Gold price today August 29: Accelerating, reaching the highest peak in 3 weeks

(NLDO) – Gold price today, August 29, continued to increase strongly, reaching the highest level in the past 3 weeks, in the context of a weakening USD and falling crude oil prices.

Gold price increased sharply today

As of 5:00 a.m. on August 29 (Vietnam time), the price of gold today on the international market reached 3,418 USD/ounce, up 35 USD from the lowest level in the trading session last night (3,383 USD/ounce). Meanwhile, the price of gold for December delivery increased by 12.60 USD, reaching 3,461 USD/ounce.

Analysts said that technical buying power along with the weakening of the USD index (down 0.32% to 97.81 points) pushed gold prices up today.

Experts at Bank of America maintain an optimistic forecast, saying that gold prices could reach $4,000/ounce in the first half of 2026. In the latest report, the bank emphasized that the possibility of the US Federal Reserve ( Fed) cutting interest rates in the context of rising inflation will be a key factor supporting gold prices.

"Potential rate cuts combined with a weaker US dollar would create favorable conditions for gold prices to rise further... In an environment of continued inflation, gold will become more attractive as a safe-haven asset," said analysts at Bank of America.

The market is now betting heavily on the Fed starting its rate-cutting cycle in September 2025. According to CME’s FedWatch tool, investors are almost certain the Fed will cut rates by 25 basis points at its September meeting, with the possibility of further easing in October and December.

The weakening of the US dollar and crude oil prices (trading around $63.75/barrel) also contributed to the favorable environment for gold prices today. These factors not only increase the attractiveness of gold but also strengthen the role of this precious metal as an effective tool to fight inflation.

In Vietnam, at the end of August 28, SJC gold was sold at 128.5 million VND/tael, while ring gold was sold at 122.6 million VND/tael.

Source: https://nld.com.vn/gia-vang-hom-nay-29-8-tang-toc-cham-dinh-cao-nhat-trong-3-tuan-196250829050730736.htm