Gold price update at the end of the session on August 9th: Entering the momentum after an impressive week of increase

SJC gold bar price

Closing the week's trading session, Saigon SJC Jewelry Company listed SJC gold prices at 141-144 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (August 2), the price of SJC gold bars at Saigon SJC Jewelry Company increased by 4 million VND/tael on the buying side and increased by 3 million VND/tael on the selling side.

Meanwhile, DOJI listed SJC gold price at the threshold of 141-144 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (August 2), the price of SJC gold bars at DOJI increased by 4 million VND/tael on the buying side and increased by 3 million VND/tael on the selling side.

If buying SJC gold bars on August 2nd and selling them on today's session (August 9th), buyers at Saigon Jewelry Company SJC and DOJI will both break even.

9999 gold ring price

At the same time, DOJI Group listed the price of gold rings at the threshold of 141.2-145.2 million VND/tael (buying - selling), an increase of 4.2 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 141-144 million VND/tael (buying - selling), an increase of 4 million VND/tael on the buying side and an increase of 3 million VND/tael on the selling side. The buying - selling difference is at 4 million VND/tael.

If buying gold rings on August 2nd and selling them on today's session (August 9th), buyers at DOJI will make a profit of 200,000 VND/tael, while buyers at Phu Quy will break even.

Although domestic gold prices increased quite strongly last week, the buying - selling difference still maintained at a high level, commonly around 3-4 million VND/tael. This gap makes investors have to wait for prices to increase large enough to compensate for the difference when buying and selling.

In fact, buyers of SJC gold bars from the session from August 2nd to the session of August 9th at some businesses only reached breakeven, while the profit margin for gold rings was also insignificant. This shows that the listed price increase does not necessarily mean that buyers will definitely make a profit, especially for short-term transactions.

World gold price

Closing the week's trading session, world gold prices were listed at 4,341.3 USD/ounce, up 299.6 USD compared to a week ago.

Gold price forecast

The outlook for gold prices next week continues to receive many positive reviews after the precious metal just experienced a week of strong increase. However, after the upward trend of nearly 300 USD/ounce, the market may also experience fluctuations when investors take short-term profit-taking.

One of the factors supporting gold prices is the return of investment capital through ETFs. According to the World Gold Council (WGC), global gold ETFs recorded net purchases of about 23 tons in July, ending two consecutive months of capital withdrawal. The total amount of gold held by these funds increased to about 4,137 tons, with total managed assets of about 530 billion USD.

Cash flow mainly returns to the Asian and North American regions. The return of financial investment capital to the gold market is considered a noteworthy signal, because the operation of ETF funds often clearly reflects the psychology of investors towards the prospects of precious metals. If the net buying trend continues to be maintained, this may become a support for gold prices in the coming time.

Besides ETF capital flows, US economic developments and monetary policy of the US Federal Reserve (Fed) are still important factors dominating the market. A series of negative US job data last week contributed to bringing gold prices above 4,300 USD/ounce. In particular, data shows that the US economy lost 23,000 jobs in July, contrary to the previous forecast of an increase of 85,000 jobs.

Weakening signals from the labor market are changing investors' expectations of the Fed's interest rate orientation. In an environment where interest rates are less pressured on gold, the attractiveness of non-profit assets such as precious metals may be improved.

Market sentiment is currently also significantly inclined towards price increases. A weekly survey of 19 Wall Street experts from a precious metals website showed that 16 people, equivalent to 84%, predicted gold would continue to increase next week; only 11% predicted a decrease and 5% maintained a neutral view. In the group of individual investors, nearly 69% of participants also expected prices to go up.