Gold price update at the end of the 1.8 session: Gloomy week closing

SJC gold bar price

As of 5:30 PM, Phu Quy Jewelry Group listed SJC gold bar prices at 137-141 million VND/tael (buying - selling). The buying - selling difference is at 4 million VND/tael.

SJC gold bar price is listed by DOJI at the threshold of 137-141 million VND/tael (buying - selling). The buying - selling difference is at 4 million VND/tael.

SJC gold bar price is listed by Bao Tin Minh Chau at the threshold of 1383-142.3 million VND/tael (buying - selling). The difference between buying and selling prices is at the threshold of 3.9 million VND/tael.

9999 gold ring price

As of 5:30 PM, Phu Quy Gold and Gems Group listed the price of gold rings at 137-141 million VND/tael (buying - selling). The buying - selling difference is at 4 million VND/tael.

DOJI listed the price of gold rings at 137-141 million VND/tael (buying - selling). The buying - selling difference is at 4 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at the threshold of 1383-142.3 million VND/tael (buying - selling). The difference between buying and selling prices is at the threshold of 3.9 million VND/tael.

World gold price

At 5:25 p.m., the world gold price was listed at around 4,041.7 USD/ounce, down 32.3 USD/ounce.

Gold price forecast

World gold prices are in a state of stalemate as supporting and pressure factors appear together. The precious metal still maintains the 4,000 USD/ounce zone, but has not created strong enough momentum to break through to higher price zones.

In the past week, bottom-fishing buying pressure and positive signals from US inflation data have helped gold recover after falling below the 4,000 USD/ounce mark at one point. However, the USD maintained its strength, US Treasury bond yields were at a high level and cautious signals from the US Federal Reserve (Fed) continued to limit the increase of precious metals.

The Fed has just decided to keep interest rates unchanged in the 3.50-3.75% range. However, the fact that some members support the possibility of raising interest rates shows that the outlook for monetary policy is still uncertain. This makes investors not strongly increase their gold buying positions.

Moving into the new week, the market will focus on a series of US economic data, especially reports related to the labor market. Indicators such as manufacturing surveys, services, private sector employment data, unemployment claims and the July non-farm payroll report are considered factors that could directly impact Fed interest rate expectations.

The outlook for gold prices is currently unconvincing. A number of experts believe that the precious metal may recover if economic data shows that the US economy is slowing down, thereby strengthening the possibility of the Fed easing policy in the near future. Conversely, the cautious group believes that a strong USD and high bond yields are still major barriers to gold's upward momentum.

Technically, gold prices are still in the accumulation zone. The inability to maintain for long above the 4,100 USD/ounce mark shows that buying power is not strong enough to confirm a new upward trend. In the short term, the zone around 4,018 USD/ounce is considered an important support threshold. If it penetrates this zone, gold prices may continue to adjust to lower zones.

In the opposite direction, to expand the recovery momentum, gold needs to overcome the resistance zone around 4,100-4,110 USD/ounce. Then, the market will have more basis to move towards higher prices.

In general, gold prices next week are likely to continue to be affected by the tug-of-war between expectations of the Fed changing policy and the strength of the USD. The market is waiting for more new economic data to determine a clearer direction.