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Gold rebounds 4.7% to $4,746 as oil falls and the dollar weakens
Gold rose about 4.7% from its weekly low in the week of May 4-8, 2026, climbing from about $4,533 an ounce on Monday to a high of $4,746 on Thursday.
The recovery followed a drop of nearly 7% in oil prices over two sessions after reports that the United States sent Iran a one-page peace framework aimed at reopening the Strait of Hormuz.
Weekly snapshot
Gold tested support near $4,533 on Monday, May 4, as high Treasury yields and a strong dollar weighed on the metal.
By Thursday, gold had passed $4,700 and reached $4,746. A gold price API that refreshes every 15 seconds lets platforms follow reversals of this speed.
Market drivers
1. Oil falls on the peace framework
Reports of the U.S. framework sent to Iran pushed oil prices down nearly 7% across two sessions. Lower oil eased inflation expectations, pulled Treasury yields lower and reduced the market's expectation of further Federal Reserve rate increases.
Lower yields reduce the opportunity cost of holding gold, which pays no interest.
2. Dollar weakness and central bank buying
The U.S. Dollar Index slid toward 98 during the week, lowering the cost of bullion for buyers outside the United States. Central banks continued to add gold to reserves.
Gold exchange-traded funds recorded inflows, led by investors in Europe.
3. Berkshire Hathaway's cash position
Berkshire Hathaway's first-quarter report showed a record $397 billion in cash. Large cash holdings at institutional investors are often read as caution about equity valuations.
Technical outlook
Resistance: $4,740 to $4,800. A sustained break above that zone would open a move toward the record highs set earlier in the year.
Support: $4,650.
Silver rose about 5% during the week, more than gold, bringing the gold/silver ratio down to 58.
Conclusion
Gold's recovery during the week came through oil, yields and the dollar rather than through haven demand. The Fed's rate path and developments in the Middle East remain the main drivers.
Metal Sentinel's gold price API publishes spot, karat and historical gold prices in more than 180 currencies.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always perform your own due diligence before investing in precious metals.