AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

5/8/2026: Gold scores 2% weekly win

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained for a fourth session, adding another 0.4% to close above $4,720 on continuing optimism that peace with Iran could undercut energy-driven inflation, leading to rate cuts from the Fed later this year. Bullion rose 2% this week. Silver added 0.9% to finish at 80.34, posting a weekly rise of 5.8%.

Iran is expected to respond to the latest US proposal later today, allowing US markets to focus on AI profits and upbeat jobs data while hoping for the best in the Middle East.

Oil prices channeled as the market await further word, with US WTI adding 0.5% for just over $95 after trading over $107 earlier this week before peace overtures from the US. The retreat of oil prices lifted gold to its 2% gain this week. Falling oil means less inflation, which in turn means the Fed could lower interest rates later this year, at least in theory.

US payrolls rose more than expected for a second straight month, adding 115,000 new jobs while the unemployment rate held at 4.3%.

On the downside, US consumer sentiment plunged to its lowest level on record as Americans struggle with sharply higher gasoline and energy prices because of the Iran war.

Benchmarks 10-year Treasury yields slipped again on peace hopes, lifting gold by decreasing the opportunity cost for holding it instead of bonds

Tracking lower with yields, the dollar fell for the day and week, draining off all the safe-haven premium acquired during the war. A weaker dollar boosts gold and other commodities by making them cheaper overseas.

Platinum was nearly flat for the day and 2.7% higher for the week. Palladium fell 0.4% today and 2.9% this week.

At the New York spot close: gold gained $20.60 to $4,720.40; silver added 69 cents, to $80.34; platinum dipped 90 cents to $2,047.20; and palladium slipped $6.50 to $1,497.05 an ounce.