Markets
August 31, 2026
US Makes Two Very Different Oil Moves as Iran Strikes Resume and Venezuela Deal Takes Shape
- Gold futures surge above $4,700 as Treasury moves, lower yields and dollar concerns support the rally
- China’s gold accumulation draws attention, with official July purchases of 20 tonnes alongside estimated OTC buying in May and June
- Leading expert Rashad Hajiyev expects gold to reach $7.5K–$8K by spring 2027, though this remains an individual market forecast
Gold futures are back in focus as they have surged above the $4700 mark. The investment trends around the world are rapidly changing as markets continue to shift and favour new elements. In this wake, investors are now banking on gold, as softer US dollar concerns, coupled with the country’s fiscal outlooks, continue to help push gold to new highs.
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Gold Futures Rally As Dollar Concerns Spike
The US Treasury’s decisions to increase its purchases of longer-dated government bonds had added another layer to the recent gold futures push. The move ended up pushing long-term yields lower, weighing on the dollar in the process. This in turn helped create a more supportive backdrop for gold futures, making them more appealing to the masses.
At the same time, the spot gold price has hit around $4640.
In addition to these developments, leading gold expert Rashad Hajiyev has predicted a new price angle for gold. He believes that the asset can surge as high as $7.5K to 8K by 2027.
“Gold is approaching a maximum resistance zone at $4.5 – 4.9k. I expect gold to largely spend the next 6-8 weeks trading around these levels, working through resistance. By late October gold could start breaking out of the resistance zone towards an all-time high. I expect gold to top by spring 2027 between $7.5k and $8k…”
Gold futures are also benefiting from broader concerns around US’ fiscal conditions. Elevated government borrowing and Treasury market interventions continue to put pressure on the dollar, helping create a more favourable environment for gold futures.
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China’s Gold Buying Spree Spikes Again
Amid the gold futures rise, it is noteworthy to see how China’s gold accumulation has recently been attracting renewed attention. Per the latest post by the Kobeissi Letter, an estimated 40 tonnes of gold was acquired by China in June via the London OTC market. In addition to this, China’s central bank added nearly +20 tonnes of gold in July, which is its largest monthly purchase since October 2023.
“China acquired +40 tonnes of gold in June via the London OTC market, marking its 2nd-largest monthly purchase since early 2025. This is 167% more than the official +15 tonnes reported by China’s central bank for June. This also follows an estimated +48 tonnes acquired through the OTC market in May, which is +380% above the +10 tonnes officially reported by the central bank. Meanwhile, China’s central bank officially added another +20 tonnes of gold in July, its largest monthly purchase since October 2023. Year-to-date, China has officially increased its gold reserves by +60 tonnes, bringing total holdings to a record 2,366 tonnes.”
Furthermore, the estimates suggest that China may have accumulated around +88 tonnes of gold through the OTC market across May and June.
The KL post later adds that China may have been adding more gold than the official records show.
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