GOLD OUTLOOK AUGUST 2026
$PAXG $XAU - Central-bank buying remains a major structural support for gold
- China continues to add gold reserves and supports physical demand
- Other central banks are diversifying reserves away from excessive USD exposure
- Falling real yields and a weaker US dollar would be strongly bullish
- Higher bond yields and a stronger dollar remain the main downside risks
- ETF inflows could be the key catalyst for the next major upward move
- Jewellery demand is under pressure at high prices, especially in China and India
- Mine supply changes slo