Gold Price Hovers Near $4,500 as Market Awaits Fed Decision
The gold price has reached the threshold of $4,500 per ounce, according to recent market data. At 6:00 AM on August 20th, Phu Quy listed SJC gold bar prices at 139.7-142.7 million VND/tael (buying - selling), down 1.6 million VND/tael in both buying and selling directions.
The world gold price has been receiving support from the weakening US dollar, as the market continues to assess the monetary policy outlook of the US Federal Reserve (Fed). However, high US bond yields and rising oil prices are creating significant resistance to the upward momentum of precious metals.
Recent US economic data shows mixed signals. Retail sales, consumer price index (CPI) and consumer sentiment have somewhat weakened, reducing expectations that the Fed will continue to raise interest rates in the September meeting. The market currently leans towards the possibility that the Fed will keep interest rates unchanged, while the probability of interest rate hikes is assessed lower.