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Line chart tracking gold's spot price from August 17 to 31, 2026, showing a 15-week high on August 24 followed by a 5.3 percent decline to $4,454.53.

Gold fell to $4,454.53, down 5.3% from its August 24 high, after a hawkish Jackson Hole speech from Fed Chair Kevin Warsh unwound three weeks of gains built on debt-debasement flows. The decline compounded over the weekend as the U.S. and Iran traded strikes near the Strait of Hormuz, a conflict that had faded from investor attention during gold's climb higher. Daniel Kahneman, Amos Tversky and Hersh Shefrin have each described how a calm stretch can make investors underweight a risk that never went away.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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