Gold Seen Rebounding to $4,563 as Stronger Dollar Extends Through End-2026

3 articles · Updated · Funds Society · Aug 13

$5,595 gold has corrected sharply from its January intraday record and was trading below its start-of-year level by early July, though WisdomTree called the drop a healthy reset rather than the end of the bull market.
September rate-hike expectations and a more hawkish Fed outlook are now the main short-term headwinds, with analysts saying gold's next move will depend more on macro fundamentals than on the exceptional demand that drove the 2025-26 rally.
The dollar's rise to a more than one-year high has explained much of gold's 2026 weakness, helped by U.S. energy security during the Iran conflict, firmer relative yields and stronger U.S. growth than other major economies.
Schroders expects that dollar strength to persist through late 2026—forecasting EUR/USD at 1.07 and USD/JPY at 167.8 by year-end—before some easing in 2027, while WisdomTree sees gold recovering to $4,563 by Q2 2027.
August trading may stay volatile, with analysts expecting early-month profit-taking and fixed-income pressure before Nvidia guidance and inflation data potentially revive risk appetite later in the month; escalation around Iran remains the key risk.