Gold price today, Wednesday, August 26, 2026: Gold pulls back from morning's high over $4,700

Gold prices on the market fell back from morning highs over $4,700 on Wednesday August 26, 2026. The December futures for Gold opened at $4,715.70 per troy ounce, a 0.5% increase from the previous day's close. Despite opening above $4,700 for the second day, the price dipped to $4,674.60 by 7:51 a.m. ET. The initial surge was driven by the U.S. Treasury Department's decision to double its purchase of long-term debt, along with relative calm in Middle East tensions.

The Strait of Hormuz shipping channel talks between Iran and Oman even caused Brent Crude prices to tumble below $86 a barrel, down more than 6% in the last five days. Investors are expected to receive further insights into potential Fed rate adjustments following their upcoming meeting, thanks to the release of the Fed's preferred inflation gauge and Fed Chair Jerome Powell's upcoming speech.