Gold price update at the closing session 8.4: Risk increases

SJC gold bar price

As of 5:30 PM, SJC gold bar prices were listed by Bao Tin Minh Chau at 171-175 million VND/tael (buying - selling), an increase of 1.5 million VND/tael on the buying side and an increase of 2.5 million VND/tael on the selling side. The difference between buying and selling prices is at 4 million VND/tael.

Phu Quy Jewelry Group listed SJC gold bar prices at 171-175 million VND/tael (buying - selling), an increase of 1.8 million VND/tael on the buying side and an increase of 2.5 million VND/tael on the selling side. The difference between buying and selling prices is at 4 million VND/tael.

9999 gold ring price

As of 5:00 PM, Bao Tin Minh Chau listed the price of gold rings at 171-174 million VND/tael (buying - selling), an increase of 2.7 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

Phu Quy Gold and Gems Group listed the price of gold rings at 171-174 million VND/tael (buying - selling), an increase of 2 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

Currently, the buying - selling price difference of gold is at a very high level, around 3 million VND/tael, posing a risk of losses for investors.

World gold price

At 5:30 PM, world gold prices were listed around the threshold of 4,779.9 USD/ounce, up 118.7 USD compared to the previous day.

Gold price forecast

World gold prices are recovering strongly after market sentiment is less tense amid reports that the US has postponed military action against Iran for 2 weeks to create room for negotiations. This development has caused cash flow to return to gold, while supporting risky assets such as stocks, while oil prices have cooled down significantly.

The fact that gold prices jumped more than 2% and quickly returned to the 4,800 USD/ounce zone shows that investors still maintain high caution in the face of geopolitical fluctuations. However, the upward momentum of the precious metal does not only come from shelter factors. The market also expects that if tensions in the Middle East ease, pressure from energy prices may cool down, thereby creating more room for the US Federal Reserve (Fed) to consider easing monetary policy at the end of the year.

Mr. Michael Brown - senior market analyst at Pepperstone - said that as energy prices gradually stabilize, central banks may see the upcoming full inflation increase as only temporary. Accordingly, the possibility of further policy tightening in the short term may decrease. This is a factor supporting the outlook for gold.

However, the risk to the market is still high. If the ceasefire is not maintained and conflict re-emerges, oil prices may rise again, the USD strengthens and put pressure on a range of assets, including precious metals. This means gold can still fluctuate very strongly in the short term.

In addition to geopolitical factors, long-term support for gold continues to come from the buying demand of central banks. Notably, China has extended its gold reserve increase streak to 17 consecutive months. In the context of many economies wanting to diversify reserve assets, this trend may continue to support gold prices in the low zone.

Mr. Tai Wong - an independent metal trader - said that the current increase is partly a quick reaction of the market to positive information, but investors still need to closely monitor actual developments. According to this expert, the notable technical milestones of gold in the coming time are the 4,930 USD/ounce zone and further, 5,000 USD/ounce.