Gold futures on the COMEX exchange rose to $4,146.30 per troy ounce at 1:37 PM Eastern Time on July 22, gaining $69.90 or 1.71% from the previous close of $4,076.40. The rally marks the second consecutive day of gains as the precious metal rebounds from the $4,000 support level amid ongoing US-Iran military conflict that has lasted over 10 days. Gold prices have been testing support around $4,000 since falling below that threshold in late June, with bargain buying emerging despite rising US Treasury yields that typically pressure non-yielding assets like gold.
Gold Futures Gain 1.71% on COMEX Trading
August delivery gold futures (GCQ6) on the Chicago Mercantile Exchange Group's COMEX division traded at $4,146.30 per troy ounce at 1:37 PM Eastern Time on July 22. The contract rose $69.90 or 1.71% from the previous settlement price of $4,076.40. One troy ounce equals 31.10 grams.
Middle East Conflict and Rising Treasury Yields Shape Market Context
The US-Iran military conflict has continued for over 10 days with no signs of ceasefire. International oil prices maintained their upward trajectory as risks increased for potential blockades of both the Strait of Hormuz and the Bab al-Mandeb strait in the Red Sea. West Texas Intermediate (WTI) September crude futures rose 2.86% from the previous close.
US Treasury yields climbed amid inflation concerns. The 2-year Treasury yield increased 3.60 basis points from the previous close, while the 10-year yield rose 2.80 basis points. Gold, as a non-interest-bearing asset, typically faces headwinds when Treasury yields rise in high-interest-rate environments.
Technical Support at $4,000 Level Attracts Buying
Gold prices have been driven by supply and demand dynamics rather than fundamental factors this week. Bargain buying emerged as the metal tested support at the $4,000 level. Gold confirmed a short-term low at $3,963 during intraday trading on July 17 and has since increased its upward momentum.
The precious metal fell below the $4,000 mark on June 24 and tested support strength for approximately one month. Before the downward breach of $4,000 in late June, gold last closed below that level on October 2, 2025 on a settlement basis.
Analyst Cites $4,000 as Strong Technical Support
Ricardo Evangelista, senior analyst at Activates, stated that "the gold price rebound flow is likely to face headwinds from highly volatile energy prices," but added that "the level around $4,000 per ounce is still acting as a strong technical support line."
FAQ
What price did gold futures reach on July 22?
Gold futures for August delivery on COMEX traded at $4,146.30 per troy ounce at 1:37 PM Eastern Time on July 22, gaining $69.90 or 1.71% from the previous settlement price of $4,076.40.
Why is gold rising despite higher Treasury yields?
Gold has been driven by supply and demand dynamics this week, with bargain buying emerging as the metal tests technical support at the $4,000 level. The ongoing US-Iran military conflict, which has lasted over 10 days, has also supported safe-haven demand despite rising US Treasury yields that typically pressure non-yielding assets like gold.
