Gold price update at the end of the session on August 18th: Continuing to struggle, receiving unexpected forecasts

SJC gold bar price

As of 5:15 PM, Phu Quy listed SJC gold bar prices at the threshold of 141.3-144.3 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

SJC gold bar price is listed by DOJI at the threshold of 141.3-144.3 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Bao Tin Minh Chau listed SJC gold bar prices at the threshold of 141.8-145.7 million VND/tael (buying - selling). The buying - selling difference is at 3.9 million VND/tael.

9999 gold ring price

As of 5:15 PM, Phu Quy Gold and Gems Group listed the price of gold rings at 141.3-144.3 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

DOJI listed the price of gold rings at 141-145 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 141.8-145.7 million VND/tael (buying - selling). The buying - selling difference is at 3.9 million VND/tael.

World gold price

Recorded at 5:10 PM, world gold prices are listed around the threshold of 4,392.5 USD/ounce.

Gold price forecast

Short-term gold price prospects are interspersedly affected by US bond yields, oil prices, monetary policy of the US Federal Reserve (Fed) and investment capital in major markets.

In the August 18 session, gold was under pressure as 10-year US Treasury bond yields continued to rise. Rising yields made the opportunity cost of holding non-performing assets like gold higher. Along with that, oil prices edged up amidst instability in the Middle East, raising concerns that inflation could persist.

If energy prices continue to linger high, the Fed may have more reason to maintain a cautious stance on interest rates. This is seen as a factor that may limit gold's short-term recovery potential.

The focus of the market is currently shifting to the minutes of the Fed's July policy meeting, expected to be released on August 19. Investors will look for signals about Fed officials' assessments of inflation, growth and interest rate outlook.

After a series of US economic data, including a weaker labor market, lower-than-expected consumer inflation and less positive retail sales, expectations for monetary policy have changed. The market currently assesses the possibility of the Fed keeping interest rates unchanged at the September meeting at nearly 65%.

On the supporting side, gold investment demand in China is showing signs of improvement. According to the World Gold Council (WGC), Chinese gold ETFs net attracted about 744 million USD in July and the buying trend continued in August. Net buying positions in the futures market also increased, while the People's Bank of China continued to add gold to reserves.

This week, 10 Wall Street experts participated in a gold survey by a precious metals channel. Nine experts, equivalent to 90%, predicted gold prices would continue to rise, while only one person, accounting for 10% of the total, predicted prices would fall. No one predicted prices would go sideways this week.

The above factors show that gold prices may continue to fluctuate strongly. Pressure from yields and interest rates is still present, but ETF capital flows, central bank gold buying activities and safe-haven demand may create support for precious metals in correction phases.