Gold price update morning of September 1: Under pressure, prices plummet

9999 gold ring price

As of 6:00 AM, Ancarat listed the price of 9999 Tich Tai Gold Ring at 145.6-148.6 million VND/tael (buying - selling), down 400,000 VND/tael in both directions. The buying - selling difference is at 3 million VND/tael.

Phu Quy Gold and Gems Group listed the price of gold rings at the threshold of 145.4-124.4 million VND/tael (buying - selling), down 300,000 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 145.2-149.2 million VND/tael (buying - selling), down 500,000 VND/tael in both buying and selling directions. The buying - selling difference is at 4 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at the threshold of 145.6-149.6 million VND/tael (buying - selling), an increase of 300,000 VND/tael in both buying and selling directions. The buying - selling difference is at 4 million VND/tael.

SJC gold bar price

As of 6:00 AM, Phu Quy listed SJC gold bar prices at the threshold of 145.4-148.7 million VND/tael (buying - selling), down 300,000 VND/tael on the buying side and keeping the selling side unchanged. The buying - selling difference is at 3.3 million VND/tael.

SJC gold bar price is listed by DOJI at the threshold of 145.7-148.7 million VND/tael (buying - selling), unchanged in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.

Bao Tin Minh Chau listed SJC gold bar prices at the threshold of 145.6-149.6 million VND/tael (buying - selling), an increase of 300,000 VND/tael in both buying and selling directions. The buying - selling difference is at 4 million VND/tael.

World gold price

Recorded at 5:50 AM, world gold prices were listed around the threshold of 4,445.4 USD/ounce, down 9 USD.

Gold price forecast

World gold prices slightly decreased last night, while silver prices increased modestly. The precious metal market continues to be under pressure from rising US bond yields and expectations that the US Federal Reserve (Fed) will maintain a tough interest rate stance. Meanwhile, new military tensions between the US and Iran have caused oil prices to rise sharply, creating more support for safe-haven demand.

North American stock markets simultaneously went down as oil prices and bond yields rose. The S&P 500 index fell 25.62 points, or 0.3%, to 7,686.14 points. The Dow Jones Industrial Average fell 374.09 points, or 0.7%, to 53,185.90 points. The Nasdaq Composite fell 31.53 points, or 0.1%, to 26,370.89 points, while the Russell 2000 fell 0.5%, to 2,956.45 points.

In Europe, the STOXX Europe 600 index fell 0.62% to 651.10 points. Germany's DAX fell 1.17%, France's CAC 40 fell 0.79%, while Italy's FTSE MIB slightly fell 0.01%. London market closed for bank holiday.

The focus of the market is still the adjustment of interest rate expectations after the Jackson Hole conference and a series of US economic data released this week. The Fed interest rate futures market currently values a probability of 66.1% for an interest rate hike in September, higher than the 57% recorded on Friday.

Investors are assessing Fed Chairman Kevin Warsh's tough statement and the sharp increase in oil prices as factors that could increase inflationary pressure. This development reduces the possibility of monetary policy easing, while putting pressure on non-performing assets such as gold.

The yield of US Treasury bonds with a 2-year term remained around 4.34%, while the yield of 10-year term increased to about 4.75%. The yield of 30-year term continued to be in the 5.25% range. The high yield level increased the opportunity cost of holding gold, thereby limiting the recovery ability of precious metals.

In the coming sessions, the market will focus on a series of US economic data, including JOLTS jobs data and the ISM manufacturing PMI index on Tuesday, the Fed's ADP and Beige Book jobs report on Wednesday, the number of unemployment claims and the ISM service index on Thursday. Most notably is the August non-farm payroll report, expected to be released on Friday.

For gold, the current developments are still defensive. Expectations of the Fed raising interest rates and high bond yields are limiting the upward momentum of gold prices. However, geopolitical tensions and concerns related to fiscal risks are helping gold prices stay above the important support zone, limiting the possibility of a deep decline.