Gold price update at the 8th of August: Bright prospects

SJC gold bar price

As of 6:25 PM, Phu Quy Jewelry Group listed SJC gold bar prices at 141-144 million VND/tael (buying - selling), an increase of 1.8 million VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.

SJC gold bar price is listed by DOJI at the threshold of 141-144 million VND/tael (buying - selling), an increase of 1.8 million 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 141.5-145.5 million VND/tael (buying - selling), an increase of 900,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 4 million VND/tael.

9999 gold ring price

As of 6:25 PM, Phu Quy Gold and Gems Group listed the price of gold rings at 141-144 million VND/tael (buying - selling), an increase of 1.8 million 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 141.2-145.2 million VND/tael (buying - selling), an increase of 1.2 million VND/tael in both directions. The buying - selling difference is at 4 million VND/tael.

Bao Tin Minh Chau listed gold ring prices at the threshold of 141.5-145.5 million VND/tael (buying - selling), an increase of 900,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 4 million VND/tael.

World gold price

Recorded at 6:25 PM, world gold prices were listed around the threshold of 4,341.3 USD/ounce, up 17.9 USD/ounce.

Gold price forecast

The outlook for gold prices next week is leaning towards a positive trend, after the precious metal just experienced its strongest week of increase since the beginning of the year. The main driving force comes from the clear weakening signals of the US labor market, thereby reducing expectations that the US Federal Reserve (Fed) will continue to raise interest rates in the short term.

The July jobs report showed that the US economy lost 23,000 jobs, contrary to forecasts of an increase of about 85,000 jobs. May and June data were also adjusted down by a total of 103,000 jobs compared to the initial announcement. Previously, the US private sector only created an additional 44,000 jobs in July, lower than market expectations.

The series of negative data has dragged down 10-year US government bond yields, while causing investors to reduce bets on the possibility of the Fed raising interest rates at the September meeting. This is seen as a favorable environment for gold, because lower yields reduce the opportunity cost of holding non-performing assets.

Optimistic sentiment is also prevailing in short-term forecast surveys. Among 19 Wall Street experts participating in a survey by a precious metals website, 16 people, equivalent to 84%, predict that gold prices will continue to rise next week. Only 11% believe that prices may fall and 5% maintain a neutral stance.

In the group of individual investors, 68.9% of the total 241 survey participants expect gold prices to continue to rise. About 15.4% forecast prices to decrease, while 15.8% believe the market will move sideways.

Technically, the 4,372.4-4,450 USD/ounce area is considered a noteworthy resistance zone. If gold prices exceed and maintain above this zone, the next target may be around 4,494-4,500 USD/ounce.

Conversely, the 4-228.9 USD/ounce zone is near support. If profit-taking pressure increases and the price breaks through this threshold, the market may retreat to lower support zones around 4,120 USD/ounce, even 4,000 USD/ounce.

In addition to monetary policy, geopolitical developments in the Middle East and energy prices are still variables that are likely to strongly impact safe-haven demand. Therefore, although the short-term trend is leaning towards increase, gold prices may continue to fluctuate strongly next week.