World gold prices continued to rise in the afternoon trading session on August 5, marking the third consecutive increase session as the USD weakened and oil prices cooled down, in the context that the market is waiting for a series of US jobs data to assess the monetary policy outlook of the US Federal Reserve (Fed).
As of 2:27 PM Vietnam time, spot gold prices increased by 1.77% to 4,167.37 USD/ounce. Meanwhile, December gold futures contracts increased by 1.73%, to 4,224.57 USD/ounce.
The USD remaining at a low level makes gold more attractive to investors holding other currencies. At the same time, oil prices continued to stabilize after previous sharp declines, contributing to easing inflation expectations and reducing pressure on interest rate outlook.
The market is currently focusing on monitoring the ADP private sector jobs report to be released on the same day and the US non-farm payroll report at the end of the week. These data are considered an important basis for investors to assess the Fed's next direction on interest rates.
According to market developments, the probability of the Fed raising interest rates in the September meeting has decreased compared to the beginning of the week, thereby supporting non-performing asset groups such as gold.
The precious metals market also prospered. Spot silver price increased 1.98% to 1,771.94 USD/ounce; platinum rose 1.97% to $61.77/ounce; while palladium increased sharply by 3%, to 1,390.75 USD/ounce.
On the energy market, oil prices recovered slightly after two sessions of deep decline. Brent oil increased by 1.05% to 80.19 USD/barrel, while WTI oil increased by 0.37% to 76.05 USD/barrel.
Investors will continue to monitor the diễn biến of the USD, US government bond yields and upcoming economic data, factors considered to have a major impact on the trend of gold prices in the short term.
