Gold climbed 1.82% on July 1, 2026, settling at $4,085.34 per ounce as traders parsed the US rate outlook. The rebound followed Fed Chairman Kevin Warsh’s remarks in Sintra, which soothed fears of a more hawkish stance. Even so, bullion sits well below its record high set earlier in the year.
Gold snapped higher on July 1, 2026, with the spot price reaching $4,085.34 per ounce at 12:05 p.m. ET, a gain of $73.16 from the previous close of $4,012.18. The move erased part of a week that had seen prices soften.
Traders weighed the outlook for US monetary policy after Federal Reserve Chairman Kevin Warsh spoke at the European Central Bank’s forum in Sintra, Portugal. Bullion climbed as much as 2.5% as the dollar and bond yields pared gains. Warsh said he would not offer forward guidance on rate policy and noted that price risks have eased in recent weeks, while restating his aim to return inflation to the Fed’s 2% target.
The tone reassured a market braced for something firmer. According to Bloomberg News: “Mr. Warsh is staying on message, which is helping gold”, said Bart Melek of TD Securities.
Despite the bounce, gold remains under pressure from earlier in the year. After setting a record in January, the metal has been weighed down by speculation that the Fed may deliver an interest rate hike to tackle sticky inflation. Higher borrowing costs are a headwind for non-yielding metals.
The longer view stays firm even as recent months cooled. Gold is trading 25.42% below its 52-week high of $5,477.79, yet it sits 23.39% above where it traded one year ago at $3,310.87. A month ago the metal changed hands at $4,540.53, leaving it down 10.03% since then.
Sources: USA TODAY, MINING.COM
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