24/08/2026 – Daily Reports
Gold prices rose to their highest level in more than three months on Monday, supported by a weaker U.S. dollar and growing uncertainty in bond markets. Spot gold climbed 0.8% to around $4,641 per ounce after gaining more than 5% last week, while U.S. gold futures also moved higher. Investors are now focused on upcoming U.S. PCE inflation data and the Federal Reserve’s Jackson Hole meeting, where Chair Kevin Warsh is expected to provide further clues on the future path of interest rates.
Geopolitical tensions are also keeping markets cautious as the U.S. prepares new economic sanctions targeting Iran and its trade partners. Oil prices fell more than $1 a barrel as investors took profits ahead of the expected announcement. Among other precious metals, silver traded near $69 per ounce, while platinum edged higher and palladium remained broadly unchanged.
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- The U.S. dollar is trading near multi-month lows, pressured by growing concerns over U.S. debt and Treasury policy.
- The dollar posted its largest weekly decline against Bitcoin in nearly 3.5 years, while gold gained around 5% last week.
- The Australian and New Zealand dollars are hovering near three-month highs, while the euro remains comfortably above $1.16.
- U.S. Treasury’s decision to double long-end bond buybacks to at least $4 billion per operation has raised concerns over potential intervention in the bond market.
- Investors are increasingly worried that efforts to suppress long-term yields could fuel dollar debasement fears.
- Long-term bond yields remain elevated globally amid stronger growth expectations, rising inflation expectations and concerns over ballooning sovereign debt.
- Markets are now focused on the details of the U.S. sanctions package against Iran, particularly whether China could also be targeted.
- Fed Chair Kevin Warsh’s Jackson Hole speech on Friday will be closely watched for signals on interest rates, the Fed’s balance sheet, Treasury supply and the term premium.
- BOJ Deputy Governor Ryozo Himino’s comments this week could also influence expectations for another Japanese rate hike.
What’s Next?
- The dollar’s weakness is increasingly becoming a structural story rather than a short-term move. Treasury buybacks, rising fiscal concerns and questions over the credibility of U.S. debt management are putting additional pressure on the greenback.
- If U.S. yields remain elevated while the dollar continues to weaken, the combination could be particularly bullish for gold and other hard assets. However, a hawkish signal from Warsh or a renewed surge in Treasury yields could trigger a sharp dollar rebound.
Global markets started the week cautiously as U.S.-Iran tensions remained the main market focus. Investors are awaiting further details on new U.S. sanctions against Iran, expected to be announced by Treasury Secretary Scott Bessent today.
Oil prices fell around 2% after last week’s gains, with Brent trading near $91 per barrel. Markets continue to closely monitor developments surrounding the Strait of Hormuz.
Gold continued its strong rally, rising above $4,600 and reaching a three-month high as safe-haven demand increased. U.S. inflation data and Fed Chair Kevin Warsh’s Jackson Hole speech will be key market catalysts this week.
U.S. equities remain under pressure, with investors focused on Nvidia’s earnings on Wednesday and the Federal Reserve’s monetary-policy outlook. Concerns over high technology valuations are weighing on sentiment.
Market Briefing — Monday, 24 August 2026
- Nasdaq. The Nasdaq Composite closed Friday 0.4% higher at 29375, with the VIX down 5.5% to 15.13. Over the week the index fell 2%, ending a three-week winning streak. The US 10-year Treasury yield is near a 20-month high of 4.74%. Bloomberg reported over the weekend that Nvidia has told clients that servers using Vera Rubin and Blackwell chips will carry price increases of more than 15%, effective on units shipping in early 2027. Nvidia and Marvell earnings, the July PCE inflation report and Fed Chair Kevin Warsh’s Jackson Hole speech are scheduled this week, while Treasury Secretary Scott Bessent is due to announce new Iran sanctions.
- DAX. The DAX 40 fell about 0.3% to below 26086 on Monday, reversing the prior session’s gains, with technology names under pressure ahead of Nvidia’s results. Infineon Technologies and Siemens Energy each declined more than 1%. Volkswagen slipped 1.6% after CEO Oliver Blume said mounting pressure on the automotive sector would require further cost-cutting, including significant workforce reductions, with restructuring negotiations ahead. The ifo Business Climate Index for August is scheduled for release on 25 August.
- Nikkei. The Nikkei 225 closed 0.7% lower at 65,528 on Monday, extending the previous session’s decline as technology shares fell ahead of Nvidia’s earnings. Sentiment was also subdued amid elevated global bond yields, after the US Treasury’s bond buyback announcement last week failed to ease concerns over inflation and government debt. Elsewhere in Asia, South Korea’s Kospi lost 3.5% and Hong Kong’s Hang Seng declined 2.1%.
- Gold. December gold futures opened at $4,671 per troy ounce on Monday, down 0.2% from Friday’s close, and traded above $4690 intraday — a level last seen on 13 May, its highest since mid-May, extending weekly gains to roughly 5%, after the Treasury unexpectedly increased planned purchases of longer-dated government debt, pushing yields and the dollar lower.
- Brent. Brent futures fell $1.23, or 1.3%, to $92,04 a barrel, while WTI traded at $84.70, down 1.6%, as investors took profits ahead of Washington’s expected announcement of additional sanctions on Iran. Both contracts gained more than 5% last week as US-Iran talks stalled. Iran’s Supreme National Security Council secretary Mohsen Rezaei threatened to further block the Strait of Hormuz if neighbouring states assist the US in weakening Tehran’s economy.
