Pullback from Highs: Gold and Silver Bulls Pause, Awaiting NFP Guidance
On Monday, August 4, 2026, during early Asian trading, international spot gold faced significant profit-taking pressure after last week's strong rally that repeatedly broke record highs. As of 11:00 AM Dhaka time, spot gold was trading at $4,053.80 per ounce, down approximately 1.2% from last Friday's close, with an intraday low of $4,048.50. Spot silver moved lower in tandem, trading at $47.85 per ounce, down 1.5% for the day.
Last Friday's U.S. ISM Manufacturing PMI unexpectedly fell into contraction territory, briefly pushing gold prices past the $4,100 mark. However, as some short-term bulls locked in profits and the market turned cautious ahead of key data releases this week, gold underwent a technical correction near its historic highs. The U.S. Dollar Index rebounded slightly above 103.50 during today's Asian session, exerting short-term pressure on dollar-denominated gold and silver prices.
Market Focus: July NFP Data as a Short-Term Bellwether
The focal point for global financial markets this week will be the U.S. July nonfarm payrolls report, set for release on Friday. Market expectations are for a slowdown in job additions, which directly impacts the Federal Reserve's policy path at its September meeting. Recent signs of cooling in the U.S. labor market mean that further softening in this NFP report would reinforce expectations for more aggressive rate cuts by the Fed this year, potentially providing fresh upward momentum for gold prices.
A senior analyst at Dhaka Gold Bar Wealth Management stated: "The current short-term volatility in gold is a typical consolidation phase at high levels. The $4,100 level acts as a psychological round-number resistance, but the two underlying drivers—ballooning global debt and geopolitical uncertainty—remain unchanged. Before the NFP release, gold and silver prices will likely maintain a range-bound oscillation. $4,050 is a key short-term support level for gold, while silver has strong buying interest around $47.50."
Dhaka Market Dynamics: Local Gold Prices Dip Slightly, Physical Demand Stays Firm
Following the adjustment in international gold prices, local gold prices in Dhaka, Bangladesh, also saw a slight decline today. According to real-time quotes from the Dhaka Gold Bar Wealth Management platform, the buying price for 22K gold is approximately BDT 98,500 per tola (11.66 grams), down about BDT 800 from last Friday; 24K gold is quoted at around BDT 107,200 per tola. For silver, local physical silver trading prices remained stable at approximately BDT 5,600 per ounce, showing a slight discount against international silver prices, reflecting a gradual recovery in local industrial silver demand.
Despite the price correction, physical gold demand in the Dhaka market has not noticeably cooled. With the Bangladeshi Taka facing persistent depreciation pressure and domestic inflation remaining elevated, gold's appeal as a hedge against currency devaluation remains strong. Many investors view this pullback as a buying opportunity. A local Dhaka bullion dealer noted: "With prices slightly lower, we're actually seeing more inquiries and orders than last Friday. The general consensus is that in the current macro environment, a deep correction in gold is unlikely, and this price adjustment is only temporary."
Technical Analysis: Short-Term Pressure for Gold and Silver, but Medium-to-Long-Term Uptrend Intact
From a technical chart perspective, the daily candlestick chart for spot gold shows a bearish candle at highs after a consecutive rally, with the Relative Strength Index (RSI) retreating from overbought territory to around 65, indicating weakening short-term upward momentum. However, moving averages remain in a bullish alignment, with the 50-day moving average (around $3,850) and the 200-day moving average (around $3,500) forming a solid ascending channel. Key support below lies at the $4,000 round-number level; if prices can stabilize above this level, gold still has the potential to challenge $4,100 and even higher areas again.
For silver, the gold/silver ratio is currently hovering around 84:1, recovering from historical lows but still well below the long-term average. Silver retreated after encountering resistance at the $50 mark, with short-term support at $47.00. Given the sustained strong industrial demand for silver from the photovoltaic industry and the green energy transition, a physical supply deficit persists, limiting the downside room for silver prices.
Global Macro Backdrop: Central Bank Buying and Rate Cut Expectations Provide Dual Support
Despite the intraday pullback in gold prices, the core logic supporting gold's long-term bull run remains intact. According to the latest data from the World Gold Council, net gold purchases by global central banks remained high in Q2 2026, with emerging market central banks (including the Bangladesh Bank) actively increasing gold reserves to optimize foreign reserve structures and hedge against U.S. dollar credit risks. Meanwhile, the U.S. federal debt has surpassed $36 trillion, and high fiscal deficits are intensifying concerns about the long-term purchasing power of the dollar, providing a solid value foundation for gold as the ultimate safe-haven asset.
In summary, the spot price fluctuations for gold and silver on August 4, 2026, represent a normal correction within a bull market. For investors in the Dhaka region, using short-term price pullbacks to build positions in batches may be a rational choice to protect wealth in the current turbulent macro environment. The Dhaka Gold Bar Wealth Management platform will continue to provide you with real-time precious metals quotes and professional market analysis, helping you make informed investment decisions in a rapidly changing market.
Today's Gold and Silver Spot Price Reference (As of 11:00 AM Dhaka Time, August 4, 2026)
- International Spot Gold: $4,053.80/oz (Bid)
- International Spot Silver: $47.85/oz (Bid)
- Dhaka 24K Gold: Approx. BDT 107,500 per tola
- Dhaka 22K Gold: Approx. BDT 92,500 per tola
- Dhaka Silver: Approx. BDT 5,750 per tola
(Note: The above quotes are indicative spot prices. For actual transaction prices, please refer to the real-time quotes on the Dhaka Gold Bar Wealth Management platform.)
