Concerns about the depreciation of the US dollar support the gold price market focuses on Walsh's speech

On August 27, gold prices rose slightly on Thursday, concerns about currency devaluation persisted, and market attention turned to Federal Reserve Chairman Walsh's much-awaited speech this week. Kelvin Wong, senior market analyst at OANDA, said the narrative of a weakening dollar coupled with concerns about the U.S. budget deficit will still support gold in the medium term. The U.S. Treasury Department's previous announcement to expand purchases of long-term bonds issued earlier triggered concerns about the depreciation of the dollar, causing gold prices to rise more than 5% last week. Wong added: "Markets are waiting for Washi's speech to gain a clearer understanding of how the Fed will respond to the current economic situation. If he does not provide specific forward-looking monetary policy guidance, the current market pricing for interest rate hikes is likely to remain largely unchanged." On the geopolitical front, the Prime Minister of Qatar will visit Tehran to restart diplomatic mediation. The United States and Iran have previously exchanged accusations, with the focus of controversy over Washington's commitment to increase economic pressure on Tehran by sanctioning Iran's trading partners. (Jin Shi)