Gold Prices Pause Near $4,600 Amid Hawkish Fed Comments

Gold prices paused near $4,600 per ounce on August 28, 2026, as Federal Reserve officials struck a hawkish tone at the Jackson Hole symposium.

The recent three-month high of around $4,700 was largely due to inflation worries and concerns about currency debasement, which traditionally benefit gold as a store of value.

However, rising U.S. Treasury yields and a firmer U.S. dollar weighed on gold prices, increasing the opportunity cost of holding the non-yielding metal.

The July PCE inflation data showed headline PCE inflation rose 3.7% year-over-year, slightly above the 3.6% consensus, while core PCE held steady at 3.3%, suggesting that inflation pressures have not yet abated sufficiently to rule out a September rate hike.