Gold Surges to $4,525.79 per Ounce, but Drops on Profit-Taking Correction
Gold prices continued to surge on Thursday, August 20, 2026, despite a prior day's rally marked by profit-taking correction. Spot gold reached $4,525.79 per ounce, its highest level since June 2. However, gold prices dropped 0.9% to $4,479.12 an ounce, according to Reuters.
The current market environment is characterized by conflicting factors. On one hand, a weaker dollar and lower yields on Treasuries are supportive of gold. On the other hand, higher oil prices, inflation fears, and a hawkish Fed stance weigh against further advances.
Gold (GCW00) price chart shows that $4,500 is now a significant reference point. A breakout to levels above $4,525-$4,550 could boost bulls' momentum, while a breakdown to levels below $4,400 would raise the risks of a more substantial correction.