Gold rebounds 12% to near $4,600 as rate-freeze expectations return

Gold climbed from roughly $4,000/oz in mid-July 2026 to about $4,600, a 12% swing recovering May levels, per ING (Aug 22). The rebound reflects market expectations that central banks will freeze benchmark rates rather than hike further (Maeil Business, Aug 13). When rates stall, the opportunity cost of holding non-yielding bullion falls, lifting prices. ING also cites renewed investment demand and U.S. fiscal concerns.