August gold futures fall to $4,077.80 after President Trump declares ceasefire with Iran over following retaliatory strikes.
Gold August futures opened at $4,106.50 on July 8, down 1.2% from Tuesday’s close, before slipping further to $4,077.80 by 8:20 a.m. ET. The decline follows President Trump’s remarks at the NATO summit declaring the US-Iran ceasefire effectively over after US airstrikes targeted Iranian assets.
Prior to today’s drop, gold had risen 2.3% over the past week, though it remained down 5% month-over-month and up 23.3% year-over-year. In late January, gold’s one-year gain stood at 95.6%, reflecting earlier geopolitical and inflation-driven demand.
The airstrikes, a response to Iranian attacks on ships in the Strait of Hormuz, have also pushed oil prices higher, reigniting global inflation and supply concerns.