Gold Price Prediction: Peter Schiff, an American economist, financial commentator and author who serves as Chief Economist and Global Strategist at Euro Pacific and is also the chairman of SchiffGold and host of Schiff Radio, has said the correction in gold is over and expects the precious metal to soon move back above $5,000. He made the comments while gold was trading at around $4,412 an ounce, saying the metal had regained strength during Asian trading hours.
What does Schiff mean by ‘correction is over’?
Gold had fallen sharply during the Iran-war-related sell-off, and Schiff has previously argued that the decline was a buying opportunity rather than the end of the broader gold bull run.
According to a report by Bloomberg dated July 134, 2026, gold fell the most in more than two weeks as renewed US-Iran hostilities in the Middle East and comments from a Federal Reserve policymaker raised expectations of a possible interest rate hike to curb inflation.
The report further stated that bullion slid as much as 3.2% to trade below $4,000 an ounce, the largest intraday drop since June 24, as Fed Governor Christopher Waller said policymakers may need to raise rates in the near term.
Gold Price Today, August 12: Bullion nears $4,400 as dollar weakens; US CPI, PPI data in focus
Gold prices edged higher on Wednesday, August 12, supported by weakness in the US dollar, while investors remained cautious ahead of key US inflation data due later today and on Thursday.
As of 6:05 am, spot gold was up 0.3 per cent, or USD 13, at USD 4,381.60 per ounce. The precious metal has remained elevated for the second consecutive session, hovering around the USD 4,300 mark. Meanwhile, spot silver gained 0.5 per cent, or USD 0.30, to trade around USD 65 per ounce.
Gold Price Today in India: Domestic Market Update (MCX)
At the time of writing this report (1:56 AM), on the MCX, gold was trading 0.68 per cent higher at Rs 1,54,812 per 10 grams, while silver was trading 1.65 per cent higher at Rs 2,39,545 per kg.
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US Dollar Supports Gold Prices
The weakness in the US dollar provided support to bullion prices. The US Dollar Index, which measures the greenback against a basket of six major currencies, was trading at 99.81.
A weaker US dollar generally supports gold prices as it makes the dollar-denominated metal cheaper for holders of other currencies, potentially boosting demand. Gold also tends to benefit from its appeal as a store of value during periods of economic and market uncertainty.
