Gold price today 8-23: Strong increase

(NLDO) – Gold prices today skyrocketed by tens of USD/ounce when the US Federal Reserve (Fed) revealed the possibility of reducing interest rates.

Early on August 23, the price of gold on the international market closed the weekend at 3,373 USD/ounce.

World gold prices today increased sharply after Fed Chairman Jerome Powell revealed that the organization could cut interest rates in September 2025.

Specifically, in his speech at the Fed's annual symposium, Mr. Jerome Powell emphasized the risks of rising inflation and slowing economic growth. However, he also said that although the risks are balanced, US monetary policy may need to be adjusted.

Ole Hansen, commodities analyst at Saxo Bank, said the case for rate cuts has been extended until the end of 2025.

Christopher Vecchio, head of FX at Tastylive.com, commented that interest rates could be cut as US inflation approaches 3%. Therefore, owning gold remains a reasonable choice for investors.

Faced with this information, gold speculators increased their purchases with the expectation that the USD would weaken, thereby helping world gold prices continue to increase in the coming time.

Therefore, by early August 23 (Vietnam time), the price of gold on the international market closed the weekend at 3,373 USD/ounce, a sharp increase of 53 USD compared to the lowest level in the trading session last night (3,320 USD/ounce).

In Vietnam, at the end of August 22, SJC gold was sold at 125.4 million VND/tael, while ring gold price reached 120 million VND/tael.

Source: https://nld.com.vn/gia-vang-hom-nay-23-8-tang-rat-manh-196250823063848672.htm