Gold prices accelerate, hitting 3-week high

(QNgTV)- Gold prices on 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

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 the price of gold up today.

Experts at Bank of America maintain an optimistic forecast, saying that gold prices could hit $4,000/ounce in the first half of 2026. In its latest report, the bank emphasized that the possibility of the US Federal Reserve (Fed) cutting interest rates amid rising inflation will be a key factor supporting gold prices. The market is currently betting heavily on the possibility that the Fed will start its rate-cutting cycle from September 2025.

According to CME's FedWatch tool, investors are almost certain that the Fed will cut interest 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 creating a favorable environment for gold prices today.

Source: https://quangngaitv.vn/gia-vang-tang-toc-cham-dinh-cao-nhat-trong-3-tuan-6506671.html