Gold rose 13.3% in August to US$4,563, its third-strongest month in 25 years

Gold ended August 2026 at US$4,563 an ounce, a gain of 13.3% in the month that the World Gold Council describes as the third-strongest monthly return in a quarter century, leaving the metal up 4.5% for the year [1]. A month earlier the picture was the reverse: gold closed July at US$4,027, flat on the month and down 7.8% year to date, after a record of US$5,405 on January 29 [2].

The council's attribution for August is positioning rather than physical demand. It names widespread ETF buying, a weaker U.S. dollar and a rise in implied volatility that it reads as strong call buying, with ETF inflows of US$7.9 billion (54 tonnes) in Europe, US$7.8 billion (53 tonnes) in North America and US$2 billion (13 tonnes) in Asia [1]. Its second-quarter demand report, published July 30, had recorded the LBMA PM price averaging US$4,506.29 in the quarter, 37% above a year earlier but 8% below the first-quarter record, with central banks buying 289 tonnes while gold ETFs shed 45 tonnes [3].

For a U.S. holder of a Canadian gold producer or streamer, the point is the gap between the quarterly average that sets reported revenue and the month-end price that sets the share price. Agnico Eagle and Wheaton reported their June quarters against a quarterly average of US$4,506.29; the September quarter will be reported against a price that closed July at US$4,027 and August at US$4,563 [1][2][3].