Gold has stabilized around $4,400 per ounce in August 2026, after retreating approximately $600 from its peak near $5,000 earlier in 2026. This stability reflects two opposing forces: a bond market rout pushing long-term yields higher, making gold less attractive, versus a standoff in the Strait of Hormuz, through which roughly 20% of global energy supplies transit, sustaining safe-haven demand. The US naval blockade on Iranian ports reimposed in July 2026 after diplomatic negotiations collapsed is now in its fifth month with no imminent breakthrough in sight. Central bank gold purchases from emerging markets continue to provide underlying support for prices.
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