December gold futures rise to $4,419.60 as cooling inflation data reduces expectations for a Fed rate increase in September.
Gold December futures opened at $4,408.20 per troy ounce on August 14, 2026, down 0.3% from Thursday’s close but later climbed to $4,419.60. The metal has surged over 10% this month as inflation reports soften, prompting markets to scale back bets on a Federal Reserve rate hike next month.
According to CME Group’s FedWatch tool, 69.4% of economists now expect the Fed to hold rates steady in September, up from 42% a month ago. Only 30.6% anticipate a rate increase, compared to 58% who previously forecasted a 25- or 50-basis-point hike. Gold’s appeal strengthens in a lower-rate environment, as it does not yield interest.
The metal has posted gains of 3.1% over the past week, 10.3% over the past month, and 31.7% year-over-year. Earlier this year, gold’s one-year gain peaked at 95.6% in late January.