What will Gold (XAUUSD) hit in August 2026?
Gold prices have surged in August 2026, trading near $4,650–$4,700 per ounce after breaking above the 200-day moving average amid a weaker U.S. dollar and lower long-term Treasury yields. The primary driver has been the U.S. Treasury’s expansion of long-bond buybacks to $4 billion per session, which eased fiscal-market pressure and reduced the opportunity cost of holding non-yielding assets. Geopolitical tensions involving Iran have reinforced safe-haven demand while supporting higher energy prices, and central-bank purchases—led by China—continue to provide structural support. Markets have lowered the implied probability of a September Fed rate hike following softer employment and inflation prints, though the upcoming Jackson Hole speech and July PCE release remain key near-term catalysts that could shift real-yield expectations and dollar dynamics.