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

Gold jumped from about $4,000/oz in mid-July 2026 to roughly $4,600 — a 12% recovery to May levels, per ING (Aug 22). The rally reflects bets that central banks will hold benchmark rates steady rather than hike. When rates stall, the opportunity cost of holding non-yielding bullion drops, lifting prices. ING also cites renewed investment demand and U.S. fiscal worries.