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Gold Price Surges on Weaker Dollar, Fading Rate Hike Odds

Guavy AI Editorial Team Published August 21, 2026

Instruments

USD

Gold and silver prices surged on Friday as the US dollar weakened and the odds of a September Fed rate hike diminished.

The spot gold price rose 1.69% to $4,594.60 per ounce, while silver climbed 2.23% to $69.470.

The rally was driven by a softer dollar, reduced inflation pressures, and concerns about US fiscal conditions.

Recent economic data, including a lower-than-expected CPI and unchanged PPI, have tempered market bets on another rate hike in September.

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