August gold futures drop 0.3% as U.S.-Iran airstrikes intensify, pressuring prices to eight-month lows.
Gold August futures opened at $3,980.10 per troy ounce on July 17, 2026, down 0.3% from Thursday’s close, as a sixth consecutive day of U.S. airstrikes on Iranian targets weighed on prices. The metal briefly rose to $3,998.10 before retreating to levels last seen in November 2025.
Prices have fallen 3.4% over the past week and 8.3% month-over-month, though they remain 20.1% higher year-over-year. The conflict’s escalation, including strikes on critical infrastructure, has fueled oil price gains, raising expectations of a Fed rate hike to counter energy-driven inflation.
Iran’s refusal to cede control of the Strait of Hormuz, a key oil chokepoint, has prolonged market uncertainty, limiting gold’s upside despite geopolitical risks.