Gold price prediction today: Will gold maintain its upward momentum? Check outlook for August 3, 2026 week

Gold prices stabilised after a prolonged correction, rebounding above the 20-day average, according to Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd.

Easing geopolitical tensions between the United States and Iran, along with a weaker US dollar, supported gold, but gains were capped ahead of the Federal Reserve's policy decision.

A temporary pause in US-Iran hostilities led to a more than 5% drop in crude oil prices, reducing inflation concerns and pressure on central banks to keep restrictive monetary policies.

The US imposed fresh tariffs of 10%–12.5% on imports from several trading partners, adding investor caution amid global trade uncertainty.

Market focus is on the Federal Reserve meeting, with rates expected unchanged; Fed Chair Kevin Warsh's statement and US inflation/labour data will guide gold's near-term direction.