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Gold Tops $4,600 Ahead of Warsh Jackson Hole Speech

8/24/2026

39 4 Full Breakdown

Summary

Story summary

Gold prices rose above $4,600 as investors positioned for Fed Chair Kevin Warsh’s first Jackson Hole keynote on August 28.
Spot gold increased roughly 0.8% on the day, approaching record highs.
The 10-year Treasury yield fell 2 basis points to 4.71%.
Treasury Secretary Bessent said the buyback program will rise to at least $4 billion per operation.

History

Historical Context

On August 15 1971 President Richard Nixon, urged by Treasury Secretary John Connally and advised by Fed Chair Arthur Burns, announced the suspension of dollar-gold convertibility, raising the official price from $35 to $42 per ounce and ending the Bretton Woods system. The move forced currencies to float by 1973 and set a precedent for later monetary shocks that still drive gold’s rally today.

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Story summary

Gold prices rose above $4,600 as investors positioned for Fed Chair Kevin Warsh’s first Jackson Hole keynote on August 28.
Spot gold increased roughly 0.8% on the day, approaching record highs.
The 10-year Treasury yield fell 2 basis points to 4.71%.
Treasury Secretary Bessent said the buyback program will rise to at least $4 billion per operation.

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