On August 22, gold prices surged to $4,602 per ounce, reflecting a notable increase of $74 from the start of the previous day. The upward trend in gold prices is largely attributed to the weakening of the US dollar and diminishing expectations regarding potential interest rate hikes by the Federal Reserve in September. Additionally, concerns surrounding the fiscal outlook of the United States have further bolstered the gold market.

The price of gold crossed the $4,500 per ounce threshold following the announcement of the US Treasury's bond buyback on Wednesday, and it traded above $4,600 per ounce by Friday afternoon. As the week of trading begins, investors are closely monitoring inflation data, US economic growth, and the Federal Reserve's monetary policy direction.

Notably, Federal Reserve Chairman Kevin Warsh is scheduled to speak at the Jackson Hole Economic Symposium next Friday, which could provide clear signals regarding how he balances persistent inflation pressures with recent signs of a weakening labor market.

Current Gold Prices in Vietnam

As of 6 AM on August 22, the price of gold bars at SJC was listed at 144 million VND per tael for buying and 147 million VND for selling, reflecting an increase of 1 million VND per tael compared to the previous trading session. Meanwhile, the price of gold rings was quoted at 143.5 million VND per tael for buying and 146.5 million VND for selling, also up by 1 million VND from the last session.

Global Gold Market Outlook

Globally, gold prices listed on Kitco were at $4,602 per ounce, marking a $74 increase from earlier in the morning. According to the Wells Fargo Investment Institute, gold prices could potentially rise by approximately 11% by the end of the year, driven by expectations of a slowdown in interest rate hikes by the Federal Reserve, improved ETF cash flow, and sustained demand for gold in Asia as well as from central banks.

Wells Fargo noted that gold has already increased more than 7% in the first week of August. The outflow of funds from gold ETFs appears to be stabilizing, with signs of a possible reversal. Despite a 5% decline in gold prices during the first half of the year, Asian investors have continued to buy gold. Demand from central banks also rebounded in the second quarter, reinforcing gold's role amid geopolitical instability, inflation risks, and market volatility.

Wells Fargo cautioned that the upward trajectory of gold prices may not follow a straight path due to ongoing pressures from US monetary policy. The bank has revised its gold price forecast for the end of 2026 down to a range of $4,900 to $5,100 per ounce. This target range represents an increase potential of about 9-14% compared to the current level of approximately $4,485.

As gold approaches the $4,600 per ounce mark, its future price movements will depend on several key factors.