Gold prices rebounded above $2,500/ounce before Powell's speech.

On August 23, Jinshi data, before the speech of Federal Reserve Chairman Powell, the Spot gold price rebounded above $2500 per ounce, partially recovering from a 1.1% decline on Thursday, as traders worried that they exaggerated the prospect of a sharp rate cut by the Fed before the end of the year. Powell's speech later on Friday may further reveal the trajectory of the rate cut. After hitting a historical high on Tuesday, gold has been trading in a relatively narrow range this week. The price of gold in 2024 has increased by more than 21%, mainly due to the Central Bank's large purchases and the safe-haven demand brought by the continued conflicts in the Middle East and Russia-Ukraine. The Over-the-counter Trading market has also seen healthy buying of physical gold bars.