Gold funds return, price rises 14% in three weeks

August 24, 2026 at 07:30 AM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Gold funds bought 18 tonnes in a single day last week, pushing the price up 13.8% in the first three weeks of August to $4,603. Pusula Yatırım chief economist Filiz Eryılmaz said the inflows are a strong signal for the metal. The rally comes ahead of Fed Chair Kevin Warsh's Jackson Hole speech on Friday.

Key Facts

Gold funds bought 18 tonnes in a single day last week, according to Pusula Yatırım chief economist Filiz Eryılmaz.
Gold rose 13.8% in dollar terms in the first three weeks of August, from $4,046 to $4,603.
Fed Chair Kevin Warsh will speak at the Jackson Hole meeting on Friday.
Eryılmaz puts the probability of a hawkish Warsh speech at 55%, with a 25% chance of hawkish and 20% chance of dovish.
Commodity markets expert Zafer Ergezen forecasts gold could reach $4,800.

Fund Inflows

Pusula Yatırım chief economist Filiz Eryılmaz highlighted that funds bought 18 tonnes of gold in a single day last week. She noted that July saw an 18-tonne inflow into gold funds, and after the U.S. Treasury announcement, funds bought 18 tonnes in one day. Eryılmaz said there is no real reason for gold to rise, but funds are a leading indicator and their inflows are a good reason for gold. She added that central bank purchases, led by China and Poland, are also supporting the precious metal.

Fed Speech

Eryılmaz said Fed Chair Kevin Warsh's speech at the Jackson Hole meeting on Friday will be critical for gold. She assigned a 55% probability to a Warsh speech that is hawkish on inflation but says nothing about rate hikes. She put the chance of a hawkish speech at 25% and a dovish speech at 20%.

Price Outlook

Gold rose 13.8% in dollar terms in the first three weeks of August, from $4,046 to $4,603. Commodity markets expert Zafer Ergezen forecasts gold could reach $4,800 again. Eryılmaz also noted that the Capital Markets Board's free fund regulation, expected this week, will determine pricing on Borsa Istanbul.