Gold Futures Spike to $4,500 After Inflation Matches Expectations

Gold futures touched $4,500 per ounce on Wednesday after U.S. inflation matched market expectations, extending its sharp recovery from July lows.

The December gold contract reached an intraday high of $4,500.90 before easing back toward $4,483, leaving the contract up about 1% on the session.

This move took futures to their highest level in roughly two months and extended August's advance to more than 8%.

Gold has now recovered almost 13% from its July 20 intraday low near $3,986.50, reversing much of the weakness that followed its earlier 2026 record run.