Archive · 7 Aug 2026
Gold and Silver Post Best Weekly Gains Since January
Gold and silver got much more expensive this week.
Gold went up by 6 percent, and silver jumped by 12 percent.
That was their biggest weekly gain since January.
One reason is that the US dollar got weaker, which makes gold and silver cheaper for people in other countries.
Another reason is that oil prices went down after President Trump said a war could end soon.
Cheaper oil makes people worry less about rising prices, so they feel more comfortable buying gold and silver.
Many investors also now think the US central bank may raise interest rates by less than they earlier expected.
The central bank of China kept buying gold, which gave prices extra support.
In India, gold prices on the MCX exchange also climbed.
Experts think gold may trade in a stable range over the coming days.
Spot gold rose 6% on the week to near $4,325 per ounce, while silver jumped 12% to near $64 per ounce, marking precious metals' best weekly gains since January.
A softer US dollar and falling oil prices, after President Donald Trump said war could end soon, supported demand for gold and silver.
Markets now price a 55% probability of a 25 basis point Fed rate hike, down from 67% last week.
China's central bank bought gold for a fifth consecutive month, and Chinese gold-backed ETFs saw 14 straight days of inflows through Monday, attracting $1.2 billion.
On MCX, the October gold contract rose 1.4% to Rs 1,50,910 per 10 grams, with analysts expecting gold to trade in the Rs 1,47,500-1,52,000 range.
- Who
- Investors in gold and silver, China's central bank, and analysts at LKP Securities, Capital.com and Bybit; US President Donald Trump commented on the war outlook.
- What
- Gold and silver posted their strongest weekly gains since January, with spot gold up 6% and silver up 12%.
- When
- The week ending in early August 2026.
- Where
- Global spot markets and India's MCX exchange, with demand led by Chinese investors.
- Why
- A weaker US dollar, softer oil prices on expectations the war could end soon, reduced odds of a Fed rate hike, and continued buying by China's central bank.
- Spot gold weekly gain
- 6%, trading near $4,325 per ounce
- Spot silver weekly gain
- 12%, quoted near $64 per ounce
- Fed rate hike probability
- 55% chance of a 25 basis point hike, down from 67% last week
- China's gold ETF inflows
- 14 consecutive days through Monday, attracting $1.2 billion
- China central bank gold buying
- Fifth consecutive month
- MCX gold October contract
- Rs 1,50,910 per 10 grams, up 1.4%
- Expected MCX gold range
- Rs 1,47,500-1,52,000