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Jamie McGeever: Central banks spearhead renewed gold rush
By Jamie McGeever
Reuters
Thursday, August 13, 2026
Gold is on the rise again, as a confluence of economic and political dynamics spurs demand from investors around the world, especially one cohort: central banks.
After stalling around $4,000 an ounce for several weeks, bullion has jumped around $400, or 10%, since the start of August and could be on track for its best month this century. The last time it rose 13% or more in a month was September 1999.
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There have been a few key U.S.-related triggers for the spike, namely the Federal Reserve's "dovish hold" on interest rates, weak employment data, and fairly tame inflation figures. These have all tempered Fed rate hike expectations and dragged down the dollar -- manna for gold.
But they come against a more unnerving geopolitical and policy backdrop that has reminded the world of gold's underlying appeal, particularly for reserve managers.
The U.S.-Iran war has re-escalated, and hopes of a peace "deal" -- however unsatisfactory that deal might be -- are evaporating. U.S. President Donald Trump's off-ramp ahead of November's midterm elections is narrowing. Escalation or capitulation is not the only choice Trump faces, but it is a black-and-white scenario some analysts are now beginning to contemplate. ...
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