According to PANews, the World Gold Council reported a significant rebound in gold prices at the end of August, reaching $3,429 per ounce, marking a 4% increase for the month. By the end of August, gold had risen 31% for the year. Despite a substantial weakening of the U.S. dollar, gold prices increased across all major currencies. As September begins, this positive trend continues.
The primary factors contributing to the rise in gold prices in August included the early-month weakening of the dollar, ongoing geopolitical tensions, and sustained inflows into global gold ETFs. Recently, the increased likelihood of a rate cut by the Federal Reserve in September has also supported gold prices. Gold ETFs saw a net inflow of $5.5 billion for the month, primarily from North America ($4.1 billion) and Europe ($1.9 billion), while Asia and other regions experienced outflows.
