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Gold (GC=F) August futures opened at $4,005.60 per troy ounce on Monday, July 20, 2026, down 0.3% from Friday's closing price. As of 8:15 a.m. ET, the price of gold was up to $4,016.10.
Gold rebounded slightly from a sub-$4,000 opening price on Friday, despite a weekend of violence in the Middle East. Three U.S. service members were killed, two in an Iranian attack in Jordan and another in northern Iran during a controlled detonation of a drone. Sunday marked the ninth consecutive night of U.S. strikes targeting a range of Iranian military targets.
Secretary of State Marco Rubio said Sunday the U.S. is "always open to diplomacy," but reiterated that Iran must reopen the Strait of Hormuz. The Strait's closure has been a critical driver of higher gas prices in the U.S. and globally.
Continued high gas prices increase the broader inflation risk — which could force the Fed to raise interest rates. Higher interest rates encourage lower gold prices, since precious metals do not pay interest.