Experts say this is not the end of the strong gold price increase cycle in recent years, but only a "rest" period before breaking out.
It is noteworthy that during the recent increase, world gold prices have continuously hit new peaks despite factors that often cause downward pressure.
Real yields on 10-year US government bonds remain above 2% - the highest level since 2008, while the USD Index climbed to 110 at the beginning of the year, all of which are traditional barriers.
But despite that, gold still broke a record of over $3,400/ounce thanks to huge buying from central banks and increased geopolitical instability.
According to data, from the first quarter of 2022 to the second quarter of 2025, the global central bank net bought more than 3,600 tons of gold, double the same period in the previous period. Valuation models show that, when adding the central banks purchases and global economic instability factors, the possibility of explaining the soaring gold price fluctuations is a testament to the strong influence of these two factors.
The important thing is that in the coming period, "traditional drivers" are returning. Fed Chairman Jerome Powell's recent speech at the Jackson Hole conference shows that the Fed is likely to start the rate cut cycle from September, and not just stop at one time. Lower interest rates will put pressure on the USD, which is being valued at high prices, thereby strengthening the upward trend of gold.
According to estimates, if the Fed lowers interest rates to the 3% range and the USD Index adjusts to the threshold of 94, gold prices could increase by 400 USD/ounce, approaching the 3,800 USD mark, not to mention psychological factors and investment cash flow can push prices further.
In the context of the continuing "de-dollarization" trend, the central bank's gold purchasing power has not cooled down, and global political and economic instability still exists, analysts believe that the threshold of 4,000 USD/ounce is not too far away.
With those factors, gold is considered a defensive "star" for investors in the rest of 2025 - both a safe haven and promising attractive profits if the breakout trend is established.
The world gold price was listed at 22:20 on August 27 at 3,388 USD/ounce.
Regarding domestic gold prices, as of 6:00 a.m. on August 28, the price of SJC gold bars was listed by DOJI Group at 126-128 million VND/tael (buy in - sell out).
Phu Quy Jewelry Group listed the price of SJC gold bars at 125.4-128 million VND/tael
