Gold price update at the closing session on August 16: Buyers lose money when surfing

SJC gold bar price

Closing the week's trading session, Saigon SJC Jewelry Company listed SJC gold prices at 141-144 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week's trading (August 9), SJC gold bar price at Saigon SJC Jewelry Company remained unchanged in both buying and selling directions.

Meanwhile, DOJI listed SJC gold price at the threshold of 141-144 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (August 9), SJC gold bar prices at DOJI remained unchanged in both buying and selling directions.

If buying SJC gold bars in the session on August 9th and selling them in today's session (August 16th), buyers at Saigon Jewelry Company SJC and DOJI will both lose 3 million VND/tael.

9999 gold ring price

At the same time, DOJI Group listed the price of gold rings at 141-144 million VND/tael (buying - selling), down 200,000 VND/tael on the buying side and down 1.2 million VND/tael on the selling side. The buying - selling difference is at 3 million VND/tael.

Phu Quy Gold and Gems Group listed the price of gold rings at 141-144 million VND/tael (buying - selling), unchanged in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.

If buying gold rings in the session on August 9th and selling them in today's session (August 16th), buyers at DOJI will lose 4.2 million VND/tael, while buyers at Phu Quy will lose 3 million VND/tael.

World gold price

Closing the week's trading session, world gold prices were listed at 4,375.6 USD/ounce, up 34.3 USD compared to a week ago.

Gold price forecast

Gold price outlook for next week is receiving quite positive assessments from analysts, amid expectations that the US Federal Reserve (Fed) will continue to raise interest rates showing signs of weakening.

The latest survey with market experts shows that optimistic sentiment is clearly dominant. Among the 10 participating experts, 9 people, equivalent to 90%, predict that gold prices will increase next week. Only 10% believe that prices may decrease and no opinion predicts that the market will go sideways.

Individual investors also maintain a positive view. Among 222 online survey participants, 68% expect gold prices to continue to rise, 17% forecast a decrease and 15% believe that the precious metal may enter a sideways or accumulation phase.

One of the factors supporting gold is that US economic data is less positive than expected. Retail sales in July fell 0.6%, while the preliminary consumer confidence index in August fell to 51 points, from 55.2 points previously. Along with cooling signals from consumer inflation and production prices, these data significantly reduced expectations of the Fed raising interest rates at the September meeting.

The weakening USD according to interest rate expectations has created more support for gold. However, the yield of 10-year US Treasury bonds still maintained around the 4.7% range, partly limiting the upward momentum of precious metals.

Notably, some experts still maintain a cautious view when saying that gold is fluctuating in a relatively wide range and needs to surpass recent peaks to consolidate the upward trend.

Oil price movements are also a factor to monitor. Brent is trading around 88 USD/barrel, while WTI oil is in the 82-83 USD/barrel range. Maintaining high energy prices may increase concerns about inflation, thereby affecting interest rate expectations and gold prices.

Next week, the market will focus on the minutes of the Fed's monetary policy meeting scheduled to be released on August 19, along with data on manufacturing, housing markets, unemployment claims and PMI. These may be important factors orienting gold prices in the short term.