Gold and Silver Both Rise: Real-time Quotes and Analysis of Precious Metals Market on July 26, 2026

On July 26, 2026, the precious metals market experienced a long-awaited rebound. As of 16:30 Beijing time, international spot gold was reported at $4,012 per ounce, up 1.2% from the previous trading day; spot silver was at $30.45 per ounce, up 2.1%. During the first three trading days of this week, gold oscillated in the $3,900-4,000 range, while silver fluctuated between $29.5 and $30.2. Today's rise was mainly driven by multiple factors including the weakening of the US dollar index, renewed expectations of a Fed rate cut, and heightened tensions in the Middle East.

Real-time Quotes: Latest Gold and Silver Prices

• Spot Gold (XAU/USD): $4,012.30/oz, intraday high $4,018.20, low $3,987.50
• Spot Silver (XAG/USD): $30.45/oz, intraday high $30.62, low $29.88
• Comex Gold Futures (August contract): $4,025.10/oz
• Comex Silver Futures (September contract): $30.78/oz
• Domestic Gold Price (Shanghai Gold Exchange Au99.99): 589.20 CNY/g
• Domestic Silver Price (Shanghai Gold Exchange Ag99.99): 7.85 CNY/g

Driving Factors: Weak Dollar and Rate Cut Expectations Converge

The primary driver of today's rise in gold and silver was the decline of the US dollar index. Last Friday, US durable goods orders for June fell 2.3% month-on-month, far worse than the expected 0.5% increase, exacerbating market concerns about an economic slowdown. As a result, the dollar index dropped from around 104.50 to 103.80, hitting a nearly two-week low. Meanwhile, federal funds futures show that the probability of a 25-basis-point rate cut by the Fed in September jumped from 62% last week to 78%, with expectations of cumulative rate cuts exceeding 75 basis points before December.

On the geopolitical front, a new round of tensions in the Middle East provided support for risk aversion. According to Reuters, clashes broke out between Israel and Hezbollah in the border area, with the conflict showing signs of escalation. In addition, the EU announced the 15th round of sanctions against Russia, involving energy and financial sectors, further disrupting global supply chain expectations.

Technical Analysis: Gold Breaks Key Resistance, Silver Ready to Surge

From a technical perspective, after forming a triple bottom near $3,900, gold broke through the $4,000 round number and the 20-day moving average (3,995) today, with short-term momentum turning stronger. The MACD indicator formed a golden cross below the zero line, and the RSI rebounded to 55, indicating that the rebound may continue. Resistance above lies at $4,030 (previous rebound high) and $4,050 (50-day moving average). On a pullback, the $3,980-3,990 area will be key support.

Silver performed even more strongly, accelerating after breaking through $30. Since the beginning of this year, silver has risen by over 22%, surpassing gold's 14%. Recovering industrial demand (increased silver usage in sectors such as photovoltaics and 5G) coupled with the gold-to-silver ratio falling from 85 to 78 indicates that silver is gaining more capital attention. Technically, $30.50 is a previous tight trading range. If it can hold, the next target is $31.20.

Institutional Views and Market Interpretation

Goldman Sachs' commodities team released a report today, raising its average gold price forecast for the second half of 2026 from $3,950 to $4,100, citing continued strong central bank gold buying (net purchases of 60 tons in June) and recovery in ETF holdings. Citibank pointed out that silver may break through $35 before the end of the year, but caution is needed against short-term profit-taking pressure.

In the domestic gold and silver bar market, physical delivery volumes at the Shanghai Gold Exchange increased significantly today. Industry insiders said that some investors chose to buy on dips after the sharp correction in the second quarter, with investment gold bar sales at gold shops rising 15% month-on-month recently.

Outlook

Looking ahead to the next week, market focus will shift to Wednesday's Fed interest rate decision and the subsequent press conference. Although the market widely expects rates to remain unchanged, Powell's stance on inflation and employment will directly affect the interest rate path expectations. In addition, the advance estimate of US Q2 GDP (Thursday) and PCE inflation data (Friday) will also provide guidance for gold and silver trends. Seasonally, July-August is traditionally a weak period for physical demand, but central bank gold buying and macro uncertainty still provide bottom support for gold prices. Overall, gold and silver are likely to maintain a volatile but slightly stronger pattern in the short term. Investors can look for opportunities to enter after pullbacks.

(Note: The above analysis is based on public market data and does not constitute investment advice. Investing carries risks; enter the market with caution.)