Gold Rises from Lowest Level in a Month Supported by Dollar Decline Despite Oil Surge

Gold Recovers from Lowest Level in a Month Supported by Dollar Weakness

Gold prices recovered on Thursday, April 30, 2026, from their lowest level in a month, after recording a decline in the previous session to the lowest level since March 31, driven by the weakness of the US dollar, which enhanced the appeal of the precious metal to investors.

Increase in Spot and Futures Gold Prices

Gold rose in spot transactions by 0.6% to reach $4566.73 per ounce by 01:05 GMT, according to Reuters.

US gold futures for June delivery also rose by 0.4% to record $4578.50 per ounce.

Dollar Decline Enhances Gold Appeal

The rise in gold was supported by the decline of the US dollar, which made dollar-priced gold less expensive for holders of other currencies, increasing demand in global markets despite ongoing economic pressures.

Oil Prices Above $125 and Geopolitical Tensions Support Concerns

In contrast, oil prices rose, with Brent crude trading above $125 per barrel, amid escalating concerns about continued supply disruptions, especially with stalled negotiations between the United States and Iran.

Additionally, tensions in energy markets, along with Germany's search for alternatives to Kazakh oil after the halt of Russian supplies via the Druzhba pipeline, contributed to inflationary concerns.

Collective Rise in Other Precious Metal Prices

Other precious metals recorded notable increases, with silver rising by 1% to reach $72.18 per ounce.

Platinum increased by 1.7% to $1911, while palladium rose by 0.9% to reach $1470.40 per ounce.