Gold climbs 12% as central banks look set to pause rate hikes

Gold rose from about $4,000 to $4,600 an ounce since mid-July 2026 — a 12% jump back to May levels, per ING (Aug 22). Why? Markets expect central banks to stop raising interest rates. Gold pays no interest, so when rates stop climbing, gold becomes more attractive. ING also points to fresh investor demand and worry over U.S. government spending.