XAUUSD price prediction today August 23, 2023
In the world, gold price increased mainly due to bottom-fishing demand when precious metal products stood at the threshold of 1,900 USD/ounce despite great pressure from USD.
Investors also looked to gold while waiting for the annual symposium of the US Federal Reserve (Fed) to be held this weekend in Jackson Hole, Wyoming. The meeting brought together leaders of the world's central banks, including Fed Chairman Jerome Powell.
The world dollar appreciated strongly in the middle of last week when China continued to loosen monetary policy, causing the yuan to continue to weaken. Compared to the beginning of the year, the yuan has decreased by 5.6%.
Although central banks in many countries have stepped up to buy gold, the precious metal has not been able to break through when the dollar is still rising.
The Fed is expected to raise rates again in September and keep rates high for a relatively long time.
Investors also looked to gold while waiting for the annual symposium of the US Federal Reserve (Fed) to be held this weekend in Jackson Hole, Wyoming. The meeting brought together leaders of the world's central banks, including Fed Chairman Jerome Powell.
The world dollar appreciated strongly in the middle of last week when China continued to loosen monetary policy, causing the yuan to continue to weaken. Compared to the beginning of the year, the yuan has decreased by 5.6%.
Although central banks in many countries have stepped up to buy gold, the precious metal has not been able to break through when the dollar is still rising.
The Fed is expected to raise rates again in September and keep rates high for a relatively long time.
PT 1919
TP 1917
SL1940