Gold Steady Near Three-Month Highs as Markets Await Inflation Data
26 August 2026
Precious metals remained firm overnight, with gold consolidating near three-month highs around USD $4,650 per troy ounce (oz), as a softer US dollar, lower long-dated real yields and a fall in oil prices continued to support prices.
Recent ETF inflows from Western investors (~93 tonnes month-to-date) and continued central bank buying (+19 tonnes month-to date) remain key pillars of demand for the sector.
Daily Performance
Gold: -0.1%, currently trading at USD $4,663oz and AUD $6,507oz
Silver: -0.6%, currently trading at USD $68.9oz and AUD $96oz
Platinum: -1.4%, currently trading at USD $1,864oz and AUD $2,601oz
Other Commodity News
WTI crude oil futures fell sharply below US$81/bbl (-4.6%), after Iran and Oman pressed forward with a plan to reopen the Strait of Hormuz (AFR). Easing inflation concerns, helping to reduce the US 10Y real yield to 2.32% (-6bp) and providing a modest tailwind for precious metals.
Copper futures traded at record levels (rising to a high of USD $6.72/pound, +1.8%) overnight during US trading. With tariff-related inventory shifts and tight exchange stocks continuing to support prices above USD $14,000/t.
Markets are closely monitoring upcoming US Core Personal Consumption Expenditures (PCE) inflation (Consensus: 0.2%, Forecast: 0.3%) and GDP (Consensus: 1.5%, Forecast: 1.5%) data releases later today. These releases should provide further clarity on the Federal Reserve's policy outlook, with implications for yields, the US dollar and in a broader sense, precious metals prices.
Luke Tyler
Senior Analyst, ABC Bullion
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