Gold has staged a sharp 15% rally in August after a volatile start to the year, supported by renewed ETF inflows, strong central-bank buying, expectations around US interest rates, Treasury buybacks and a weaker dollar. With investment demand expected to remain a key driver through 2026, investors and analysts including John Paulson and Christopher Wood remain bullish on gold and gold miners.

The price of gold rose to above $4,700 early Monday, lifting the metal to its highest price in about 15 weeks after a mostly stagnant summer.

Gold is up 15% and silver 19% in August. US Treasury moves, geopolitical tensions, central bank demand and silver shortages are driving the rally.