Gold price today August 20: Under pressure to sell off, gold declines

On the morning of August 20, the world gold price was listed on Kitco at 3,314 USD/ounce, down 18 USD/ounce compared to early yesterday morning.

Gold prices fall due to strong selling pressure and investors waiting for monetary policy signals from the Jackson Hole Economic Conference, taking place from August 21-23.

Gold is under selling pressure after positive signals from negotiations to find a solution to the conflict in Ukraine that has lasted nearly 4 years.

Gold prices fell after the US Commerce Department reported that homebuilding increased 2.5% in July from the previous month, exceeding analysts' forecasts. Compared to the same period in 2024, the sector increased nearly 13%.

The precious metals market is in a “holding position” ahead of the annual Jackson Hole conference, which kicks off this weekend and will be highlighted by a speech by Federal Reserve Chairman Jerome Powell on the economic outlook and monetary policy direction, according to Kitco Metals expert Jim Wyckoff.

“ Gold trading is likely to be quiet until Powell speaks ,” Wyckoff said.

Gold price movements today

+ Domestic gold price

Gold price today decreased (Photo: Minh Duc).

At 6:00 a.m. on August 20, the price of gold bars at Doji and SJC was listed at 124 - 125 million VND/tael (buy - sell), unchanged compared to early this morning.

Meanwhile, the price of gold rings is currently listed by Doji at 117 - 120 million VND/tael (buy - sell), unchanged.

+ International gold price

The world gold price listed on Kitco is at 3,314 USD/ounce, down 18 USD/ounce compared to late yesterday afternoon. Gold futures last traded at 3,334 USD/ounce.

Gold Price Forecast

Rhona O'Connell, Head of Market Analysis for EMEA & Asia at StoneX, has revised her forecast. gold price The average price in 2024 will be $3,115 per ounce, up 1% from the previously announced figure of $3,078. According to her, the gold market has been quite "quiet" recently, with the fluctuation range only around 2% in the most recent week and 8% in the past three months.

O'Connell forecasts gold prices to average $3,320 an ounce in the third quarter of 2025, but could fall back to around $3,000 an ounce in the fourth quarter. " Barring a major humanitarian crisis or unexpected event, the likelihood of gold re-establishing its April peak of $3,500 an ounce is very low ," she stressed.

Ole Hansen, head of commodity strategy at Saxo Bank, said rising inflation data this week will not stop the US Federal Reserve from cutting interest rates.

“ Gold initially traded lower after the better-than-expected US producer price index report. This was because investors were concerned that this could dampen interest rate cut expectations as it suggested that July’s core PCE inflation could pick up, forcing the Fed to be cautious ,” he said.

Ole Hansen also highlighted that rising input costs risk squeezing corporate profit margins or passing on costs to consumers, putting upward pressure on CPI. However, this data does not change our positive long-term view on gold, as the Fed will ultimately have to strike a balance between controlling inflation and supporting the economy.

Marc Chandler from Bannockburn Global Forex commented: " Gold has bottomed out around $3,330. Trading in the $3,250-$3,400 range has many investors cautious. Geopolitical factors such as the Trump-Putin meeting could create volatility, but the impact may be slow ."

Source: https://baolangson.vn/gia-vang-hom-nay-20-8-chiu-ap-luc-ban-thao-vang-suy-giam-5056577.html