Gold futures opened above $4,700 for a second straight day on Wednesday before slipping back under that level. The metal has rallied on the Treasury's move to double its long-term debt purchases and on quieter Middle East tensions, with traders now watching this week's inflation data and a Friday Fed speech for rate-path clues.
Gold opened at $4,715.70 per troy ounce on Wednesday, August 26, 2026, up 0.5% from Tuesday's close, then pulled back to $4,674.60 by 7:51 a.m. ET. Prices touched a session high of $4,730.90 in early trading before slipping below $4,700.
Treasury debt move and calmer Middle East lift gold
Gold has rallied following the U.S. Treasury Department's decision to double its purchase of long-term debt, as well as relative quiet concerning tensions in the Middle East. Talks between Iran and Oman to open a shipping channel in the Strait of Hormuz pushed Brent Crude prices below $86 a barrel, down over 6% in the last five days.
With the Fed's preferred inflation gauge due for release shortly, and Fed Chair Warsh set to deliver a key speech on Friday, investors will get more clues this week into how the Fed could handle rates following next month's meeting.
Gold's gains over the past year
The opening price of gold futures on Wednesday was up 0.5% from Tuesday's close. Gold is up 8.7% from one week ago, 15.9% from one month ago, and 39.6% from one year ago. For context, the one-year gain for gold reached 95.6% on Jan. 29.
Source: Yahoo Personal Finance
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