Gold price update morning of August 19th: Reverse sharp decline

SJC gold bar price

As of 6:00 AM on August 19, Phu Quy listed the price of SJC gold bars at the threshold of 141.3-144.3 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 141.3-144.3 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Bao Tin Minh Chau listed SJC gold bar prices at the threshold of 141.8-145.7 million VND/tael (buying - selling). The buying - selling difference is at 3.9 million VND/tael.

9999 gold ring price

As of 6:00 AM on August 19, Phu Quy Gold and Gems Group listed the price of gold rings at the threshold of 141.3-144.3 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

DOJI listed the price of gold rings at 141-145 million VND/tael (buying - selling). The buying - selling difference is at 4 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at the threshold of 141.8-145.7 million VND/tael (buying - selling). The buying - selling difference is at 3.9 million VND/tael.

World gold price

Recorded at 11:20 PM, world gold prices were listed around the threshold of 4, 367.9 USD/ounce, down 49 USD.

Gold price forecast

Gold prices are entering a period of fluctuation as supporting and pressure factors appear simultaneously. In the trading session on August 18, spot gold prices at one point retreated to around 4,390 USD/ounce, down nearly 0.6%. Silver prices also fell by more than 1%.

Notable pressure on gold currently comes from the upward momentum of US government bond yields, especially in long terms. 10-year term bond yields fluctuate around 4.7%, while 30-year term has risen to the highest level in many years. This development increases the opportunity cost of holding gold - an asset that does not yield interest.

In the opposite direction, a series of recent US economic data shows that demand in the economy shows signs of slowing down. This significantly reduces expectations that the US Federal Reserve (Fed) will raise interest rates at the September meeting. This is considered a factor helping to limit the decline of precious metals.

However, the market still faces the risk of inflation returning from energy prices. Brent oil prices are fluctuating around 91 USD/barrel, while WTI oil is around 85 USD/barrel.

Oil prices maintaining at a high level could increase cost pressure and cause bond yields to continue to linger high, thereby partly weakening the positive impact from expectations of a less tough Fed.

Developments related to transportation activities in the Hoarmuz Strait area are also being closely monitored by investors. This is an important energy transportation route in the world, so any disruption can affect oil prices, inflation expectations and demand for defensive assets. However, information related to negotiations between the parties is still volatile and needs to be carefully monitored.

In the coming sessions, the market will pay attention to the minutes of the Fed's July meeting, the number of unemployment claims, the Philadelphia Fed manufacturing survey and preliminary PMI indices. These data may reshape interest rate expectations.

Technically, gold is standing between the support zone around 4,333 USD/ounce and the resistance zone of 4,448 USD/ounce. If it can overcome the above resistance zone, the price may head towards 4,518 USD/ounce. Conversely, if it loses 4,333 USD/ounce, adjustment pressure may expand to the 4,262 USD/ounce area.