Gold Hits Two-Month High as Tame Inflation Cools Fed Rate-Hike Bets

Spot gold rose 0.9% to $4,406.64 per ounce on August 12, 2026 — a two-month high — after U.S. inflation met expectations, easing bets on further Fed rate hikes. Gold futures extended a four-session winning streak of 3.93% ($166.90), clearing the 100-day moving average. Lower rate expectations lift gold by cutting the opportunity cost of holding a non-yielding asset.