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Gold prices today, Friday, August 7, 2026: Gold prices continue to rise even after July jobs report misses
Gold (GC=F) December futures opened at $4,298.30 per troy ounce on Friday, August 7, 2026, flat compared to Thursday’s closing price. The gold price moved higher this morning to $4,411.70 at 8:45 a.m. ET.
Gold continues to rally this morning even after a disappointing July jobs report. The Bureau of Labor Statistics reported 23,000 jobs were lost in July, a true miss from the 80,000 new jobs economists had expected last month. A strong jobs report would have reduced the likelihood of a Fed rate increase next month.
On the other side of the coin, a lack of meaningful progress towards permanent peace in the Middle East continues to affect energy costs, keeping inflation concerns front and center for the Fed as they prepare for their September meeting.
It’s unclear which one of these market forces will ultimately control the direction of gold prices, but for now, the precious metal has been rising to levels last seen in mid-June.
Current price of gold
The opening price of August gold futures on Friday, August 7, 2026, was flat compared to Thursday’s opening price. Here’s a look at how the gold price has changed versus last week, month, and year:
On Jan. 29, gold’s one-year gain was 95.6%.
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How much gold should you own?
A gold investment can add stability and inflation protection to your portfolio. But it can also dilute your gains when stock prices are rising quickly. Finding the right balance between gold’s diversification benefits and profiting from growth potential in other assets can be challenging.
Even the experts are divided on how to achieve the correct balance. Below, five experts explain their recommended gold allocations, which range from 0% to 20%.
Learn more:How to invest in gold in 4 steps
No gold: Trade-off is too high
Robert R. Johnson, professor at Creighton University’s Heider College of Business, does not advocate gold investing. In his words, “while having a small position in precious metals may dampen portfolio volatility in the short-run, the tradeoff between slightly dampened volatility and the lost long-term return is certainly not a prudent one, particularly for Gen Z/millennials with long investing time horizons.”
2% to 5% allocation, depending on the situation
Brett Elliott, director of content and SEO at American Precious Metals Exchange (APMEX), recommends setting an allocation that aligns with your investing goals.
Growth-oriented investors may be comfortable with an allocation of 10% or 15% But income investors will prefer a smaller position, because gold provides no yield. A 2% to 5% gold allocation can provide some resiliency without an excessive drag on income potential
Learn more:Who decides what gold is worth? How gold prices are determined.
5% to 8% gold allocation
Blake McLaughlin, executive vice president at Axcap Ventures, said historical data support a gold allocation of 5% to 8%. “Gold may not offer the outsized return potential of private investments, but the metal holds a set of attributes that are increasingly hard to ignore,” Those attributes include the metal’s resilience amid economic uncertainty and geopolitical unrest
5% to 15% gold allocation
Thomas Winmill, portfolio manager at Midas Funds, believes most investors will benefit from a long-term gold allocation of 5% to 15%. Winmill specifically advocates investing in gold mining companies through a mutual fund.
Your risk tolerance and current mix of financial versus hard assets can guide you to an appropriate allocation
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Risk tolerance:Keep your allocation percentage low if you tend to panic in volatile cycles.
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Financial vs. hard assets:Financial assets are stocks and bonds. Hard assets include tangible items like real estate, gold, collectibles, classic cars, and equipment. If you have no home equity and your wealth is primarily in financial assets, you can set your gold allocation higher. Or, if your home is paid for and more valuable than your stock portfolio, gold investing may not be necessary.
Learn more:Thinking of buying gold? Here’s what investors should watch for.
20% gold allocation
Vince Stanzione, CEO and founder at First Information, recommends a 20% gold allocation, specifically in physical gold or a gold ETF. Stanzione argues for a higher exposure to gold as a wealth protection strategy. As he says, “gold keeps with inflation and gold retains its purchasing power,” while paper currencies are devaluing around the world.
Learn more:Gold IRA: Benefits, risks, and how it differs from a traditional IRA
Price of gold chart
Whether you’re tracking the price of gold since last month or last year, the price-of-gold chart below shows the precious metal’s change in value so far this year.
(GC=F)
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4,399.70+100.10(+2.33%)
At close: August 7 at 4:59:55 PM EDT
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