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On this day — August 14, 2022
Sunday — the international gold market is closed. Spot quotes carry forward from the prior Friday close. Retail rates in jewellery markets may differ slightly based on local Sunday hours.
Day 226 of 365 · Q3 2022 · 61.9% through the year
August 2022 gold market: A brief bounce undone at Jackson Hole
BearishA mid-month bounce crushed by a hawkish Jackson Hole.
Gold bounced toward $1,800 in early August 2022 on hopes of a Fed slowdown, but the rally reversed hard after Chair Powell's hawkish Jackson Hole speech on August 26 reaffirmed the central bank's commitment to crushing inflation. The metal slid back toward $1,710 by month-end.
What drove gold in August 2022
- early-month Fed-slowdown hopes
- hawkish Powell Jackson Hole speech (Aug 26)
- rising real yields
- firm dollar
Key events in August 2022
- Aug 26Powell's hawkish Jackson Hole speech reverses gold's bounce
What happened next
The renewed hawkishness drove gold to its 2022 low the following month.
For gold buyers
August was a bull trap — the early bounce evaporated the moment the Fed reasserted its resolve.
Aug 14 across the years — 2020 → 2021
| Year | Aug 14 close | vs prior | |
|---|---|---|---|
| Aug 14, 2021 | $1,773.90 | -8.79% | View |
| Aug 14, 2020 | $1,944.80 | — | View |