Gold price update morning of August 13th: Strong increase then reversal

SJC gold bar price

As of 6:00 AM, Phu Quy listed SJC gold bar prices at the threshold of 141.3-144.3 million VND/tael (buying - selling), an increase of 800,000 VND/tael in both buying and selling directions. The difference between buying and selling is at 3 million VND/tael.

SJC gold bar price was listed by DOJI at the threshold of 141.3-144.3 million VND/tael (buying - selling), an increase of 800,000 VND/tael in both buying and selling directions. The difference between buying and selling is at 3 million VND/tael.

SJC gold bar price is listed by Bao Tin Minh Chau at 142-146 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at 4 million VND/tael.

9999 gold ring price

As of 6:00 AM, Phu Quy Gold and Gems Group listed the price of gold rings at 141.3-144.3 million VND/tael (buying - selling), an increase of 800,000 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 the threshold of 141.5-145.5 million VND/tael (buying - selling), unchanged in both directions. The buying - selling difference is at 4 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 142-146 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at 4 million VND/tael.

World gold price

Recorded at 0:05 AM, world gold prices were listed around the threshold of 4, 396.7 USD/ounce, up 15.4 USD.

Gold price forecast

Gold prices are receiving support as the latest US inflation data does not put too much pressure on monetary policy. The consumer price index (CPI) in July increased by 0.1% compared to the previous month and 3.4% compared to the same period last year. Core CPI increased by 0.2% and 2.5% respectively, generally in line with market forecasts.

This result partly reduces concerns that the US Federal Reserve (Fed) must take stronger action right in September. However, the possibility of raising interest rates has not been completely eliminated. The market currently still assesses the probability of the Fed raising interest rates by another 25 basis points in September at around 48%.

Meanwhile, the yield of 10-year US government bonds fluctuated around 4.7%, while the USD weakened, thereby creating more favorable conditions for precious metals.

Another factor continuing to strongly impact gold prospects is geopolitical and energy market developments. The disruption of transportation through the Strait of Hormuz puts oil supply at high risk. Brent oil prices remain around 89 USD/barrel, while US crude oil is around 84 USD/barrel.

This development creates two opposing forces for gold. Tensions on important shipping routes may boost demand for safe haven assets.

Conversely, oil maintaining at a high level risks increasing inflationary pressure, giving the Fed less room to ease monetary policy.

In the short term, the diễn biến of oil prices, US bond yields and Fed policy expectations may continue to decide the direction of gold. The market will also pay attention to whether inflationary pressure from energy is large enough to overwhelm the recent weakening signals of the US labor market.

Technically, the 4,430-4,492 USD/ounce zone is a noteworthy resistance area. If it surpasses and maintains above this zone, gold prices may head to 4,500 USD/ounce, and further to 4,600 USD/ounce. Conversely, if it loses the support level of 4,360 USD/ounce, adjustment pressure may bring the price back to the 4, 299 USD/ounce zone, followed by 4,224 USD/ounce.