Gold price update morning of August 24th: Starting the new week with positive sentiment

SJC gold bar price

As of 6:00 AM, Phu Quy listed SJC gold bar prices at the threshold of 144.6-147.6 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 144.6-147.6 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 145.5-149.5 million VND/tael (buying - selling). The buying - selling difference 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 the threshold of 144.6-147.6 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 145.5-149.5 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 145.5-149.5 million VND/tael (buying - selling). The buying - selling difference is at 4 million VND/tael.

World gold price

Recorded at 6:00 AM, world gold prices are listed around the threshold of 4,602.4 USD/ounce.

Gold price forecast

After a week of strong increase and exceeding the 4,600 USD/ounce mark, gold prices entered a new trading week with positive sentiment as many supporting factors are still present. The latest survey by a precious metals website with analysts shows that the expectation that gold prices will continue to maintain a upward trend is dominant, while pessimistic sentiment is almost no longer present.

Among the 11 experts participating in assessing market prospects, 8 predicted that gold prices would continue to increase this week, accounting for 73%. The remaining three experts believe that the precious metal may enter an accumulation phase after the recent strong increase. Notably, no opinion predicted that gold prices would decrease.

In the group of individual investors, optimistic sentiment is also maintained as most survey participants expect gold prices to continue to rise in the upcoming trading sessions.

According to analysts, the positive outlook for gold is being strengthened by many factors, notably the weakening of the USD, expectations about the possibility of monetary policy adjustments by the US Federal Reserve (Fed) and the need to seek safe haven assets.

As the USD depreciates, gold becomes more attractive to international investors, thereby supporting buying power in the market. In addition, signals related to inflation, US bond yields and the Fed's interest rate orientation continue to be important factors dominating the diễn biến of precious metals.

In addition to monetary factors, concerns about the US fiscal situation, public debt pressure and geopolitical instability are also driving demand for gold defense.

Technically, after surpassing the resistance zone of 4,500 USD/ounce, gold prices are maintaining a positive state. Maintaining the high price zone and continuing to conquer the 4,600 USD/ounce mark may open up the possibility of moving towards new price zones. However, after a strong rally, the market may also experience corrections when investors take profits.

This week, the market will focus on monitoring a series of US economic data such as consumer confidence index, new home sales, core PCE inflation index, Q2 GDP, durable goods orders and new signals from the Fed.

If data shows that inflation continues to cool down, expectations of the Fed's policy easing may increase, creating more momentum for gold prices. Conversely, stronger-than-expected economic signals could cause the USD and bond yields to recover, putting pressure on the precious metal.