WASHINGTON (dpa-AFX) - Extending the gains from Friday's surge, gold prices have inched higher on Monday after expectations of a softer monetary policy by the U.S. Federal Reserve following the latest nonfarm payrolls data offered upside support while increasing crude oil prices and the strengthening U.S. dollar value weighed on the yellow metal.
Front Month Comex Gold for September month delivery has moved higher by $17.50 (or 0.40%) to $4,369.00 per troy ounce.
Front Month Comex Silver for September month delivery has soared by $1.761 (or 2.77%) to $65.260 per troy ounce.
On Thursday, data released by the U.S. Labor Department showed that the number of people claiming unemployment benefits inched higher by 1,000 to 199,000 over the final week of July, slightly under market expectations of 202,000. Continuing jobless claims increased to 1,801,000 for the week ending July 25 from 1,777,000 of the previous week.
Of note, the jobless claims have been below 200,000 for three consecutive weeks, the first time in nearly 57 years.
These numbers indicated that fewer Americans lost jobs due to layoffs than predicted by analysts.
Then came the nonfarm payrolls data released by the U.S. Bureau of Labor Statistics last Friday which showed that the economy unexpectedly lost 23,000 jobs in July, compared to forecasts of an 80,000 increase. The numbers for May and June were also revised lower, with the combined revisions showing that employment was 103,000 lower than previously reported.
Traders are now shifting their focus on the upcoming Consumer Price Index to assess the possibility of U.S. interest-rate hikes.
The Middle East conflict between the U.S. and Iran is continuing to impact crude oil prices as the Strait of Hormuz is still shut.
Iran announced that it was on the verge of sealing an agreement with Oman for creating new shipping lanes between the two nations across the Strait of Hormuz.
However, Iran insisted that prior to the opening, the U.S. must meet the conditions laid out by Iran including lifting off of the U.S. sanctions and an end to frequent military attacks.
Today, the spokesperson for Iran's Foreign Ministry Esmaeil Baghaei stated that Iran is not discussing on any fee to be collected.
Acknowledging that some technical points are being discussed, Baghaei affirmed that the negotiations are moving smoothly and constructively.
Baghaei asserted that the Iran-Oman talks were different from the U.S.-Iran talks which revolves around the wider military situation in the gulf. He stressed that the reopening would depend on the fulfilment of Iran's conditions by the U.S.
On Sunday, in a telephone call with Axios, U.S. President Donald Trump stated that he is preferring to pressure Iran economically rather than ordering new military strikes. Mocking that Iran's finances are in bad shape with no money to be paid even to its troops, Trump remarked that the U.S. is low-keying on Iran. According to Trump, the U.S. is semi-negotiating with Iran.
With regard to the push-pull in the U.S.-Iran talks, Trump claimed that a deal will work out eventually though he is not rushing.
On Iran's demand for compensation for war-damages from the U.S., through Truth Social, Trump called out that it was not mentioned in any of the previous U.S.-Iran talks. Making a counter demand, Trump sought compensation from Iran for human lives lost due to Iranian attacks and killings.
In an interview with Fox News on Saturday, U.S. Vice President JD Vance stated that the U.S. is in the 'middle of the game' in terms of negotiations but expressed confidence on a positive outcome.
Fox News reported citing a new World Gold Council survey that 89% of the global central banks expect gold reserves to grow over the next year, while a record 45% plan to add to their own holdings.
Copyright(c) 2026 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2026 AFX News
