Gold Heads for Its Best Month Since 1999 as the Dollar Wobbles
Gold Heads for Its Best Month Since 1999 as the Dollar Wobbles
Staff AuthorFri, August 21, 2026 at 5:00 PM UTC
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Gold was priced above $4,600 an ounce Friday, up nearly 5% this week.Credit: Issarawat Tattong / Getty ImagesKey Takeaways -
Gold futures reached above $4,600 an ounce Friday, as the metal headed for the metal’s biggest monthly gain since 1999.
The rally followed Treasury Secretary Scott Bessent’s plan to at least double buybacks of long-dated government debt—a move that knocked the dollar down about 1% since Tuesday.
Even with the rally, gold remains below its record of just under $5,600 record set in January.
Gold is closing in on its biggest monthly gain since the dot-com era as a sagging dollar and mounting U.S. debt worries send investors scurrying for alternatives.
Gold futures rose 2.2% Friday to about $4,670 an ounce, up more than 5% for the week and more than 13% in August—on pace for the metal’s strongest month since 1999. The rally picked up speed after the Treasury Department said Wednesday it would at least double its buybacks of 10- to 30-year government debt to steady a selloff in longer-dated Treasurys.
The move initially nudged yields lower—they later bounced back and then some—but pushed the dollar down about 1% against a basket of currencies since Tuesday.
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The buyback plan also landed just as U.S. government debt topped $40 trillion for the first time, helping revive what traders call the “debasement trade”—buying assets expected to hold their value as government currencies lose purchasing power. Bitcoin, the other big winner, jumped 23% this week to its highest level since May.
Despite the comeback, gold remains below its nearly $5,600 record from earlier this year.
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Source: “AOL Money”
