Gold Hits $4,400 as BofA Says “Trade Is Long Gold” With Dollar Under Pressure

TLDR

• Bank of America strategist Michael Hartnett says gold is the best hedge against dollar weakness
• Gold funds saw $6.3 billion in inflows last week, the biggest since January 2026
• Spot gold rose to around $4,394 per ounce, supported by a weaker dollar
• Fading expectations of a Fed rate hike in September are boosting gold’s appeal
• Shipping disruptions in the Strait of Hormuz are keeping energy inflation risks alive

Gold is trading just under $4,400 an ounce after a strong week, with Wall Street backing the metal as a top trade heading into the second half of 2026.

Bank of America strategist Michael Hartnett told clients on Monday that the “trade is long gold,” calling it the best hedge against dollar weakness, bond market instability, and what he described as the political tensions of the 2020s between capitalist and socialist populism.

Gold funds pulled in $6.3 billion in the latest week, the largest weekly inflow since January 2026. That figure came from BofA’s own flows data, which also showed $25.4 billion going into cash, $23.8 billion into bonds, and $16.1 billion into equities.

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