World gold price hits new peak

World gold price skyrocketed in session 16/8

This is a new historical peak, surpassing the previous record of $2,483 set on July 19. Gold prices rose after the US Department of Commerce released data showing that the number of new homes built fell 6.8% in July compared to last year, a rate that was stronger than economists had predicted.

Housing starts in June were also revised down from the previous report. Housing remains a major drag on U.S. growth, as high prices and rising mortgage rates over the past few years have made it increasingly difficult for many Americans to buy a home.

Earlier, the US also announced that inflation cooled in July, retail sales increased more than expected in July and the number of initial unemployment claims decreased. These reports further strengthened the possibility that the US Federal Reserve (Fed) would cut interest rates in September.

Gold will benefit from a low interest rate environment, as it does not pay fixed interest. Demand for safe havens has also increased recently, amid escalating conflict in the Middle East.

Gold prices rose 1.7% this week. Commerzbank raised its year-end gold price forecast to $2,500 due to “clear signals from the Fed on interest rate cuts.” Next week, the Fed will release the minutes of its July meeting. Fed Chairman Jerome Powell will also speak on the U.S. economic outlook on August 23.

In addition to gold, other precious metals also rose. Silver is currently up 0.1% to $28.37 an ounce. Platinum is up 0.24% to $958. Palladium is priced at $929, equivalent to a gain of 0.5%.

TB (according to VnExpress)

Source: https://baohaiduong.vn/gia-vang-the-gioi-lap-dinh-390493.html