Gold and silver prices opened higher Monday morning after the United States paused planned airstrikes on Iran for the second consecutive weekend, though both metals pulled back in early trading as markets weighed the limited progress toward peace.
Gold December futures opened at $4,135.20 per troy ounce on Monday, August 3, 2026, up 0.7% from Friday's closing price, according to Yahoo Finance. By 7:58 a.m. ET, the price had slipped to $4,111.50. Silver September futures opened at $58.65 per ounce, up 1.5%, before falling to $58.03 by 8:23 a.m. ET.
President Trump announced that widespread airstrikes planned for Sunday night were put on pause after U.S. allies in the Middle East urged the president to de-escalate. The pause marked the second consecutive weekend that planned strikes were held back in an effort to restart peace talks.
Iranian leaders, however, said they are not yet in active negotiations with the U.S. and claim they are currently only in talks with Oman regarding the Strait of Hormuz, which remains effectively closed to shipping traffic. That closure continues to pressure energy prices regardless of the temporary halt in military action.
Gold's one-year gain as of Monday's open stood at 25.8%, a significant pullback from the 95.6% year-over-year gain recorded on January 29. Silver's trajectory has been sharper. The metal is up 61.4% compared to one year ago, though that too has come down from a 173.3% year-over-year gain recorded on May 14.
Both metals remain sensitive to developments in the Middle East. Analysts note that de-escalation is an important first step toward negotiations, but sustained relief from inflation concerns will require substantial progress in peace talks, not just a pause in military action. As long as the Strait of Hormuz stays closed, energy prices face continued pressure.
Investors looking for exposure to precious metals have several options. Physical silver and gold can be purchased as bullion bars or government-minted coins, offering direct ownership but requiring storage, security, and potentially insurance. Exchange-traded funds backed by physical metal offer a more liquid alternative and trade on stock exchanges the same way individual stocks do.
Markets will continue watching for any signals from Tehran or Washington about whether formal negotiations resume.
