increasing interest rates if economic conditions require it.

Investors are focused on the ADP private sector employment data to be announced today and the non-farm payroll figures to be announced at the end of the week. These data are expected to be influential in shaping the Fed's monetary policy for the coming period.

THE RISE IN PRECIOUS METALS CONTINUES

Apart from gold, the activity in other precious metals is also noteworthy. Spot silver rose 1.9 percent to 60.64 dollars, while platinum reached its highest level since June with a 1.4 percent premium at 1,758.35 dollars. Palladium gained 0.9 percent to reach 1,365.62 dollars, managing to rise for the second consecutive day.

As the search for direction in the gold market continues, global developments and economic data remain decisive in investors' decisions.

News Source: 12punto