Gold opened below $4,100 on Thursday, caught between rate-hike fears that pull it lower and safe-haven demand tied to the Iran war. August futures started at $4,074.60 an ounce, down 1.9% from Wednesday, then edged higher through the morning.
Gold's August futures opened at $4,074.60 per troy ounce on Thursday, July 23, 2026, down 1.9% from Wednesday's close. The metal recovered some ground after the open, trading at $4,086.60 as of 8:08 a.m. ET. It had closed above $4,100 on Wednesday before slipping at Thursday's open.
Two opposing forces are holding the price in a tight range. Investors are weighing the potential for higher interest rates against the likelihood of broader geopolitical and economic instability prompted by the Iran war. Higher rates tend to encourage lower gold prices, while global unrest can stimulate safe-haven demand for the metal.
Washington signals support for the war
On Wednesday, the U.S. House of Representatives approved up to $95 billion in funding for the war, aid to farmers, and parts of the SAVE America Act. The plan still needs Senate approval, but the vote signals support for ongoing activity in the Middle East, where the war may be at an inflection point. Meanwhile, Yemen's Houthi rebels are now targeting Saudi Arabian oil tankers in the Bab el-Mandeb Strait, threatening to disrupt another critical shipping lane.
How gold sits against recent levels
Against Thursday's open, gold traded 1.1% above where it stood a week ago. It was down 1.3% from a month earlier yet up 18.8% over the past year. For context, gold's year-over-year growth was 95.6% on Jan. 29.
Source: Yahoo Finance
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