August 2026 - Precious Metal Market News
Synopsis
Positivity shines through in August, could things be turning a corner for a strong end to 2026?
Both gold and silver saw large gains in the month, as the US dollar softens amongst mounting debt and hopes fade of a further Fed rate hike.
Gold Sees Welcomed Gains
Things began to finally turn a corner this August for gold. The month started below the £3,000 mark however, things soon got interesting, with the price rising from £3,026.68 to £3,172.40 across August 5th and 6th before finding a steady new floor of £3,200. It wasn't done there though, with the softening dollar and fading expectations of a Fed rate hike [C1] gold rose further, climbing to £3,317.97 on the 20th of the month before eventually hitting a peak of £3,437.37 on the 25th.
There was a slight sell-off and correction towards the end of the month, in part due to resumed exchange of strikes between the US and Iran, with the precious metal sitting around the £3,300 mark.
Throughout August, major names in the financial industry acknowledged the bullish sentiment surrounding gold and precious metals with the following short-term forecasts being made:
Financial Institution |
Forecast / Target |
| Goldman Sachs [C2] | $4,900+ |
| Citi [C3] | $4,800 (short term), $5,000 (6-12 months) |
| JPMorgan [C3] | Up to $5,000 |
| Deutsche Bank [C4] | $4,800 |
| Bank of America [C5] | $5,000 by 2027 |
| UBS [C6] | $5,400 within 12 months |
Silver Joins the Party
Once again, Silver followed gold's lead for the month of August. The precious metal started the month at just below £43 before matching Gold's jump on the 5th and 6th, reaching £46.15. This climb continued further, sitting around the £48 mark for the middle weeks of the month before a sudden dip led to big gains, eventually hitting a month high of £51.68 on the 28th August. Likewise with gold, things then simmered down slightly, with a month-end price of £48.97.
UBS believe it's time to position for a commodity upcycle [C7], with moving landscapes and emerging technologies pushing demand further than before.
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What Next?
With further clashes between the US and Iran, growing pressures around US debt and concerns of US inflation, key pieces look to be falling into place for precious metals, with many seeking a safe haven once more.
Interested in more blogs? Check out our full range of articles including the Beginners Guide to Gold and Sovereign Guide.
Citations and Credit
View All
C1 - Gold and silver surge in August as mounting US debt fears rattle markets (article credit Quirino Mealha via euronews)
C2 - Goldman Sees Options Demand Lifting Gold Beyond $4,900. Could Bulls Target New Highs? (article credit Ben McGregor via Canadian Mining Report)
C3 - Citi lifts near-term gold target to $4,800, JPMorgan flags $5k (article credit Eamonn Sheridan via investinglive)
C4 - Deutsche Bank just made a fresh case for buying gold (article credit Tobi Opeyemi Amure via The Street)
C5 - Gold Price Forecast, Prediction: BofA Sees $5,000 In 2027 As Bullion Surges (article credit Dave Taylor via Exchange Rates)
C6 - UBS backs de-dollarization trend, lifts gold target to $5,400 an ounce (article credit Eamonn Sheridan via investinglive)
C7 - Position for a commodity upcycle (article credit Sagar Khandelwal via UBS)
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