New York gold prices rose on the 24th

Source: Xinhua Finance

Xinhua Finance, New York, August 24 (Reporter: Xu Jing) — On August 24th, the most actively traded December 2026 gold futures contract on the New York Mercantile Exchange rose by $29.4 to close at $4,710.0 per ounce, an increase of 0.63%.

On the afternoon of the 24th, U.S. Treasury Secretary Bessent held a press conference announcing a new wave of “economic isolation” sanctions against Iran, aiming to increase pressure on the country. As a result, gold prices resumed their upward momentum. In addition, investors are also waiting for Federal Reserve Chair Kevin Walsh’s speech at the Jackson Hole Symposium on the 28th.

According to the U.S. Treasury Department’s Office of Foreign Assets Control announcement on the 24th, starting that day, the scope of U.S. economic sanctions against Iran would be expanded to five new sectors: aviation, digital assets, gold, shipping, and technology.

Bessent stated that the U.S. is launching a “fierce offensive” against Iran’s global financial connections, aiming to cut off every economic lifeline of the Iranian government until it is completely isolated. President Trump is calling various leaders regarding specific demands to halt business with Iran.

The latest developments in the Middle East have increased the appeal of gold as a safe-haven asset. According to the World Gold Council (WGC), last week, gold ETFs saw a net inflow of $6.381 billion.

On the same day, U.S. Treasury yields edged lower, with the 10-year yield dropping 3.5 basis points to 4.700%, which was favorable for gold prices.

After months of correction, the gold market once again showed an upward trend. Analysts described this new momentum as a revival of currency depreciation trades after the U.S. Treasury’s announcement that it would purchase long-term bonds to lower borrowing costs. However, persistently high inflation and the prospects of further Federal Reserve rate hikes mean that the path for gold prices is unlikely to be smooth.

On the same day, the September silver futures contract fell by 61.4 cents to settle at $69.735 per ounce, a decrease of 0.87%.

Editor: Zhu Henan