Where will silver and gold prices head this August? Experts weigh in

Gold and silver prices, after a remarkable surge to new milestones in the past year, have seen a significant downturn since their January peaks. In early 2025, gold repeatedly reached new highs, surpassing $5,000 per ounce and peaking just under $5,600 by January 28. Silver experienced an even more dramatic rise, jumping from $40 per ounce in September to $116 by January 28, marking a 190% gain, according to American Hartford Gold.

However, the market has shifted. As of July 27, 2026, gold was trading at $4,102 per ounce, and silver at $59 per ounce. This decline has prompted questions among investors about whether current prices represent a favorable buying opportunity or if further decreases are imminent. Precious metals experts have weighed in on their expectations for gold and silver prices in August.

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Should the fighting in the Middle East diminish in August, we at Midas expect the oil price to fall to pre-Operation Epic Fury levels, which should cause inflation to continue to moderate and U.S. interest rates and the U.S. dollar to drop. In the environment, the gold price will likely resume its long-term upward trend to over $5,000 per ounce.

Thomas Winmill, president and portfolio manager at Midas Funds, believes that the trajectory of gold prices in August may be heavily influenced by the conflict in Iran. He anticipates that if Middle East fighting diminishes, oil prices could fall to pre-"Operation Epic Fury" levels. This, in turn, could lead to moderating inflation and a decrease in U.S. interest rates and the dollar, potentially allowing gold prices to resume their long-term upward trend above $5,000 per ounce.

Conversely, James Anderson, senior precious metals analyst at SD Bullion, forecasts a price rebound later in the year but not necessarily in August. He projects that the spot gold price in August could range between $3,900 and $4,350 per ounce. This projection is based on technical factors and pre-U.S. Labor Day positioning, which he believes might skew towards a bullish rebound in the fourth quarter. If this forecast holds true, current gold prices could indeed present an opportunity for investors to buy low before an anticipated rise later in the year. The Federal Reserve's July meeting outcomes, particularly regarding interest rates, also remain a key factor influencing gold's performance.

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We could see a broad range for the spot gold price this coming August pricing between $3,900 and $4,350 per ounce based on a combination of technical factors and pre-U.S. Labor Day positioning likely skewing for a bullish price rebound in Q4.