Last weekend, comex gold contract for December delivery increased 1.2% to 3,530.70 USD/ounce in New York (USA), just slightly lower than the historical peak of 3,53.10 USD reached on August 8. As of August 20, gold has increased by nearly 6.6%.
In the morning trading session of September 1, the world gold price was listed around 3,463.9 USD/ounce, up 17.4 USD compared to a day ago.
Experts say the focus this week will be the August US jobs report, scheduled for release on September 6. A Bloomberg survey predicts that the US economy will only create 75,000 more jobs, with the unemployment rate increasing slightly - a sign that the labor market is cooling down.
Federal Reserve Chairman Jerome Powell recently warned of labor risks, raising expectations that the Fed will cut interest rates at a meeting on September 16-17. Lower interest rates are often beneficial for gold.
However, political instability in Washington is complicating the situation. President Donald Trump's public disclosure of a way to fire Fed Governor Lisa Cook has raised concerns about the independence of central banks. An emergency trial has been opened but a verdict has not yet been reached. Observers warn that any scenario that threatens the Fed's reputation could cause cash flow to seek gold as a safe haven.
In addition, US trade tensions continued to flare up after the federal appeal court ruled that Trump's global tariffs were "illegitimate", although it was still allowed to continue as the lawsuit continued. Previously, this tariff plan pushed gold prices closer to $3,500/ounce in April.
Although the long-term outlook remains positive thanks to expectations of monetary easing, many analysts warn that gold may adjust in the short term.
Gold prices are at a record high while the USD index is approaching the decision mark of 100 points. This is a threshold that could create a strong shake-up, said Prathamesh Mallya, head of commodity research at Indias leading financial services company Angel One.
Pranav Mer, Vice President of Research at JM Financial Services, also noted: This week and next week, the market will revolve around global PMI data, US employment reports, and geopolitical variables such as the Russia-Ukraine peace process or the India-US tensions.
From both a technical and political perspective, gold is expected to enter a period of strong fluctuations. If the Fed cuts interest rates as expected, gold could break out to a new high. But if the jobs data is better than expected or the USD reverses sharply, the precious metal will hardly avoid a correction.
In that context, investors are advised to hold their breath waiting for the news, because just one signal from the Fed or the White House is enough to cause gold prices to turn around fiercely.
Regarding domestic gold prices, as of 9:30 a.m. on September 1, the price of SJC gold bars was listed by DOJI Group at 129.1-130.6 million VND/tael (buy in - sell out).
Bao Tin Minh Chau listed the price of SJC gold bars at 128.6-130.6 million VND/tael (buy in - sell out).
Phu Quy Jewelry Group listed the price of SJC gold bars at 128.1-130.6 million VND/tael (buy in - sell out).
The price of 9999 round gold rings is at 122.5-125.8 million VND/tael (buy in - sell out).
