According to BlockBeats, on August 23, spot gold prices rebounded above $2500 per ounce, partially recovering from a 1.1% drop on Thursday. This rebound occurred as traders grew concerned that they might have overestimated the likelihood of significant interest rate cuts by the Federal Reserve before the end of the year. Fed Chair Jerome Powell's speech, scheduled for late Friday, is expected to provide further insights into the trajectory of interest rate cuts.

Gold has been trading within a relatively narrow range this week after hitting a record high on Tuesday. The price of gold has increased by more than 21% in 2024, driven primarily by substantial purchases from central banks and safe-haven demand due to ongoing conflicts in the Middle East and between Russia and Ukraine. The over-the-counter market has also seen robust physical gold bar purchases.