Gold is having a moment. Spot prices climbed nearly 2% on August 21, 2026, settling at $4,606.99 per ounce, with intraday trading ranging between $4,567 and $4,613.
How we got here
Gold started 2026 on a tear, surging from levels near $4,000 in late 2025 and eventually breaking through $5,000 earlier this year, a record at the time. Since then, prices pulled back and spent several weeks consolidating in the $4,500 to $4,600 range.
August’s move represents a return to momentum. Month-over-month gains for August approached 10% to 12%.
What is driving the move
