Overview
- Gold has climbed sharply this month after falling about 25% from a January record high, with spot prices around $4,374–$4,400 per ounce as of August 14–15.
- Traders cut the odds of a September Fed rate increase after weak July jobs data, which helped push Treasury yields lower and made holding gold more attractive.
- A weaker U.S. dollar and concerns about large U.S. fiscal deficits have further supported buying, lifting bullion, ETFs and gold mining stocks.
- Major banks and central banks are adding to the bullish case: UBS has forecast a move toward $5,000 in the first half of 2027, while reserve purchases—including a large PBOC buy in July—have kept structural demand high.
- The rally has consumer effects and different metal dynamics: higher bullion prices have raised jewellery and second‑hand values, while silver’s gains are being driven more by industrial demand from AI data centers than by the same macro forces lifting gold.