Spot gold climbed nearly 2% on August 21, 2026, settling at $4,606.99 per ounce. The precious metal started 2026 with a surge from levels near $4,000 in late 2025, breaking through $5,000 earlier this year to set a record. After pulling back and consolidating between $4,500 and $4,600 for several weeks, August’s rally signals a return to momentum with month-over-month gains approaching 10% to 12%. This surge is driven by dollar weakness and Fed rate cut expectations, while geopolitical risks are boosting safe-haven demand.
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