Rising geopolitical tensions and a weakening US dollar push spot gold prices above $4,460.

On August 17, 2026, during the Asian trading session, COMEX gold experienced a volatile surge, briefly rising above $4,460 per ounce.

In the news, Iran stated that the United States will no longer be allowed to enter the Persian Gulf, Gulf of Oman, and the Strait of Hormuz; Trump declared the Strait of Hormuz will soon become U.S. territory, with geopolitical factors continuing to exert influence.

Zhongjin Wealth Futures noted that the U.S.-Iran conflict remains unresolved. On the dollar front, the U.S. dollar has shown sustained weakness lately; the fundamental cause lies in missteps by the United States in military, geopolitical, and financial spheres, leading to a decline in the dollar's safe-haven value. Together with expected pressure from mid-term elections, passive fiscal tightening, and the "U.S. debt becoming like U.K. debt" trend, the dollar may further weaken in the medium term, and its peak for the year has possibly already occurred. Overall, gold continues to have supportive factors in the macro environment, and it is expected that after the price adjustment, there will still be short-term upward momentum.

Editor: Zhu Henan