Gold Prices in August 2026: What July’s Rebound Means for Your Jewellery
Gold enters August 2026 at about US$4,043 an ounce - roughly C$5,675 in Canadian dollars - after a July that delivered the metal’s first monthly gain since February. The month was anything but quiet: prices swung between roughly US$3,963 and US$4,208 before settling close to where they started. Here is what happened, and what it means if you own, are buying, or are thinking of selling gold jewellery in London, Ontario.
Where Gold Stands Right Now
As of August 1, 2026, spot gold sits around US$4,043 per ounce - about C$5,675. July closed with a modest gain of roughly half a percent, the first monthly rise since February, though a late-month rebound in the US dollar clipped about 1.5% off the price on the final trading day. Gold remains about 21% higher than a year ago, when it traded near US$3,351, but still sits well below the record near US$5,590 set in late January 2026.
What Moved the Price This Month
July’s gain came from a familiar tug-of-war. Softer US inflation readings and the Federal Reserve’s decision to hold interest rates steady gave gold room to climb. Working against it, markets are now pricing roughly 65% odds of a rate hike in September, which capped every rally - higher rates make non-yielding gold less attractive. Underneath it all, central banks kept buying: China added nearly 15 tonnes in June, its 20th straight month of purchases and its largest single-month addition since October 2023. That steady official demand continues to put a floor under the price.
What This Means for Your Jewellery in London
If you are selling: prices are holding near historic highs, so this remains an exceptional market. At roughly C$5,675 per ounce, pure-gold melt value works out to about C$182 per gram - roughly C$76 per gram for 10K, C$107 for 14K and C$137 for 18K, before any buyer’s margin. Broken chains, single earrings and dated pieces sitting in a drawer are worth real money right now.
If you are buying or commissioning: gold still sits well below January’s peak, so resizing a ring, adding gold to a custom design, or choosing a heavier piece costs noticeably less than it would have at the start of the year. The metal is priced at the day’s market rate.
Quotes Change Daily - Get Yours in Person
With the market moving this fast, any number you read online (including this one) ages quickly. At Daniel A Jewellery (467 Wharncliffe Road South, London) we weigh and test your gold in front of you and quote from that day’s market price - free, with no obligation. The same applies to custom work and resizing: the quote is locked to the day you approve the job.
Frequently Asked Questions
What is the gold price in Canada today?
As of August 1, 2026, spot gold is about C$5,675 per troy ounce (US$4,043). It moves by the minute during trading hours, so treat any published figure as a snapshot.
Do jewellers pay the full spot price for gold?
No. Spot is the benchmark for refined, pure gold. Buyers price by karat and weight, minus a margin for refining and handling - a fair shop weighs your pieces in front of you and shows you the math.
Is now a good time to sell gold jewellery?
Gold is off its January record but still historically high and about 21% above a year ago, so scrap and unworn pieces carry strong value. The right time depends on your needs - bring it in for a free, no-obligation quote and decide with the numbers in front of you.
Spot prices referenced are as of August 1, 2026 and will have moved since. This article is general information about the gold market, not financial advice.