Gold's 2026 Cycle: Inflation Sparks Rallies, Fed Doubts Erase Them

Gold fell 0.5% to $4,330.70 on August 14, 2026, a second straight drop after nearing a two-month peak of $4,400. The pattern is familiar: soft inflation data fuels buying, but gains fade as investors question whether it shifts the Fed's rate path. Spot gold fell 1.2% on August 13, per Reuters. Inflation drives headlines; rate expectations drive the trend.