Gold Prices Soar Amid Dollar Weakness and Economic Uncertainty
Gold prices surged to their highest point since May, hitting $4,636.34 per ounce on August 24, 2026.
This significant increase came as investors await crucial economic news from the US, including the July PCE price index and a speech from Federal Reserve Chair Kevin Warsh, which may signal interest rate directions.
The gold market gained momentum last week with a 5% surge, driven by a weakening dollar due to a US Treasury buyback program. The dollar's decline made gold more attractive globally, drawing in investors seeking safe-haven assets amid geopolitical tensions and potential new US sanctions.
Goldman Sachs forecasts that gold could surpass $4,900 by the end of the year, while Poland's central bank has increased its reserves, further boosting gold demand.