Gold Reaches Two-Month High as Cooling Inflation Signals Fewer Rate Hikes

Gold rose 0.9% to $4,406.64 per ounce on August 12, 2026 — its highest in two months — after U.S. inflation landed as expected, easing expectations of further Federal Reserve rate hikes. Gold futures gained for four straight sessions, up 3.93% ($166.90). When rate-hike bets fade, gold looks more attractive because it pays no interest, so there's less to lose by holding it.