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Spot gold advanced 0.5 percent to $4,627.42 per ounce in early Monday trading after touching its highest level since May 15, according to commodity exchange data. U.S. gold futures added 0.1 percent to $4,683.80 an ounce at the same time. The move capped a strong run that saw the metal post its best weekly performance since January, market trackers indicated.
The latest increase builds on a 2.4 percent jump recorded Friday that carried gold above key technical resistance, Reuters reported on Aug. 21. A U.S. Treasury Department plan to expand buybacks of longer-dated government debt contributed to dollar weakness, with the currency heading for its largest weekly drop in months. Bullish chart patterns triggered additional buying from momentum-driven accounts, lifting prices through levels that had capped gains during the summer, the wire service added.
Gold has experienced sharp swings through 2026, surging above $5,000 an ounce early in the year before giving back as much as 18 percent at one point, a CNBC review of trading data showed. The metal entered August near $4,050 before rebounding above $4,300 on softer-than-expected U.S. employment figures and cooling wage growth. Year-to-date returns now sit close to flat following the recent rally, which also lifted associated mining equities sharply higher.
Declining expectations for further Federal Reserve rate hikes have supported the precious metal as investors recalibrate for possible monetary easing later in the year, according to economic assessments from Trading Economics. Lower odds of tightening following revised payroll data and moderating inflation prints have historically favored gold, which offers no yield. The dynamics have helped the metal sustain its climb even as some analysts caution that near-term volatility could persist if upcoming data surprises to the upside.
Silver traded 0.3 percent lower at $68.76 an ounce on Monday while platinum fell 0.5 percent to $1,868.03 and palladium eased 0.3 percent to $1,345.87, continuing mixed performance across the complex. The white metals had joined gold in posting solid weekly gains, with silver reaching a two-month high on Friday as industrial buying complemented its safe-haven appeal, Forbes noted. Precious metals investors have monitored currency flows and bond-market signals closely in recent sessions for direction.
Central bank purchases and lingering geopolitical risks remain structural supports for gold even after this year’s volatility, a sector analysis from Golden Ark Reserve indicated in early August. Some forecasters see potential for prices to retest the $5,000 area if inflation continues to moderate and rate-cut expectations solidify. Market participants will watch upcoming U.S. economic releases for further clues on the Federal Reserve’s path.
