Gold price prediction today: Will gold prices stay range-bound in the current scenario? Check August 4, 2026 outlook

Gold is expected to stay in its nearly six-week-old range of $3950-$4200, influenced by US-Iran talks and US macroeconomic data.

On August 3, spot gold traded between $4019 and $4084, closing the week ending July 31 with a 0.2% loss at $4043.

Oil prices fell over 5% after the US and Israel cancelled a strike on Iran's energy infrastructure, with Brent crude dropping nearly 9% to $81.55.

The Dollar Index fell to 99.41, its lowest since mid-June, due to a dovish FOMC outcome and intervention by the US and Japan in currency markets.