DXY dips: What’s next for gold prices?

GOLD

4,109.60

$/oz

▲ +9.50 (+0.23%)

SILVER

58.10

$/oz

▼ -0.71 (-1.22%)

PLATINUM

1,665.00

$/oz

▲ +13.10 (+0.79%)

PALLADIUM

1,288.50

$/oz

▼ -13.70 (-1.05%)

COPPER

6.49

$/lb

▲ +0.05 (+0.76%)

GOLD MINERS INDEX

619.58

pts

▼ -18.60 (-2.91%)

SPDR GOLD ETF

371.65

$/sh

▼ -5.51 (-1.46%)

SILVER ETF

52.29

$/sh

▼ -1.21 (-2.26%)

Gold Market Context: Macro Drivers

Key macro instruments that drive gold price movements: dollar, yields, risk appetite

DXY

US Dollar Index

99.82 pts

▼ 1.69 (-1.67%)

tailwind for gold

Gold inverse — rising dollar pressures gold

US10Y

10-Yr Treasury

4.75 %

▲ 0.10 (+2.24%)

headwind for gold

Real yield pressure — higher yields weigh on gold

SPX

S&P 500

7,481.71 pts

▲ 69.73 (+0.94%)

headwind for gold

Risk appetite — equity rallies reduce safe-haven demand

BTC

Bitcoin

63,153.66 USD

▼ 571.24 (-0.90%)

negative for gold

Alt safe haven — moves with gold in risk-off

WTI

Crude Oil (WTI)

84.82 $/bbl

▲ 2.21 (+2.68%)

positive for gold

Inflation proxy — rising oil can lift gold

EURUSD

EUR / USD

1.15

▲ 0.01 (+1.25%)

positive for gold

Dollar strength gauge — inverse to DXY

▲ Rising DXY or yields typically pressure gold | ▲ Falling yields or geopolitical risk support gold | Live data — fetched at send time

Market Commentary

Gold ETFs Lost 45 Tonnes Last Quarter. Central Banks Bought 289. Here’s What That Split Means.

Gold ETFs experienced a significant outflow of 45 tonnes in the last quarter, indicating a shift in investor sentiment that could pressure gold prices in the short term. In stark contrast, central banks added a remarkable 289 tonnes to their reserves, reflecting a robust demand for gold as a safe-haven asset amid ongoing economic uncertainties. This divergence highlights a critical trend: while retail and institutional investors may be pulling back, central banks are aggressively accumulating gold, which supports the long-term bullish outlook for the metal. The substantial purchases by central banks, more than six times the outflow from ETFs, suggest a strategic positioning against inflation and geopolitical risks. Investors should note that this central bank demand can provide a floor for gold prices, even as ETF flows fluctuate. The current environment of rising interest rates and a strong dollar may be contributing to the ETF sell-off, but the underlying demand from central banks signals confidence in gold's value proposition. As we navigate these dynamics, the interplay between ETF flows and central bank purchases will be crucial in determining gold's trajectory. The market should remain vigilant to shifts in investor behavior and central bank policies, as these factors will continue to shape gold's performance. Overall, the contrasting trends in ETF outflows and central bank inflows underscore the complex landscape for gold, where institutional demand may ultimately prevail over retail sentiment.

Gold Headed for First Monthly Gain in Months

Gold prices have slipped recently, yet they are on track for their first monthly gain in five months, indicating a potential shift in market sentiment. This uptick comes as investors remain vigilant regarding geopolitical developments in the Middle East, which often drive safe-haven demand for gold. The ongoing tensions in this region can create uncertainty, prompting investors to seek refuge in gold, thereby supporting its price. Additionally, the broader economic landscape, including inflationary pressures and central bank policies, continues to influence gold's appeal. As inflation remains a concern, gold's traditional role as a hedge against rising prices becomes increasingly relevant. Furthermore, fluctuations in the U.S. dollar and interest rates play a crucial role in shaping gold's trajectory; a weaker dollar typically enhances gold's attractiveness to foreign buyers. Central bank demand has also been a significant factor, as many institutions have been accumulating gold to diversify their reserves. ETF flows are another critical component, with increased buying activity reflecting renewed investor interest in gold as a strategic asset. Overall, while recent price movements show some volatility, the underlying factors suggest that gold may be poised for a more sustained recovery if geopolitical tensions persist and economic uncertainties remain.

Could China's Gold Reserves Surpass the U.S. Within Five Years?

China's gold reserves are poised for significant growth, potentially surpassing those of the United States within the next five years, according to analysts at BMO Capital. This prospect is driven by China's ongoing and unreported gold purchases, which indicate a strategic accumulation aimed at bolstering its financial stability and global economic influence. As China continues to diversify its reserves away from the U.S. dollar, we can expect increased demand for gold, which could support higher prices in the long term. The implications of this shift are profound, as a stronger Chinese gold position could challenge the dollar's dominance and alter the dynamics of global trade. Investors should note that such developments may lead to heightened volatility in gold prices as market participants react to changes in reserve levels and geopolitical tensions. Additionally, if China’s gold reserves increase significantly, it could prompt other nations to follow suit, further driving demand. Central bank purchases, particularly from major economies like China, are a critical factor influencing gold's appeal as a safe-haven asset. As inflation concerns persist and geopolitical uncertainties loom, gold remains an attractive hedge for investors. Overall, the potential for China to surpass U.S. gold reserves underscores the importance of monitoring central bank activities and their impact on gold market dynamics.

Independence Gold | TSX-V: IGO

• New high-grade discovery at the 3Ts Project, BC.

• Goofy Vein returning 14.70 g/t gold over 9.10 metres.

• New Gold-Silver Vein discovered at Balrog Target.

• Second drill rig added with AI mineral targeting system.

• Portfolio spans BC and Yukon, from early-stage grassroots to advanced resource expansion.

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Today's Interesting Company News

Besra Gold Updates ML 05/2012/1D Renewal Discussions Jugan Project - Bau Gold Project

(ASX: BEZ) Besra Gold Inc provided an update regarding the proposed renewal of Mining Lease ML 05/2012/1D, which covers the Jugan Resource area within the Bau Gold Project. The applicant of the renewal, Gladioli Group, formally accepted the Conditional Offer of renewal announced on 13 May 2026 within the required timeframe. Besra Gold, through its majority owned North Borneo Gold Sdn Bhd, holds its interests in the Bau Gold Project under Joint Venture agreements with Gladioli Group entities. This renewal is the first mining lease renewal process undertaken since Besra Gold relisted in October 2021 and is understood to be the first renewal of this type in the State of Sarawak for at least 15 years. Several face-to-face meetings with senior management of the Natural Resources Ministry occurred during H1 2026, and last week the Chairman and CEO presented to a whole-of-government Steering Committee chaired by the Deputy Premier and Minister for Natural Resources. The company canvased mechanisms for obtaining administrative decisions concerning other mining concession interests in the Bau Goldfield Corridor. The company will disclose the final terms of the Offer once determined and will continue to update shareholders as other material developments occur.

Lake Victoria Gold Commences Phase 3 Land Programme to Advance Imwelo Toward Construction

(TSXV: LVG) (OTCQB: LVGLF) Lake Victoria Gold Limited announced that its wholly owned Tanzanian subsidiary, Tembo Gold (T) Limited, will commence the Phase 3 land valuation and compensation programme at the fully permitted Imwelo Gold Project in Chato District, Geita Region, on August 1, 2026. Phase 3 covers approximately 73 acres required for the continued expansion of the Imwelo site footprint and development of supporting mine infrastructure, including accommodation camps and workshop facilities. The programme is expected to involve approximately 60 Project Affected Persons within Imwelo A Hamlet, Imwelo Village. Phase 1 covered 268 acres in 2019, and Phase 2 covered 185 acres in 2023, bringing the total area covered by all three phases to approximately 526 acres upon completion. The programme commencement has been approved by the relevant Chato District authorities and will be conducted by qualified government valuers at the district and regional levels. The company has a 100% interest in the Tembo project, which has over fifty thousand meters of drilling and is located adjacent to Barrick's Bulyanhulu Mine, and also holds a 100% interest in the Imwelo Project, which is fully permitted for mine construction and production. The company projects the advancement of the Imwelo Gold Project toward a construction decision and a construction-ready mine plan, as well as the anticipated benefits of the Tanzanian local content structure.

Equinox Gold and Orla Mining Complete Business Combination, Creating North America’s New Senior Gold Producer

(TSX:EQX) Equinox Gold Corp. and Orla Mining Ltd. (TSX:OLA) announced the successful completion of their previously announced business combination, creating North America’s new senior gold producer. The combined company is expected to produce approximately 1.1 million ounces of gold annually, with a clear path to more than 1.9 million ounces as its high-quality North American growth projects are developed. Over 60% of production will come from three long-life mines in Canada. Ross Beaty has stepped down as Chairman of the Board and has been appointed Chairman Emeritus and Special Advisor to the Board, while Chuck Jeannes has been appointed incoming Chairman of the Board. Darren Hall will retire from Equinox Gold effective October 31, 2026, with Jason Simpson to assume the role of Chief Executive Officer after a three-month transition. Equinox Gold intends to cause Orla to delist the Orla shares from the Toronto Stock Exchange and NYSE American Stock Exchange, apply to cease to be a reporting issuer, and otherwise terminate its public company reporting requirements as soon as possible. The company expects consolidated 2026 guidance and additional proforma benefits of the Transaction will be provided when it reports its second quarter financial and operating results after market on Wednesday, August 5, 2026.

Mithril Silver and Gold Upgrades Copalquin Resource With Expanded District Drilling

(ASX: MTH) Mithril Silver and Gold has upgraded the Target 1 mineral resource estimate (MRE) at its Copalquin project in Mexico, increasing Indicated gold and silver content by 196%. The constrained and diluted Indicated MRE now contains 343,000 ounces of gold and 8.479Moz silver, or 464,000oz gold equivalent (AuEq), with a further 151,000oz AuEq classified as Inferred. Mithril finished June with A$7.3 million cash, is debt free, and has fully funded the remaining 12,000m of its 2026 drilling program. The Indicated MRE comprises 3.391 million tonnes grading 3.15 grams per tonne gold and 77.8g/t silver, while the Inferred component totals 1.436Mt at 2.23g/t gold and 73.6g/t silver. Exploration expenditure totalled A$3.4m during the quarter, and Mexican value added tax refunds contributed about A$940,000. The company retains an option to acquire the remaining 50% of Copalquin for US$10m before 7 August 2028. The company projects further drilling, economic assessment, and de-risking work for Target 1, as well as advancing initial drilling plans and permitting for the nearby La Dura property.

Fairchild Gold Announces Closing of Private Placement Financing

(TSXV: FAIR) Fairchild Gold Corp. announced the closing, on July 29, 2026, of its previously announced non-brokered private placement financing for aggregate gross proceeds of C$2,241,500 through the issuance of 37,358,334 units at a price of $0.06 per Unit. Each Unit consists of one common share and one common share purchase warrant, with each warrant exercisable at $0.10 for a period of sixty (60) months from the date of issuance. Three insiders from the Company subscribed for a total of 12,000,000 Units under the Offering. Sprinter LLC directly acquired 10,000,000 Units for total consideration of $600,000, increasing its holdings to 22,000,000 Common Shares and 22,000,000 Warrants, representing approximately 10.14% of the issued and outstanding Common Shares on a non-diluted basis and 18.41% on a partially diluted basis. Proceeds of the Offering will be used to complete the closing of the Golden Arrow Project acquisition and for general working capital purposes. The Offering remains subject to final approval of the TSX Venture Exchange. The Common Shares and Warrants issued under the Offering will be subject to a statutory hold period expiring four months and one day from the date of issuance.

White Gold Provides Resource Growth and New Discovery Exploration Update on Its White Gold and QV Properties, Yukon

(OTCQX:WHGOF) White Gold Corp. announced an update on its fully funded 2026 exploration program across its district-scale land package in the White Gold District in Yukon, Canada. The 2026 program has completed 18 diamond drill holes totaling approximately 7,000 meters to date, with three drill rigs currently in operation, marking the largest exploration drill program in the Company’s history. The Golden Saddle deposit contains an open-pit resource of 1.614 million ounces Indicated (31.03 Mt @ 1.62 g/t Au) and 268,700 ounces Inferred (7.84 Mt @ 1.07 g/t Au), while the VG deposit comprises 296,000 ounces Inferred (6.285 Mt @ 1.46 g/t Au). The Arc deposit contains 115,800 ounces Indicated (4.113 Mt @ 0.88 g/t Au) and 397,000 ounces Inferred (12.25 Mt @ 1.01 g/t), and Ryan’s Surprise contains 293,400 ounces Inferred (5.820 Mt @ 1.57 g/t Au). The 2026 drill program is targeting 15,000 to 20,000 meters of diamond drilling, supported by strategic partners including Agnico Eagle Mines Limited (TSX: AEM) (NYSE: AEM), and started on May 28, 2026. The company ststes the Maiden Preliminary Economic Assessment on the White Gold Project is underway and is expected to be delivered along with drill assays in the near term.

Boreal Gold Reports 15.54 G/t Gold Over 2.41m in Drill Hole GR-26-149 Including 81.5 G/t Gold Over 0.41m in the High-Grade Gold Rock Vein West of Snow Lake, Manitoba

(CSE: BGLD) Boreal Gold Inc. announced assay results of 15.54 g/t over 2.41m in Drill Hole GR-26-149 in the high-grade Gold Rock Vein during the Phase 4 winter/spring 2026 drill program on its 100% owned 2922-hectare North Star Gold Project located approximately 36 km west of Snow Lake, Manitoba. GR-26-149 included 25.7 g/t gold over 1.41m and 81.5 g/t gold over 0.41m, extending the high-grade Gold Rock Vein to approximately 60m vertical depth on this section. GR-26-150 assayed 1.61 g/t gold over 1.27m, including 10.45 g/t gold over 0.17m, extending the vein to approximately 80m vertical depth. The completed drill program at Gold Rock consisted of 10 HQ drill holes totaling 1326m, with every drill hole during this program (GR-26-144 to GR-26-153) intersecting the Gold Rock Shear Zone. The North Star Property Group consists of three contiguous properties: the North Star Gold Property (including the North Star Mining Lease), the Gold Rock Mining Lease, and the Sewell Lake Critical Metals Property. The company reports that 153 drill holes have been drilled into the high-grade Gold Rock Vein, and management is pleased with the results, noting that high-grade gold is still being intersected and the shear zone and alteration remain robust and are still growing at depth. The company projects that future drilling will concentrate on completing the 2026 program of undrilled holes, further defining the extent of the gold shoots at Gold Rock, and ultimately drilling off enough tonnes that the combined resource of the North Star and Gold Rock Vein Structures will warrant a prefeasibility study.

Sixty North Gold Mining | CSE: SXTY

• Restarting the past-producing Mon Mine near Yellowknife, the only gold project permitted for production in the NWT at 100 tpd, with 15,000 oz historical production.

• Mill mobilisation underway, mine and mill targeted to be fully operational Q3 2026.

Find out more →

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