Gold price update at the close of the session on August 2nd: Heavy losses when surfing

SJC gold bar price

Closing the week's trading session, Saigon SJC Jewelry Company listed SJC gold prices at 137-141 million VND/tael (buying - selling). The buying - selling difference is at 4 million VND/tael.

Compared to the closing session of last week's trading (July 26), the price of SJC gold bars at Saigon SJC Jewelry Company decreased by 500,000 VND/tael in both buying and selling directions.

Meanwhile, DOJI listed SJC gold price at 137-141 million VND/tael (buying - selling). The buying - selling difference is at 4 million VND/tael.

Compared to the closing session of last week (July 26), the price of SJC gold bars at DOJI decreased by 500,000 VND/tael in both buying and selling directions.

If buying SJC gold bars in the session on July 26 and selling them in today's session (August 2), buyers at Saigon SJC and DOJI Jewelry Company both lost 4.5 million VND/tael.

9999 gold ring price

At the same time, DOJI Group listed the price of gold rings at 137-141 million VND/tael (buying - selling), down 1.5 million VND/tael in both buying and selling directions. The buying - selling difference is at 4 million VND/tael.

Phu Quy Jewelry Group listed the price of gold rings at 137-141 million VND/tael (buying - selling), down 500,000 VND/tael in both buying and selling directions. The buying - selling difference is at 4 million VND/tael.

If buying gold rings in the session on July 26 and selling them in today's session (August 2), buyers at DOJI will lose 5.5 million VND/tael, while buyers at Phu Quy will lose 4.5 million VND/tael.

World gold price

Closing the weekly trading session, world gold prices were listed at 4,041.7 USD/ounce, down 10 USD compared to a week ago.

Gold price forecast

Gold prices are forecast to continue to struggle in the coming week as the market has not yet formed a clear trend. After many times unable to break out of the resistance zone above, the psychology of international analysts is strongly differentiated. One group believes that gold prices may recover, while another group leans towards a correction or sideways scenario.

The latest survey results of a precious metals website with 17 Wall Street experts show that 29% predict gold prices will increase, 35% believe prices may decrease and 35% believe that precious metals will continue to accumulate. In the group of individual investors, 47% expect prices to increase, 30% predict a decrease and 23% believe that the market has not yet escaped the state of stalemate.

The 4,000 USD/ounce zone is currently considered an important psychological support level. Gold prices have repeatedly fallen below this threshold but quickly recovered, showing that bottom-fishing buying power is still present. However, the possibility of a strong increase is still limited as the USD maintains its strength, bond yields are at a high level and expectations for US monetary policy are not stable.

Next week, gold prices may continue to fluctuate in the 4,000-4,200 USD/ounce range. If the 4,000 USD/ounce mark is not maintained, the precious metal price is at risk of falling further before regaining its upward momentum. Conversely, clearly exceeding the 4,200 USD/ounce range will open up the possibility of forming a new upward wave.

Developments in the coming week are likely to depend on a series of US economic data, especially information related to the labor market. Investors will monitor the ISM manufacturing index, the JOLTS jobs report, the ADP private sector jobs data, the ISM service index, the number of unemployment claims and the non-farm jobs report.

The above data may directly affect interest rate expectations, the diễn biến of the USD and gold holding demand. In addition, geopolitical tensions and fluctuations in energy prices continue to be factors supporting safe-haven demand. However, when macroeconomic signals are still opposite, the cautious scenario is still that gold prices maintain a sideways trend with a large fluctuation range in the short term.