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

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Gold and silver spent much of the past year setting new milestones. Gold repeatedly reached new highs in 2025, eventually surging past $5,000 per ounce and peaking just under $5,600 per ounce on January 28. Silver's rise was even greater, jumping from $40 per ounce on September 1 to $116 on January 28, a 190% gain, according to American Hartford Gold.

But times have changed. The precious metals climate looks decidedly different now, as gold and silver prices have trended downward since reaching those January peaks. As of July 27, gold and silver were trading at $4,102 and $59, respectively.

Have gold and silver prices fallen far enough to make now a good time to buy, or could prices still fall further? That's the question on many investors' minds now following these recent declines. We asked precious metals experts where they think gold and silver prices are headed in August. Below, we'll outline what they expect to see.

Review your gold investing options before prices rise again here.

Perhaps unsurprisingly, where gold prices go in August may depend heavily on the conflict in Iran. "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," says Thomas Winmill, president and portfolio manager at Midas Funds, which invests in gold and silver mining companies. "In the environment, the gold price will likely resume its long-term upward trend to over $5,000 per ounce."

James Anderson, senior precious metals analyst at SD Bullion, anticipates a price rebound later this year, but not in August. "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," Anderson says. If that projection plays out, the current gold price may represent an opportunity to buy low before prices rise late in the year.

The Federal Reserve's July meeting could also affect where gold prices go in August. Gold doesn't earn interest like bonds and savings accounts do, so it tends to perform better when interest rates stay the same or fall. As of July 27, the odds of the Fed holding rates steady are set at 66.3%, according to the CME Group's FedWatch tool.

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