Gold hits 3-month high on dollar, Fed focus
Analysis based on 7 articles · First reported Aug 24, 2026 · Last updated Aug 24, 2026
Gold prices are likely to remain supported by a weaker dollar and expectations of policy flexibility from the Fed, with potential to test higher levels if inflation data or Warsh's speech signal a dovish stance. The US threat of sanctions against Iran could increase safe-haven demand for gold, while oil prices may face volatility depending on the scope of the measures.
Gold prices surged to their highest level in over three months on August 24, 2026, driven by a weaker US dollar and investor anticipation of upcoming US inflation data and a speech by United States — Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium. Spot gold rose about 0.8% to $4,641 per ounce, after gaining more than 5% the previous week. The dollar hovered near multi-month lows, unsettled by the US Treasury's promise to buy back longer-dated bonds. Investors are focused on the July Personal Consumption Expenditures (PCE) price index and Warsh's speech for clues on interest rate policy. Geopolitical tensions, including US threats of sanctions against Iran, added to safe-haven demand. Poland's central bank expanded its gold reserves, reflecting official-sector demand. Goldman Sachs forecast gold could surpass its $4,900 year-end target. Other precious metals showed mixed moves, while oil prices slipped as investors took profits ahead of the expected sanctions announcement.
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