On August 22, 2026, domestic gold prices closed higher. According to the Korea Gold Exchange, pure gold per don (3.75g) closed at 899,000 won for purchase, up 7,000 won (0.78%) from the previous day. The selling price rose 8,000 won to 751,000 won, a change of 1.07%.

■ Price Trends by Precious Metal

18K gold rose 5,800 won (1.05%) from the previous day to 552,000 won for selling, and 14K gold also rose 4,500 won (1.05%) to 428,100 won for selling.

Platinum rose 2,000 won (0.55%) from the previous day to 365,000 won for purchase, and 1,000 won (0.34%) to 296,000 won for selling. Silver remained unchanged at 12,720 won for purchase, recording a 0% change, while the selling price rose 10 won (0.09%) to 10,750 won.

■ International Oil Prices Surge Amid Heightened Middle East Tensions

In the international crude oil market, prices jumped sharply recently as tensions surrounding the Middle East intensified once again. This was driven by heightened uncertainty over oil supply after the United States announced plans to step up economic pressure on Iran.

On the 20th (local time), Brent crude for October delivery closed at $93.78 per barrel on the ICE futures exchange, up 2.36% from the previous session. West Texas Intermediate (WTI) crude for September delivery on the New York Mercantile Exchange also closed 2.33% higher at $87.83 per barrel. Both benchmarks climbed to their highest levels since July 24.

Geopolitical uncertainty surrounding the United States and Iran underpinned the rise in oil prices. U.S. Treasury Secretary Scott Bessent signaled high-intensity economic sanctions targeting Iran, with a plan containing specific measures set to be unveiled on the 24th. President Donald Trump also stated that pressure could extend not only to Iran but also to countries maintaining economic ties with it, heightening market wariness.

■ Oil-Gold Price Linkage... Key Factors to Watch

The conflict surrounding Iran could affect not only the crude oil market but also the gold market. If the Middle East situation becomes unstable, concerns over oil supply disruptions could grow, and if high oil prices strengthen inflation pressure, expectations for monetary easing by the U.S. Federal Reserve (Fed) could weaken. Rising market interest rates and a stronger dollar could weigh on gold, so the relationship between oil and gold prices needs to be examined alongside U.S. inflation and interest rate outlooks.

In the gold market, the key variable emerging is what actual changes U.S. economic pressure on Iran will bring to oil supply and the Middle East situation. In particular, depending on the details of the U.S. plan for economic pressure on Iran to be revealed, and the responses of Iran and its major trading partners, both international oil prices and safe-haven demand could fluctuate simultaneously, drawing keen attention to the future direction of gold prices.