Gold prices have surged above $4,600 in August 2026, reaching 15-week highs near $4,700 amid the U.S. Treasury’s expanded long-term bond buyback program, which has pressured yields lower and weighed on the dollar. Safe-haven flows from Iran-related sanctions and energy price volatility, alongside record central bank purchases (including China’s OTC activity) and fading odds of near-term Fed tightening, have reinforced the rally. Traders are monitoring the Jackson Hole symposium and upcoming PCE data for shifts in rate expectations, while noting overbought technical conditions that could prompt short-term consolidation even as structural demand supports elevated levels through month-end.