World gold prices reach a new peak.

World gold prices surged on August 16th.

This is a new historical peak, surpassing the previous record of $2,483 set on July 19th. Gold prices rose after the US Commerce Department released data showing that new home construction fell 6.8% in July compared to last year. This rate was stronger than economists had predicted.

The number of new homes built in June was also revised downward compared to the previous report. Housing remains a major obstacle to US growth, as high prices and rising mortgage interest rates over the past few years have made it increasingly difficult for many Americans to buy a home.

Earlier, the US also announced that inflation cooled in July, retail sales in July increased more strongly than expected, and the number of initial jobless claims decreased. These reports further strengthened the likelihood that the Federal Reserve (Fed) would cut interest rates in September.

The gold market will benefit from a low-interest-rate environment, as gold does not pay fixed interest. Demand for safe haven assets has also recently increased amid escalating conflicts in the Middle East.

This week, gold prices have risen 1.7%. Commerzbank raised its year-end gold price forecast to $2,500 due to "clear signals of interest rate cuts from the Fed." Next week, the Fed will release the minutes of its July meeting. Fed Chairman Jerome Powell will also deliver a speech on the US economic outlook on August 23rd.

Besides gold, other precious metals also rose in price. Silver is currently up 0.1% to $28.37 an ounce. Platinum is up 0.24% to $958. Palladium is priced at $929, equivalent to a 0.5% increase.

TB (according to VnExpress)

Source: https://baohaiduong.vn/gia-vang-the-gioi-lap-dinh-390493.html