In the trading session of August 8, the price of gold on the New York market increased sharply again, adding more than 40 USD, from 2,383 USD/ounce in the previous session to 2,427 USD/ounce. This was a breakthrough despite the fact that this commodity faced many unfavorable factors, such as: a still quite strong USD and the world financial market stabilizing again after several rare turbulent sessions, from the US to Japan.

World gold prices rose again in the context that this commodity was previously sold off along with a series of other assets, after gold set new records in the first half of 2024.

In mid-July, spot gold prices reached a historic high of $2,483 an ounce.

Gold has been on a tear since late 2023, so it has been under pressure to take profits recently. Pressure has also been building on the commodity as the World Gold Council (WGC) reported that the People's Bank of China (PBOC) did not add any gold for the third consecutive month.

Prior to that, the PBOC had 18 months of net gold purchases, which was a factor that pushed up the price of this commodity.

Although China released data showing that its central bank has not increased its gold reserves in the past three months, the WGC reported that several other central banks are still buying the precious metal.

Gold ETFs, including the giant SPDR Gold Trust, have recently reversed their net gold purchases amid rising geopolitical risks in many places, including the Middle East, with escalating conflicts between Israel and Hamas and recently with Iran...

In a recent forecast, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said that gold prices will reach $3,000/ounce (equivalent to about VND92 million/tael).

According to the above expert, gold has high profitability during times of economic instability in the US and in the context of the devaluation of the USD.

Recently, investors have been concerned that the US economy will fall into recession after the US Department of Labor announced that the unemployment rate has increased at times. Many people are concerned that the US Federal Reserve (Fed) maintaining high interest rates for a long time (5.25-5.5%/year) as it is now will have a negative impact on the US economy.

The volatile rise and fall of the US stock market initially caused all asset classes to fall, including gold. However, after calming down, investors are directing money into low-risk assets, including gold.

On Kitco, Mark Moss - host of "The Mark Moss Show" - commented that the US economy is likely to enter recession and as a result, the US will print more money, pump more liquidity and have higher inflation.

According to Mark Moss, the US dollar is considered a bubble asset, which will then decline. Of course, gold will attract cash flow and increase sharply.

Alex Ebkarian, CEO of Allegiance Gold, also said that money is moving from stocks to safe-haven assets like gold. If the Fed cuts interest rates by 50 basis points this year (likely starting in September), gold prices will rise even more.

Gold is also expected to benefit from escalating tensions in the Middle East.

The rebound of gold in the session of August 8 (early morning of August 9, Vietnam time) despite the strengthening of the USD and the high yield of US bonds, as well as some good US economic indicators... shows the strength of the gold market.

Gold, stock, USD, bitcoin prices plummet: The strangest thing is happening The market is witnessing a rare phenomenon when most assets plummet, stock exchanges collapse, USD drops sharply, gold prices fall freely... This development is contrary to the usual rule: When USD increases, gold decreases and vice versa.