Gold settled at a two-month high on Wednesday, and investors who spent the summer waiting for an opening are now chasing a rally that many hope still has room to run.
The price of gold has experienced big swings in 2026 after hitting a record early in the year above $5,000. Last week, the precious metal, along with silver, turned in its best performance in months.
Spot gold will trade on either side of $4,500 per ounce at the end of 2026, according to a new survey published by the London Bullion Market Association (LBMA).The LBMA surveyed 16 professional analysts in July, and even as gold was trading at its 2026 lows, frequently dipping below $4,000 per ounce during the month, the average of the experts' year-end price predictions was over 12% higher.
Gold edged higher in early Asian trade, as investors await U.S. inflation data for cues on the Federal Reserve's policy path.
Gold and silver prices are modestly higher in late-afternoon U.S. trading Tuesday, as safe-haven demand tied to the Strait of Hormuz standoff offset a firmer U.S. dollar and a still-elevated rate backdrop.
Spot gold is dropping back into the red on the session this morning after the latest data showed the U.S. housing market pulling back but still beating expectations last month.Total existing-home sales, including single-family homes, townhomes, condominiums, and co-ops, fell -1.7% to a seasonally adjusted annual rate of 4.06 million in July, the National Association of Realtors (NAR) announced on Tuesday.
Spot gold prices fell but the metal was poised to rebound toward key resistance of $4,500 per ounce.
The combination of improving positioning, supportive flow dynamics, lower real yields, a steeper yield curve, easing Fed expectations and persistent central bank buying has helped propel gold back toward $4,400 per ounce, Pepperstone said.
Gold logged its best weekly gain in seven months driven by several forces.
Gold's nearly $300 breakout rally last week is generating renewed momentum in the market, and even if prices need more time to digest this latest move, one fund manager said the precious metal has a clear path back to $5,000 an ounce.
Mining giant Barrick announced Monday that it has reached an agreement with gold-mining company Newmont to combine some of their mines — helping to support an initial public offering of Barrick's North American gold assets by the end of the year.
Gold held steady in the Asian session. The U.S.'s July payrolls report encouraged investors to price in a softer labor-market path, weighing on the dollar while supporting precious metals, said Sucden Financial.