NEW YORK, August 25, 2026, 18:25 EDT
- Spot gold reached $4,696.18 an ounce, its highest level in more than three months.
- GLD closed at $428.10 after trading nearly 40 million shares.
- Reported GLD creations totaled $1.2 billion as Treasury yields retreated.
- Wednesday’s July PCE report is the next test for the non-yielding asset.
Gold touched a three-month high on Tuesday as falling Treasury yields lowered its opportunity cost. The move brought $4,700 into view before profit-taking trimmed spot prices to $4,647.03 Reuters.
The more important signal came from investor positioning. SPDR Gold Shares closed at $428.10, up 0.33% at 15:59 EDT. Volume reached about 40 million shares, more than double Monday’s 18.7 million GLD market data.
Fund creations added weight to the price move. Metals ETFs drew $1.3 billion in reported daily inflows. GLD accounted for $1.2 billion, or roughly 92%, of that total ETF flows report.
| Market signal | August 25 reading | Investor meaning |
|---|---|---|
| Spot gold | High $4,696.18; later $4,647.03 | Three-month high met profit-taking |
| Comex August gold | Settled $4,638.10; down 0.06% | Four-session streak ended narrowly |
| GLD | $428.10; about 40.0 million shares | Heavy listed-product activity |
| 10-year Treasury yield | 4.638%; down 6.5 basis points | Lower opportunity cost for bullion |
| GLD creations | $1.2 billion | Fresh primary-market demand |
The 10-year Treasury yield fell 6.5 basis points to 4.638%. That was its largest daily decline since June 24. The 30-year yield dropped 5.6 basis points to 5.174% Treasury close.
That relationship matters because bullion pays no interest. Lower bond yields reduce the income investors surrender by holding gold. A softer dollar also lowers the metal’s cost for non-U.S. buyers.
The rally is no longer only a futures story. GLD’s Tuesday turnover equaled about $17.1 billion at the closing price. That calculation shows how quickly macro demand moved through a liquid U.S. vehicle.
Physical demand provided a second support. China’s net gold imports through Hong Kong rose 11% in July to 56.193 metric tons. Total imports were 75.457 tons Hong Kong trade data.
Gold has gained more than 14% in August. Yet Tuesday’s Comex settlement slipped 0.06% to $4,638.10. The narrow reversal suggests buyers remain active, but $4,700 is not a clean breakout Comex settlement.
Wednesday’s PCE inflation report now carries unusual weight. Goldman Sachs expects core prices to rise 0.23% month over month. A hotter reading could lift yields and challenge the gold trade PCE estimate.
The rate path remains finely balanced. Traders assigned a 38% probability to a September increase, according to Reuters. Fed Chair Kevin Warsh’s Friday address at Jackson Hole adds a second policy risk.
Silver offered a useful contrast. It settled near $68.64 and rose slightly Tuesday. Gold’s steadier finish, despite heavier ETF activity, points to institutional hedging rather than a uniform metals chase.
Risks: A stronger PCE print could revive real yields and the dollar. Profit-taking may accelerate after August’s gain. Easing geopolitical tension would also weaken safe-haven demand.
The next move depends less on another headline high. Investors should watch whether GLD creations persist when inflation data tests the rate channel that powered bullion’s August advance.
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