Gold Price Breaks Through $4,600 Barrier Amid Upward Momentum

The gold price has seen an increase after breaking through the $4,600 per ounce mark. As of August 23rd, world gold prices were listed around $4,602.4 per ounce, down 20.6 USD from the previous day. This upward momentum in the last sessions of the week has improved market sentiment and increased expectations for the trend of precious metals.

A survey of gold price prospects by a precious metals website found that 8 out of 11 Wall Street experts, or 73%, believe that gold prices may continue to increase next week. This is compared to the 27% who expect gold to enter an accumulation phase after its strong increase. Individual investors also showed an optimistic trend, with 78% expecting gold prices to rise.

The weakening of the US dollar and concerns over fiscal pressure in the US are driving forces behind the upward momentum in gold prices. The decrease in US government bond yields has prompted cash flow to turn to gold as a defensive asset. Capital flows into gold ETFs have also shown signs of improvement, supporting gold's short-term outlook.