# Gold falls $84 to $4,076 as dollar rebounds, July on track for first

**Published:** 2026-08-12T02:58:03.336Z  
**Topic:** Gold  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/fb8b7020-0527-428f-af6b-fce62d3208a7

Gold drops $84 to $4,076/oz on July 31, 2024, while the dollar index climbs to 100.3; see how the move puts gold on pace for its first monthly gain since

1. **Lede**  
Comex gold futures slipped $84 to $4,076 per ounce on Friday, July 31, 2024, as the U.S. dollar index recovered to 100.3, keeping gold on track for a 1.5% rise in July – its first monthly gain since February.

| At a glance | |
|---|---|
| Gold price | $4,076/oz (down $84) |
| Monthly change | +1.5% in July (first gain since Feb) |
| Dollar index | 100.3 (up from prior day) |
| Market reaction | Gold down $84, silver down $1.80; dollar up |

## Market backdrop  
The pullback followed a strong rally the previous session, which had been driven by a weaker dollar. On Friday, the dollar index rebounded to 100.3, erasing much of its earlier decline but still down 1.5% for the week, marking the steepest weekly drop in three months and extending its monthly loss to 1.3%【1】. Federal Reserve officials reiterated hawkish views, with three dissenters urging further tightening despite the Fed’s decision to hold rates at 3.50‑3.75% earlier in the week. Their comments added pressure on non‑yielding assets such as gold, raising the opportunity cost of holding bullion【1】.

## Commodity dynamics  
Gold’s modest July gain comes amid rising crude‑oil prices, spurred by renewed U.S.–Iran tensions that could lift energy costs and reignite inflationary pressures. While inflation eased in June after a sharp fall in energy prices, policymakers remain wary that commodity‑price spikes could reverse that progress【1】. Silver, by contrast, remains on track for a roughly 4% monthly decline, marking its second consecutive monthly loss【1】.

## What to watch  
- **U.S. inflation data**: Upcoming CPI releases will test whether commodity‑price pressures are translating into broader price growth.  
- **Fed policy minutes**: The next Fed meeting minutes could clarify the stance of dissenting officials and signal any shift toward rate hikes.  
- **Oil price movements**: Any further escalation in the U.S.–Iran conflict that pushes crude higher could revive gold’s safe‑haven appeal.

Gold’s ability to post a monthly gain despite a stronger dollar underscores the tug‑of‑war between inflation concerns and monetary tightening. The next round of inflation numbers and Fed commentary will be pivotal in determining whether gold can sustain its upward trajectory or resume its recent decline.

## Sources
1. Mint — [Gold, silver prices today: Comex gold drops $84, silver slips $2 as US dollar rebounds](https://www.livemint.com/market/commodities/gold-silver-prices-today-comex-gold-drops-84-silver-slips-2-as-us-dollar-rebounds-11785513541055.html)
2. Kitco — [Live Gold Prices | Gold News And Analysis | Mining News | KITCO](https://www.kitco.com/)
3. Prokerala — [Live Gold Price in India • Indian Rupee](https://www.prokerala.com/finance/gold-price.php?currency=INR&amount=90)
4. Prokerala — [Live Gold Price in USA • US Dollar](https://www.prokerala.com/finance/gold-price.php?currency=USD&amount=1)

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Cite as: TrendWatcher, "Gold falls $84 to $4,076 as dollar rebounds, July on track for first", https://www.trendwatcher.in/article/fb8b7020-0527-428f-af6b-fce62d3208a7