Gold jumps more than 6% in a week as all eyes turn to Jackson Hole

Gold traded at $4,677.19 per troy ounce on Tuesday, a jump of more than 6% from about a week earlier and its highest level since mid May. Silver climbed more than 4.5% over the same period to $69.19. Last Tuesday gold was still slipping back toward $4,400, pressured by rising US interest rates. Since then the picture has fully reversed, driven mainly by a weaker dollar and persistently low yields.

plus 15%gain for gold this month, with market analyst UOB tracking it for the strongest monthly gain since September 1999

What is driving the weekly gain: a weak dollar and low yields

The US dollar is trading at its weakest level in months, while the ten year Treasury yield is holding around 4.7% and the thirty year around 5.2%, well below the 5.34% peak reached earlier this month. That decline owes much to the Treasury’s buyback operations, sharply expanded in mid August and running through early November. Lower yields make gold and silver, which offer no return of their own, more appealing relative to debt. The US flash composite PMI, which climbed to 56 this month, its highest reading in more than four years, also points to an economy holding up surprisingly well despite the rate uncertainty.

The strongest monthly gain since 1999

The weekly gain builds on an already striking month. According to market analyst UOB, gold is on track for a gain of more than 15% in August, its strongest month since September 1999. A move of that size cannot be separated from broader uncertainty around the US budget and the persistent, still unresolved tension around the Strait of Hormuz, which keeps pushing investors toward safe havens. For anyone holding gold coins or other physical gold, that is a familiar dynamic, uncertainty typically pushes more buyers toward precious metal.

Friday’s test: Warsh’s debut at Jackson Hole

The coming days bring two potential catalysts. Wednesday brings the US PCE inflation reading for July, the gauge the central bank itself watches most closely. Friday, Kevin Warsh, recently installed as chair of the US central bank, delivers his very first speech at the annual Jackson Hole gathering. Investors are watching for signals on his direction, after a late July meeting in which three board members voted against their own chair’s policy for the first time since 2016. A dovish tone could fuel the rally further, while a more hawkish one could just as quickly erase the past week’s gains.

Not a record yet, but the highest level in over three months

One thing worth remembering, this is not a new record. That remains $5,589.38, set in late January 2026 during an earlier spike in tensions with Iran. The current level is indeed the highest since mid May, and the current gold price could still move sharply in the coming days, in either direction, depending on what Warsh says on Friday.

What a weekly gain like this means for anyone selling old gold or silver

For anyone looking to sell old gold at home, jewellery, dental gold or coins, a weekly gain of this size is welcome news, but not a reason to hold out for an even higher level. The same goes for anyone looking to sell silver, cutlery, jewellery or coins. Nobody can say with certainty what Warsh will say on Friday or how the market will react. Anyone unsure whether their pieces are worth selling can check simply with the gold check, regardless of when they ultimately decide to sell.

The rate on the day counts, not last week's

A weekly gain of 6% says something about the trend, but a valuation always applies the rate at the moment itself. That way you know you are getting the current value of your gold or silver, whatever happened to the rate in the days before.

In short

Gold gained more than 6% over the past week and traded at $4,677.19 on Tuesday, its highest level since mid May, while silver rose more than 4.5% to $69.19. A weak dollar and the US Treasury’s ongoing bond buybacks are pushing yields lower, making precious metal more attractive. According to UOB, August is on track to be the strongest month since 1999. Wednesday brings the PCE inflation reading, and Friday brings Fed Chair Warsh’s very first Jackson Hole speech, two moments that could still steer the price in the days ahead. For anyone looking to sell old gold or silver, the rate on the day itself remains the only measure that matters, not last week’s gain.

Frequently asked questions

What does it mean that gold is up more than 6% on a weekly basis? –

That compares today's price with the price from about a week earlier, filtering out the smaller day to day swings. Last Tuesday gold was still trading around $4,400 per troy ounce, pulling back that day on rising US interest rates. Since then it has climbed steadily to $4,677. A weekly figure gives a better sense of the underlying trend than any single day's move.

Why does a weaker US dollar make gold more attractive? +

Gold trades internationally in dollars. When the dollar weakens against other currencies, gold becomes cheaper for buyers paying in euros, yen or yuan, which lifts demand. Gold and silver also pay no interest themselves. Once returns on alternatives such as US government debt fall, as is happening now because of the Treasury's ongoing bond buybacks, holding precious metal becomes relatively more attractive.

What is the Jackson Hole meeting, and why does Warsh's speech matter? +

Jackson Hole is an annual economic symposium where central bankers from around the world gather, running this year from August 27 to 29. Kevin Warsh delivers his very first speech there on Friday as chair of the US central bank. Investors are looking for signals on future interest rate policy. A dovish tone on inflation or a more concerned one could immediately move the dollar and yields, and with them the gold and silver price. In late July, three board members voted against their own chair's policy for the first time since 2016, adding further uncertainty about the direction Warsh will take.

Is the gold price now at a record high? +

No. Gold's all time record dates back to late January 2026, when the price hit $5,589.38 per troy ounce during an earlier spike in tensions with Iran. The current level of $4,677 is the highest since mid May, but remains well below that record. Always compare the current gold price with the most recent level, not with a peak from months ago.

What does the US Treasury's bond buyback program still have to do with this week? +

In mid August, the US Treasury doubled the size of its buyback operations for longer dated debt, aiming to cool the sharp rise in yields. Those operations continue through early November and keep structural pressure on ten and thirty year yields. Lower returns on those alternatives make gold and silver, which pay no interest themselves, more attractive week after week.

Gold jumps more than6% in a week