On August 21, gold prices are maintaining their high levels, with the global price quoted at $4,528 per ounce, an increase of $8 from the previous morning. This rise in gold prices is attributed to a significant drop in the US dollar and bond yields after the US Treasury announced an expansion of its long-term bond repurchase operations.

Market analyst Jim Wyckoff from the American Gold Exchange noted that gold is currently facing typical profit-taking pressure following a strong price surge in the previous session. The minutes from the Federal Reserve's July meeting indicated a somewhat hawkish stance, coupled with rising oil prices, which reignited inflation concerns, negatively impacting gold.

While gold is often viewed as a hedge against inflation, higher interest rates can reduce demand for this precious metal by increasing the opportunity cost of holding a non-yielding asset. The minutes from the Fed's meeting revealed that some policymakers are worried about inflation, and a few officials are still open to the possibility of further interest rate hikes.

According to the CME FedWatch tool, traders believe there is a 67.4% chance that the Fed will maintain interest rates in September. As of 6 AM on August 21, the price of SJC gold bars in Vietnam is listed at 143 million VND per tael (buy) and 146 million VND per tael (sell), reflecting an increase of 3.3 million VND per tael compared to the previous trading session. Meanwhile, the price of gold rings is quoted at 142.5 million VND per tael (buy) and 145.5 million VND per tael (sell), also up by 3.3 million VND per tael.

Looking ahead, Wells Fargo Investment Institute forecasts that gold prices could rise by approximately 11% by the end of the year, driven by expectations of the Fed slowing its rate hikes, improved ETF cash flows, and persistent demand for gold in Asia and from central banks. Despite a 5% decline in gold prices during the first half of the year, Asian investors have consistently increased their purchases. Demand from central banks also rebounded in the second quarter, reinforcing gold's role amid geopolitical instability, inflation risks, and market volatility. However, Wells Fargo cautions that the upward trend in gold prices may not be linear due to ongoing pressures from US monetary policy, lowering its year-end 2026 gold price forecast to between $4,900 and $5,100 per ounce.