Gold spot prices climbed to $4,695.31 per ounce on August 24, 2026, a 1% single-day gain capping a weekly advance of more than 5%. The US Treasury announced it would double its buyback of long-dated government bonds to $4 billion per session, which pressured yields lower and weakened the dollar. Gold-backed exchange-traded funds absorbed more than 28 tons of the metal in a single week, equivalent to roughly $6.4 billion in fresh capital. Gold’s one-year gain sits in the 38% to 40% range. Upcoming US inflation data and remarks from Federal Reserve Chair Jerome Powell will be key drivers for the metal’s next move.
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