August gold futures rose 1.2% at open on July 10, reversing a week-long downward trend driven by U.S.-Iran conflict and inflation concerns.
Gold August futures (GC=F) opened at $4,135.40 per troy ounce on July 10, up 1.2% from Thursday’s opening price, before dipping to $4,115.10 at 8:00 a.m. ET. The gain marks a reversal after four consecutive days of lower openings this week.
Prices had fallen earlier in the week due to renewed U.S.-Iran military tensions, which pushed oil prices (BZ=F) up 7.1% over five days and reignited inflation fears. Despite this, the CME Group’s FedWatch tool shows only a 25.1% chance of a Fed rate hike at the July meeting, rising to nearly 50% for September.
Year-over-year, gold remains up 24.4%, though this is down from a 95.6% gain on January 29. The metal’s performance reflects shifting market sentiment amid geopolitical risks and monetary policy uncertainty.