Gold Hits Two-Month High at $4,406 as Tame Inflation Dents Fed Rate-Hike Bets

Spot gold rose 0.9% to $4,406.64 per ounce on August 12, 2026, its highest in over two months, after U.S. inflation data met expectations and reduced market bets on further Federal Reserve rate hikes. Gold futures extended a four-session winning streak of 3.93% ($166.90), clearing the 100-day moving average. Lower rate expectations boost non-yielding assets like gold by reducing the opportunity cost of holding them.