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CommoditiesMediumUpdated×6•Originally published 6 May 2026•Updated 8 May 2026•

1 min read

Gold Tops $4,770 as Oil Tumbles 8% on Hopes of US-Iran De-escalation

Key Facts

1Gold on COMEX breached the $4,700 per ounce level for the first time since April 24.

2Oil prices tumbled more than 8% on Wednesday amid hopes of an end to the US-Iran war.

3 months ago

Version History

2 additional sources confirmed this story

Version 63 months ago

What changed: Added COMEX closing data and updated the context regarding the weekly advance driven by easing inflation fears.

Version 53 months ago

What changed: Updated the story to reflect gold trading near a two-week high and the market shift toward anticipating US Non-Farm Payrolls (NFP) data.

Version 43 months ago

What changed: Updated the story to include the impact of renewed Strait of Hormuz tensions on the revival of U.S. Dollar demand.

Version 33 months ago

What changed: Updated gold price target to $4,770, added the 4% jump in the PHLX Gold/Silver Sector index (XAU), and specified exact percentage gains for spot gold and silver.

Version 23 months ago

What changed: The story was updated to include analysts' reclassification of precious metals as high-volatility risk assets and to specify that the price surge occurred on Wednesday.

Version 13 months ago

What changed: Added the weakening of the U.S. dollar as a contributing factor to the gold price rally alongside geopolitical de-escalation.

Gold prices remain near two-week highs above $4,770 per ounce, despite COMEX gold futures closing $6 lower on Thursday. The precious metal remains on track for a weekly advance, primarily driven by easing inflation concerns and sustained buying momentum. This consolidation occurs as oil prices tumbled 8% on geopolitical de-escalation hopes, prompting a capital rotation into the metals sector. Market participants are now shifting their focus toward the upcoming U.S. Non-Farm Payrolls (NFP) data to gauge the future path of monetary policy. Analysts suggest that gold continues to behave as a high-volatility risk asset, sensitive to both U.S. Dollar fluctuations and shifting interest rate expectations.