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On this day — August 20, 2023
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 232 of 365 · Q3 2023 · 63.6% through the year
August 2023 gold market: Surging yields pressure gold
BearishA sharp rise in long-term yields weighed on gold.
Gold slipped toward $1,890–$1,915 in August as US Treasury yields climbed sharply — the 10-year pushed above 4.3% — on resilient growth and heavy government bond issuance. Higher yields steadily eroded gold's appeal.
What drove gold in August 2023
- 10-year yield above 4.3%
- resilient US growth
- heavy Treasury issuance
- firm dollar
Key events in August 2023
- Aug 21Gold dips below $1,900 as yields spike
What happened next
Yields kept climbing into September, dragging gold toward its autumn low.
For gold buyers
August underlined gold's tug-of-war with the bond market — when yields surged, gold had little defence.
Aug 20 across the years — 2020 → 2022
| Year | Aug 20 close | vs prior | |
|---|---|---|---|
| Aug 20, 2022 | $1,750.80 | -1.59% | View |
| Aug 20, 2021 | $1,779.10 | -7.68% | View |
| Aug 20, 2020 | $1,927.20 | — | View |