Gold Prices Surge Amid Middle East Conflict and U.S. Policy Uncertainty

In August 2026, gold rose to about $4,651 an ounce during Asian trading, putting the metal on track for its strongest monthly gain since September 1999. The rally followed an early-August upswing that was initially linked to optimism about a U.S.–Iran cease-fire and the reopening of the Strait of Hormuz—an expectation that later proved unfounded. At the same time, investors faced heightened anxiety over U.S. inflation data, a forthcoming speech by new Federal Reserve chair Kevin Warsh, and President Donald Trump’s announced tax, spending, and tariff measures, including fresh duties on Canadian cars and critical raw materials.

The Guardian

Ipek Ozkardeskaya, a senior analyst at Swissquote, described the heightened demand as a hedge against “unclear U.S. fiscal plans,” inflation concerns, and uncertainty surrounding the artificial-intelligence boom. Analysts also noted that the U.S.–Iran conflict has pushed oil prices higher, creating inflationary pressure that could temper gold’s appeal despite its safe-haven status.

The Guardian

• “Looking ahead, we expect dips in gold to be well-supported from buyers looking for gold to make its way towards the next upside resistance at $4,900/$5,000,” — Tony Sycamore, a market analyst at the broker IG

The Guardian

Investors are awaiting the release of U.S. inflation figures and Kevin Warsh’s speech, events that could influence the Federal Reserve’s interest-rate outlook and, consequently, gold’s trajectory in the weeks ahead.

The Guardian