Gold price update closing session August 7th: World price increases above 4,300 USD/ounce, domestic fluctuation

SJC gold bar price

As of 6:00 PM, Phu Quy Jewelry Group listed SJC gold bar prices at 139.2-142.2 million VND/tael (buying - selling), down 500,000 VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.

SJC gold bar price was listed by DOJI at the threshold of 139.2-142.2 million VND/tael (buying - selling), down 500,000 VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.

SJC gold bar price was listed by Bao Tin Minh Chau at the threshold of 140.6-144.6 million VND/tael (buying - selling), an increase of 100,000 VND/tael in both directions. The difference between buying and selling prices is at the threshold of 4 million VND/tael.

9999 gold ring price

As of 6:00 PM, Phu Quy Gold and Gems Group listed the price of gold rings at 139.2-142.2 million VND/tael (buying - selling), down 500,000 VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.

DOJI listed the price of gold rings at 140-144 million VND/tael (buying - selling), going sideways in both buying and selling directions. The buying - selling difference is at 4 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at the threshold of 140.6-144.6 million VND/tael (buying - selling), an increase of 100,000 VND/tael in both directions. The difference between buying and selling prices is at the threshold of 4 million VND/tael.

World gold price

Recorded at 6:10 PM, world gold prices were listed around the threshold of 4,323.4 USD/ounce, up 55.8 USD/ounce.

Gold price forecast

Gold price prospects are showing more positive signs as some factors that once put pressure on the precious metal, especially real yields and the strength of the USD, show signs of weakening.

BCA Research believes that the most difficult period of the gold price adjustment may have passed. According to this research organization, most of the negative impact from the opportunity cost of holding gold has been reflected in the price. In the context that gold does not generate periodic cash flow, increased real yields often reduce the attractiveness of the precious metal. Conversely, if real yields are stable or go down, pressure on gold prices may decrease significantly.

BCA Research believes that the market does not necessarily have to wait for the US Federal Reserve (Fed) to start cutting interest rates for gold to recover. The important factor is whether US real yields have peaked or not. If monetary policy does not become tougher than current expectations, this may be a more favorable condition for gold.

The latest developments in the market also show that expectations for US interest rates are changing. The probability of the Fed raising interest rates in September is valued by the market at around 55%, lower than the 67% of a week ago. Cooling down expectations for interest rate hikes helps reduce pressure on non-performing assets such as gold.

In addition, oil prices are heading towards a week of decline as concerns related to energy supply and inflation somewhat subside. Reduced energy costs may limit inflationary pressure, thereby causing the market to reduce expectations that the Fed will continue to maintain too tough monetary policy.

However, short-term prospects still contain volatility. The market is closely monitoring the US July non-farm payroll report. If the labor market continues to show good resilience, expectations for inflation and interest rate policy may change, thereby creating adjustment pressure on gold prices after a sharp increase.

From a longer-term perspective, BCA Research assesses that gold buying activities by central banks still create a significant support zone for the market, although the buying rate may have passed the peak period. If real yield peaks and the USD weakens in the near future, the two factors that once put great pressure on gold may gradually turn into support for prices.