Interest in gold is growing as prices approach the $4,700 level. However, the figures currently available are based on different benchmarks. According to Reuters, spot gold stood at $4,607.90 per ounce as of 17:54 GMT on August 27, 2026, up 0.4% from the previous day, while U.S. gold futures for December delivery settled at $4,664, up 0.2%. Trading Economics, meanwhile, listed the gold price at $4,588.04 on August 28. That figure is based on CFDs and should not be compared directly with spot or futures prices as if they were the same indicator.
What Drove Gold to a More-Than-Three-Month High
Spot gold rose as high as $4,696.20 intraday on August 25, its highest level since May 14 and a more-than-three-month high. Reuters cited renewed concerns about a decline in the dollar’s value after the U.S. Treasury increased the size of its long-term Treasury buybacks as a factor behind the recent gains. A weaker dollar makes dollar-denominated gold relatively cheaper for holders of other currencies.
The key drivers behind the rise in gold were a weaker dollar and concerns about the dollar’s value, but the price benchmark and timing must be distinguished.
Demand is also providing support. According to the World Gold Council, global gold ETFs saw net inflows of $3 billion in July 2026, while total ETF assets under management rose to $530 billion and holdings increased to 4,068 tonnes. The World Gold Council expects investment demand to be the main driver of growth in gold demand during the second half of 2026, but forecasts that Western ETF flows will remain sensitive to real rates, monetary-policy expectations, and the dollar.
Variables to Watch at Jackson Hole
The 2026 Jackson Hole Economic Policy Symposium will take place from August 27 to 29. According to the official schedule of the Federal Reserve Bank of Kansas City, Federal Reserve Chair Kevin Warsh’s opening remarks are scheduled for 8:00 a.m. on August 28. A separate press release lists an official YouTube channel stream at 10:00 a.m. Eastern Time.
The content of Chair Warsh’s remarks and the market’s response have not yet been confirmed. It is therefore difficult to treat a rate cut or hike as a certainty before the speech. In general, gold does not generate income of its own, so higher interest rates can reduce its appeal as a holding and create downside pressure.
The Year-End Outlook Is Not a Single Number
Trading Economics forecasts $4,629.88 at the end of the quarter and $5,032.36 in 12 months, based on its own models and analyst projections. These are the institution’s models and estimates, not a consensus forecast for the entire market. The World Gold Council remains positive about investment demand in the second half and expects central banks to continue net buying in 2026, but forecasts that annual demand will be lower than in 2025.
The conclusion supported by the available data is not that a break above $4,700 has been confirmed. Spot gold approached $4,696.20, but year-end prices may vary depending on ETF flows, central-bank demand, real rates, monetary-policy expectations, the direction of the dollar, and the Jackson Hole remarks.
Key Confirmed Figures
| Item | Confirmed detail |
|---|---|
| Spot gold | $4,607.90 on August 27, up 0.4% from the previous day |
| U.S. gold futures | December contract settled at $4,664, up 0.2% |
| Recent high | $4,696.20 intraday on August 25 |
| Trading Economics displayed price | $4,588.04 on August 28, based on CFDs |
| July gold ETFs | $3 billion in net inflows; $530 billion in assets under management |
Sources and verification dates: Reuters via MarketScreener Canada, checked August 28, 2026 — https://ca.marketscreener.com/news/gold-ticks-up-on-weaker-dollar-warsh-s-jackson-hole-speech-in-focus-ce7858ded18df126
Investing.com, checked August 28, 2026 — https://www.investing.com/analysis/gold-faces-a-jackson-hole-test-after-its-16-august-recovery-200686695
World Gold Council, checked August 28, 2026 — https://www.gold.org/goldhub/research/gold-etfs-holdings-and-flows/2026/08
World Gold Council outlook, checked August 28, 2026 — https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q2-2026/outlook
Official schedule of the Federal Reserve Bank of Kansas City, checked August 28, 2026 — https://www.kansascityfed.org/research/jackson-hole-economic-symposium/2026/
Federal Reserve Bank of Kansas City press release, checked August 28, 2026 — https://www.kansascityfed.org/newsroom/2026-news-releases/kansas-city-fed-to-host-annual-jackson-hole-economic-policy-symposium-2026/
Trading Economics, checked August 28, 2026 — https://tradingeconomics.com/commodity/gold