Gold price update morning of August 18: Receiving support from the Fed and the USD

SJC gold bar price

As of 6:00 AM, Phu Quy listed SJC gold bar prices at the threshold of 141.2-144.2 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

SJC gold bar price is listed by DOJI at the threshold of 141.2-144.2 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

SJC gold bar price is listed by Bao Tin Minh Chau at the threshold of 141.5-145.5 million VND/tael (buying - selling). The difference between buying and selling prices is at the threshold of 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 the threshold of 141.2-144.2 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

DOJI listed the price of gold rings at the threshold of 141.2-145.2 million VND/tael (buying - selling). 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). The difference between buying and selling prices is at the threshold of 4 million VND/tael.

World gold price

Recorded at 6:20 am, world gold prices are listed around the threshold of 4,416.9 USD/ounce.

Gold price forecast

World gold prices are receiving support from the weakening USD and expectations that the US Federal Reserve (Fed) will be more cautious in continuing to raise interest rates. In the first trading session of the week, spot gold prices at one point advanced around the 4,414 USD/ounce range, up nearly 0.9%.

Recent US economic data is creating mixed signals. Lower-than-expected retail sales, cooling consumer inflation, near-sided producer price index, and weakening consumer sentiment have reduced expectations of the Fed's ability to continue raising interest rates in September.

However, manufacturing activity in New York unexpectedly improved sharply. The general business condition index increased to 20.6 points, the highest level in more than 4 years. Notably, the input price index also increased to 58.6 points, showing that cost pressure is still present.

Along with the strong increase in crude oil, US 10-year government bond yields have approached the 4.7% mark. This is a factor limiting gold's upward momentum. While the weak USD and expectations of falling interest rates support precious metals, high bond yields increase the opportunity cost of holding non-profit assets such as gold.

The market in the coming sessions will pay special attention to the minutes of the Fed's July meeting, expected to be released in the middle of the week. Preliminary US PMI data at the end of the week may also provide more signals about growth prospects and monetary policy direction.

In addition to the interest rate factor, geopolitical developments continue to create support for safe-haven demand. Tensions related to the Strait of Hormuz make the market worried about the risk of energy supply disruption. Brent oil prices have exceeded 90 USD/barrel, while WTI oil is trading around 84.6 USD/barrel.

Oil prices may support gold through defense needs against geopolitical risks. However, high energy prices also increase concerns about inflation, thereby making it difficult for bond yields to fall deeply and creating reverse pressure on precious metals.

Technically, the 4,447.66 USD/ounce zone is being considered a noteworthy resistance level. If it surpasses and maintains above this zone, gold prices may head towards the 4,533.68 USD/ounce and 4,571.83 USD/ounce zones. Conversely, the 4,326.22 USD/ounce zone plays a near supporting role; if it is broken, the price is at risk of falling back to 4,275.62 USD/ounce, and further to 4,189.60 USD/ounce.