Gold Prices Hold Above $4,600 After Slight Adjustment

After a sharp increase last week, gold prices have slightly adjusted downward. According to Laodong.vn, spot gold prices fell 0.22% to $4,641.29 per ounce as of 2:12 PM Vietnam time. The decrease follows a strong rally that saw gold prices jump above the $4,700 mark on August 24.

Despite the slight drop, gold prices remain above the $4,600 level. Analysts attribute this stability to a combination of fundamental and technical factors driving the upward trend. Mr. Jim Wyckoff, a commodity and financial market analyst at Kitco, stated that 'Government bond yields have stabilized, even slightly decreased today.'

The precious metal's price surge last week was partly driven by the US Treasury Department's support plan for government bonds, which pushed the USD to its lowest level in months. This development made gold more accessible to investors holding other currencies.