ABC Bullion Monthly Market Update August 2026

Precious metals delivered strong gains throughout August, reversing the subdued trading conditions seen in July. Gold climbed to an intra-month high of USD $4,696 per troy ounce (oz) before closing at USD $4,448oz, delivering a monthly return of 9.8%.

Silver outperformed, rising 15% from USD $57.7oz to USD $66.5oz, after briefly reaching USD $71.1oz. Platinum also advanced strongly, gaining 14% to finish the month at USD $1,872oz.

These gains occurred despite a challenging macroeconomic backdrop. Markets began to fully price in a Federal Reserve rate rise in September, which came into effect today, while the US 10-year real yield rose above 2.62% (nominal yields rose toward 5%) and the US dollar index strengthened to 99.6. Higher yields and a firmer US dollar are typically expected to create short-term headwinds for precious metals.

The longer-term outlook remains constructive. Central banks purchased a net 466 tonnes of gold during the first half of 2026, with annual demand on track to reach approximately 700 to 800 tonnes this year. Western investment demand has also strengthened, with gold ETFs recording estimated net purchases of 120 tonnes in August.

From a technical perspective, the recent pullback in gold and silver remains consistent with previous corrections experienced throughout the secular bull market that began in 2000. The depth and duration of the correction remained within historical norms, suggesting it represented a healthy consolidation rather than a change in the broader long-term trend.

These market moves are covered in our ABC Bullion August Market Update.

The report features detailed charts on gold, silver and platinum performance, inflation dynamics, commodity prices, comparisons of precious metals markets to risk assets and technical analysis. It is an invaluable resource that helps Australian investors navigate the precious metal market.

Until next time,

Jordan Eliseo
General Manager, ABC Bullion

Luke Tyler
Senior Analyst, ABC Bullion

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