Gold price outlook, Aug. 1 -- Gold prices came under sharp pressure on Friday as a rebound in the US dollar triggered profit booking in the precious metal. However, despite the decline, bullion remained on track to register its first monthly gain in five months, underlining the resilience that has kept prices above the psychologically important $4,000 per ounce mark.

The weakness on Friday was followed by a recovery in the US dollar, which steadied after plunging about 2.4% on Thursday, its steepest one-day fall since January 2023. A stronger greenback makes dollar-denominated bullion more expensive for overseas buyers, typically weighing on demand.

Yet, the broader picture remains constructive. Gold has gained over 1% in July, marking ...