2026.07.3013:47:49UTC+00Gold Extends Gains on Softer Dollar

Gold rose to $4,080 per ounce on Thursday, building on Wednesday’s 2% advance as a weaker US dollar lent support. Investors continued to digest the Federal Reserve’s decision to leave interest rates unchanged and tracked mounting tensions in the Middle East.

The Fed kept its benchmark rate in a range of 3.50% to 3.75%, with Chair Kevin Warsh reiterating the central bank’s determination to bring inflation under control. At the same time, the US military reported it had struck dozens of IRGC targets in Iran after Tehran fired ballistic missiles at US forces in Jordan, heightening concerns about renewed inflationary pressures.

Gold is widely regarded as a hedge against inflation and geopolitical risk, but expectations that interest rates will stay higher for longer typically weigh on the non-yielding metal. Futures markets are currently assigning roughly a 60% probability to a Fed rate increase in September.

Separately, the World Gold Council reported that unofficial gold inflows into India have increased since the country raised import tariffs earlier this year.