Gold Price Hits $4,599.3 Per Ounce Amid Fed Wait

The world gold price as of August 28 was around $4,599.3 per ounce, up $23.9 from the previous day.

This price fluctuation is significant, as it marks a strong increase in August and has entered a sideways phase around the $4,600 zone.

Investors are waiting for new signals from the US Federal Reserve (Fed) to gauge their next move. The weakening greenback and concerns about the US fiscal situation are driving cash flow to gold as a defensive asset.

However, 10-year term bond yields remain high, causing the opportunity cost of holding gold to increase and limit its potential for a strong breakthrough in the short term.