Gold Holds Near Three-Month High as Dollar Remains Under Pressure

2026-08-24 18:39 By Joana Ferreira 1 min. read

Gold pared earlier gains on Monday afternoon but remained around $4,640 an ounce, its highest level since May 14, as technical buying supported a rally fueled by a weaker dollar and the US Treasury’s recent buyback announcement.

Bullion gained more than 5% last week after the buyback plan pushed the dollar to multi-month lows.

Markets are now focused on the July PCE price index due Wednesday and Fed Chair Kevin Warsh’s speech at the Jackson Hole Symposium on Friday for clues on the interest-rate outlook.

Traders are pricing in a more than 40% chance of a rate hike in September, according to CME FedWatch.

On the geopolitical front, the Trump administration announced an expansion of secondary sanctions targeting entities and countries that maintain business ties with Iran.

Treasury Secretary Scott Bessent warned that at least one major financial institution could be sanctioned this week and suggested China would not be exempt.



News Stream
Gold Holds Near Three-Month High as Dollar Remains Under Pressure
Gold pared earlier gains on Monday afternoon but remained around $4,640 an ounce, its highest level since May 14, as technical buying supported a rally fueled by a weaker dollar and the US Treasury’s recent buyback announcement. Bullion gained more than 5% last week after the buyback plan pushed the dollar to multi-month lows. Markets are now focused on the July PCE price index due Wednesday and Fed Chair Kevin Warsh’s speech at the Jackson Hole Symposium on Friday for clues on the interest-rate outlook. Traders are pricing in a more than 40% chance of a rate hike in September, according to CME FedWatch. On the geopolitical front, the Trump administration announced an expansion of secondary sanctions targeting entities and countries that maintain business ties with Iran. Treasury Secretary Scott Bessent warned that at least one major financial institution could be sanctioned this week and suggested China would not be exempt.
2026-08-24
Gold Climbs to Over Three-Month High on Weak Dollar
Gold rose nearly 1% to above $4,650 an ounce on Monday, reaching its highest level since mid-May, as a subdued dollar boosted the appeal of bullion. Investors are now awaiting US inflation data and comments from Federal Reserve Chair Kevin Warsh this week for clues on the interest-rate outlook. Gold gained more than 5% last week after a US Treasury buyback support plan pushed the dollar to multi-month lows. Markets are now focused on the July PCE price index due Wednesday and Warsh’s speech at the Jackson Hole Symposium on Friday. Traders are pricing in roughly a 40% chance of a rate hike in September, while the probability of rates remaining unchanged stands at around 60%, according to CME FedWatch. On the geopolitical front, the US threatened Iran with what it described as “the greatest financial offensive ever marshalled,” as Washington prepares to impose economic sanctions targeting Iran’s trade partners.
2026-08-24
Gold Rises to 3-Month High
Gold rose to around $4,630 an ounce on Monday, extending last week’s gains and reaching its highest level since mid-May, as concerns over US debt management and fiscal sustainability persisted following the Treasury’s unexpected ramp-up in longer-dated debt buybacks. The move pushed bond yields and the dollar lower, reviving the so-called debasement trade and boosting gold’s appeal as an alternative store of value. On the geopolitical front, threatened new US sanctions on Iran are raising the risk of further disruptions to Iranian oil supplies, potentially pushing energy prices higher and limiting the scope for interest-rate cuts. Investors will now focus on July PCE inflation data and Fed Chair Warsh’s Jackson Hole speech for further clues on the US rate outlook. Meanwhile, Canada’s planned retaliatory tariffs on some US goods after trade talks collapsed add to broader economic uncertainty.
2026-08-24