Gold Soars to Three-Month High as Dollar Weakens Ahead of Inflation Data

Gold prices reached a three-month high on August 24, 2026, as investors awaited key data releases. Spot gold rose to $4,636.34 an ounce, its highest level since May 15, while US gold futures climbed around 0.4 percent to $4,699.10.

The rally was driven by a soft dollar, which teetered near multi-month lows. This makes gold cheaper for holders of other currencies and has done the heavy lifting this week.

The market is looking to US inflation data scheduled for release on August 26, as well as Federal Reserve chair Kevin Warsh's first Jackson Hole speech on Friday. Investors want clarity on how the Fed will respond to stubborn inflation, with markets split on whether it will be hawkish or dovish.