Spot gold climbed nearly 2% on August 21, 2026, settling at $4,606.99 per ounce after trading between $4,567 and $4,613. The metal began 2026 near $4,000, surged above $5,000 to a record at the time, then retreated into several weeks of consolidation between $4,500 and $4,600. August’s move has restored upward momentum, with month-over-month gains approaching 10% to 12%. A weaker dollar supports gold because it makes the metal cheaper for foreign buyers, while expectations that the Federal Reserve may cut rates or pause hikes reduce the opportunity cost of holding a non-yielding asset. Geopolitical risks have added further support as investors seek to reduce exposure to assets linked to particular governments or economic regions.