Gold Prices Soar to Three-Month High on Weakening Dollar and Strong ETF Inflows

Global gold prices reached their highest level in three months on August 22, 2026, closing at $4,604.40 per ounce, a 5% gain for the week.

The rally was driven by the U.S. Treasury Department's expanded bond buyback program and a weakening U.S. dollar, which pushed gold prices to $4,631 per ounce, the highest level since May 15.

Technical buying and strong capital flows into gold investment funds also contributed to the price surge, with the SPDR Gold Trust adding approximately 8.3 metric tons in net purchases during the August 21 session.