Gold has rallied nearly 6% this week to $4,307. Will it close above $4,400 an ounce on Aug 12?
50% of users predicted YES — the community got this one right. 2 predictions cast.
Gold prices closed above $4,400 an ounce on August 12, 2026, reaching around $4,415-$4,420, their highest level in more than two months. The metal had climbed roughly 6% over the prior week from about $4,307.
The rally was driven primarily by the July Consumer Price Index report released that same morning, which showed annual inflation cooling to 3.4% from 3.5% in June, in line with forecasts. The softer-than-expected reading, following a weak July jobs report earlier in the month, reduced expectations that the Federal Reserve would raise interest rates at its September meeting, boosting demand for gold as a non-yielding hedge.
The community's forecast was evenly split at 50% "yes," reflecting genuine uncertainty ahead of the CPI release about whether gold would clear the $4,400 threshold. The actual outcome was "yes," with gold closing above that level.