Safe-haven demand drives gold prices to a weekly high as geopolitical risks escalate amid prolonged U.S. military strikes.
Gold August futures climbed to $4,131.10 in early trading on July 22, 2026, up 0.2% from Tuesday’s close, marking the first breach of $4,100 this week. The rally follows renewed safe-haven demand amid escalating Middle East conflicts, with U.S. strikes entering their second week.
The metal opened at $4,084.70, extending gains of 0.9% over the past week but remaining 1.3% lower than a month ago. Year-over-year, gold has risen 19.8%, down from a 95.6% gain recorded in late January. Competing forces—rising oil prices and geopolitical uncertainty—continue to influence investor sentiment.
U.S. defense spending has reached $37.5 billion, with an additional $67 billion requested for the current budget year, further fueling market volatility.