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fxAug 6, 2026, 4:02 PM

Gold Near Seven-Week High as Hormuz Risks and Softer Dollar Fuel Rally

Gold (XAU/USD) is trading around $4,260 after a 4% spike, supported by a weaker US dollar, declining Treasury yields, and revived geopolitical risk premium from Strait of Hormuz tensions.

XAUUSD

Gold (XAU/USD) is holding near a seven-week high around $4,260 on Thursday, extending Wednesday’s sharp 4% advance. A softer US dollar and retreating Treasury yields continue to underpin the precious metal’s recovery.

An unusual dynamic supports today’s session: gold is climbing in tandem with crude oil, a pairing that often reflects heightened geopolitical risk. Doubts around the security of the Strait of Hormuz appear to be reviving a risk premium, boosting both commodities.

The metal’s strength follows weeks of consolidation, and the combination of dollar weakness and safe-haven demand could keep bulls in control near-term.

Source: FXStreet Forex News