Gold hits over 3-month high ahead of US inflation data, Fed chair’s speech
Path of least resistance for gold would ‘continue to be sideways to higher’ in the coming weeks, says an analyst
Published Tue, Aug 25, 2026 · 08:02 AM
GOLD prices rose to their highest in more than three months on Monday (Aug 24), as technical buyers piled into a rally driven by the US Treasury’s recent buyback announcement and a weaker US dollar ahead of this week’s inflation data and the Jackson Hole Symposium.
Spot gold gained 0.8 per cent to US$4,639.49 per ounce by 2.25 pm EDT (1825 GMT), after hitting US$4,680.70 – its highest since May 14 – earlier in the session. US gold futures for December delivery settled 0.4 per cent higher at US$4,697.80 per ounce.
“The fundamentals and technicals are kind of lining up bullish for the gold market here to start the trading week,” said Jim Wyckoff, a market analyst at American Gold Exchange. He also said bond yields “have stabilised, even dipped a little bit today”, supporting the metal.
With prices trending higher, Wyckoff said the path of least resistance for gold would “continue to be sideways to higher” in the coming weeks, barring a technical reversal signal.
Gold broke above its 200-day moving average in the week ended Aug 23, further strengthening its upward momentum.
Gold-backed ETFs also attracted inflows equivalent to 46.7 metric tonnes of gold, worth US$6.4 billion, last week, which was their largest weekly demand in 10 months, according to the World Gold Council, with North American and Europe-listed funds leading the inflows.
Bullion rose more than 5 per cent last week after the US Treasury Department’s buyback support plan pushed the US dollar to multi-month lows, making greenback-priced bullion cheaper for foreign buyers.
On the geopolitical front, US President Donald Trump’s administration announced an expansion of secondary sanctions it can impose on entities and countries that maintain business ties with Iran around the world.
Markets now await the US Personal Consumption Expenditures price index, the US Federal Reserve’s favoured inflation gauge, due on Wednesday and chair Kevin Warsh’s debut speech at the Jackson Hole Symposium on Friday to understand the outlook on interest rates.
Market focus is also on policy speeches this week in the US and Japan.
Spot silver fell 0.4 per cent to US$68.69 per ounce, platinum lost 0.2 per cent to US$1,874.87, while palladium rose 0.5 per cent to US$1,356.51. REUTERS
