August 4 Gold and Silver Real-time Quotes: Gold Price Stabilizes Above $4100, Silver Follows but Demand Shows Differentiation

On August 4, 2026, the global precious metals market continued the volatile upward trend from the previous week. International spot gold (London gold) strengthened continuously after opening, stabilizing above the $4100/oz mark in the afternoon, reaching a high of $4112/oz, with a daily increase of 0.78%; spot silver (London silver) followed the rise, reaching a high of $28.35/oz intraday, but pulled back slightly at the close, finally closing at $27.96/oz, with a daily increase of 0.42%. The gold-silver ratio remained around 146.9, slightly narrowing from 147.4 last Friday.

I. Core Data of Gold and Silver Real-time Quotes for the Day

As of 18:00 Beijing time on August 4, quotes for various major precious metal varieties are as follows:

• International spot gold: $4108/oz, daily fluctuation range $4095-$4112/oz, increase of 0.72%;
• COMEX gold futures main contract: $4125/oz, increase of 0.68%;
• Domestic Shanghai Gold Exchange AU9999 spot: 948.7 yuan/gram, up 6.2 yuan/gram from the previous day, an increase of 0.66%;
• International spot silver: $27.96/oz, daily fluctuation range $27.75-$28.35/oz, increase of 0.36%;
• Domestic silver T+D: 6478 yuan/kg, up 22 yuan/kg from the previous day, an increase of 0.34%.

II. Core Factors Driving Gold and Silver Price Fluctuations on the Day

From a fundamental perspective, the rise of gold and silver on the day was mainly driven by the following factors:

1. Federal Reserve Officials Released Dovish Signals, Rate Cut Expectations Warming

On the evening of August 3, Federal Reserve Governor Waller stated in a public speech that the current US inflation data has fallen for three consecutive months to the range of 2.3%-2.5%. If the data remains stable for the next two months, it is reasonable for the Federal Reserve to start rate cuts in September. This speech was interpreted by the market as a dovish signal, with the US dollar index falling 0.35% to 102.17 that day, directly supporting the rise of dollar-denominated gold prices.

2. Geopolitical Risks Continue to Ferment, Safe-Haven Demand Underpins Gold Prices

The situation in the Middle East continues to evolve. On August 3 local time, rumors of temporary control of shipping channels near the Strait of Hormuz re-emerged, although subsequently denied by relevant parties, it still triggered market concerns about energy supply security, with safe-haven funds continuously flowing into the gold market. According to the latest disclosure by the World Gold Council (WGC), global gold ETFs had net inflows of 28.7 tons in July, with funds from North America and Europe accounting for over 80%, showing that institutional investors' willingness to allocate to gold remains strong.

3. Silver Industrial Demand and Safe-Haven Attributes Differentiate, Rise Weaker Than Gold

The daily increase in silver prices was significantly weaker than gold, mainly affected by industrial demand expectations. According to the latest report released by the International Silver Association (ISA), global photovoltaic silver demand in the first half of 2026 increased by 12% year-on-year, but affected by the global manufacturing PMI falling below the boom line for two consecutive months, market expectations for industrial silver demand in the second half have diverged, leading to insufficient upward momentum for silver. In addition, the current gold-silver ratio remains high at 146.9, also showing that market concerns about silver's industrial attributes still exist.

III. Outlook for Future Precious Metals Market Trends

From a technical perspective, international spot gold has broken through the key resistance level of $4100, with the next target looking at $4150/oz, and the support level around $4080/oz; for silver, $28/oz is an important short-term resistance level. If it can effectively break through, it is expected to open up upward space to $29/oz, with the support level at $27.5/oz.

For investors, it is necessary to focus on the US July ISM non-manufacturing PMI data to be released on August 5, as well as subsequent speeches by Federal Reserve officials. If the data is below expectations, rate cut expectations will further warm, which is expected to continue supporting the rise of gold and silver prices. In the long run, against the background of high global debt, frequent geopolitical risks, and continuous central bank gold purchases, the long-term allocation value of gold remains significant. For silver, attention needs to be paid to the recovery of industrial demand, and long-term long positions can be added when prices are low.

(This article only represents the personal views of the author and does not constitute investment advice. Precious metals investment has risks, and entering the market requires caution.)