--- title: "Commodity Corner: Gold posts first weekly gain in five weeks, oil rises on West Asia optimism" type: "News" locale: "en" url: "https://longbridge.com/en/news/291615948.md" description: "Commodity markets rose on July 4, with gold posting its first weekly gain in five weeks at $4,144.83 per ounce, driven by softer US jobs data and a weaker dollar. Oil prices also edged higher, supported by optimism over easing Middle East tensions. Brent crude rose to $72.10, while WTI gained to $68.83. Precious metals like silver, platinum, and palladium also saw gains as expectations for a more dovish Federal Reserve strengthened bullion prices." datetime: "2026-07-03T03:07:51.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/291615948.md) - [en](https://longbridge.com/en/news/291615948.md) - [zh-HK](https://longbridge.com/zh-HK/news/291615948.md) --- # Commodity Corner: Gold posts first weekly gain in five weeks, oil rises on West Asia optimism Commodity markets traded firm on July 4, with gold extending its rally on the back of softer-than-expected US jobs data and a weaker dollar, while oil prices edged higher as cautious optimism over easing geopolitical tensions in the Middle East supported sentiment. Brent crude rose 0.24% to $72.10 a barrel, while WTI crude gained 0.20% to $68.83 a barrel in early trade. The uptick came despite recent weakness in oil prices, as investors weighed prospects of improved diplomatic relations between the US and Iran. Trading volumes remained subdued ahead of the US Independence Day holiday, with US markets closed on Friday. In the precious metals segment, spot gold advanced 0.5% to $4,144.83 per ounce, its highest level since June 23, while US gold futures for August delivery climbed 0.8% to $4,157.50. The yellow metal was on track for its first weekly gain in five weeks, as weaker US labour market data prompted investors to scale back expectations of further Federal Reserve rate hikes. Among other precious metals, silver gained 1% to $61.50 per ounce, extending its recent rally after a 5% surge over the previous three sessions. Platinum and palladium also rose around 1% each. Meanwhile, the US dollar was headed for its largest weekly decline in nearly three months, as softer economic data reinforced expectations of a more dovish Federal Reserve, lending support to bullion prices and providing relief to major currencies, including the Japanese yen. ### Related Stocks - [SGOL.US](https://longbridge.com/en/quote/SGOL.US.md) - [IAU.US](https://longbridge.com/en/quote/IAU.US.md) - [GLDI.US](https://longbridge.com/en/quote/GLDI.US.md) - [UGL.US](https://longbridge.com/en/quote/UGL.US.md) - [SLVR.UK](https://longbridge.com/en/quote/SLVR.UK.md) - [BNO.US](https://longbridge.com/en/quote/BNO.US.md) - [GOLD.AU](https://longbridge.com/en/quote/GOLD.AU.md) - [GLDM.US](https://longbridge.com/en/quote/GLDM.US.md) - [USO.US](https://longbridge.com/en/quote/USO.US.md) - [USOI.US](https://longbridge.com/en/quote/USOI.US.md) - [UCO.US](https://longbridge.com/en/quote/UCO.US.md) - [AGQ.US](https://longbridge.com/en/quote/AGQ.US.md) - [PPLT.US](https://longbridge.com/en/quote/PPLT.US.md) - [ZSL.US](https://longbridge.com/en/quote/ZSL.US.md) - [GLDW.US](https://longbridge.com/en/quote/GLDW.US.md) - [SCO.US](https://longbridge.com/en/quote/SCO.US.md) - [PALL.US](https://longbridge.com/en/quote/PALL.US.md) - [GLD.US](https://longbridge.com/en/quote/GLD.US.md) - [PSLV.US](https://longbridge.com/en/quote/PSLV.US.md) - [SIVR.US](https://longbridge.com/en/quote/SIVR.US.md) - [SLV.US](https://longbridge.com/en/quote/SLV.US.md) - [518850.CN](https://longbridge.com/en/quote/518850.CN.md) ## Related News & Research - [PRECIOUS-Gold climbs 1% as U.S.-Iran truce pressures oil; all eyes on Fed meeting](https://longbridge.com/en/news/293905926.md) - [REG - Golden Prospect Prec Golden Prospect-GPSS - Monthly Investor Report - June 2026](https://longbridge.com/en/news/294225126.md) - [PRECIOUS-Gold falls on firm dollar, spotlight on Fed's rate decision](https://longbridge.com/en/news/294037368.md) - [TECHNICALS-US oil may test resistance at $83.84](https://longbridge.com/en/news/294140609.md) - [PRECIOUS-Gold rises 2% as Fed holds rates steady, markets parse Warsh's comments](https://longbridge.com/en/news/294251861.md)