Gold price update morning of August 31st: Receives positive forecast despite deep decline

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Gold price update morning of August 31st: Despite the sharp drop in gold prices at the end of last week, the market this week still received positive forecasts from many experts.

9999 gold ring price

As of 6:00 AM, Ancarat listed the price of 9999 Tich Tai Gold Ring at the threshold of 145.7-148.7 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Phu Quy listed the price of gold rings at the threshold of 145.7-148.7 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Giá vàng nhẫn trơn tại một số đơn vị kinh doanh. Đơn vị: đồng/lượng. Biểu đồ: AI
Price of plain gold rings at some business units. Unit: VND/tael. Chart: AI

DOJI listed the price of gold rings at the threshold of 145.7-149.7 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 145.3-149.3 million VND/tael (buying - selling). 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 145.7-148.7 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Giá vàng miếng SJC và nhẫn trơn tại một số đơn vị kinh doanh. Đơn vị: đồng/lượng. Bảng: AI
SJC gold bar and plain ring prices at some business units. Unit: VND/tael. Table: AI

SJC gold bar price is listed by DOJI at the threshold of 145.7-148.7 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 145.3-149.3 million VND/tael (buying - selling). The buying - selling difference is at 4 million VND/tael.

Jewelry gold price

As of 6:00 AM, Ancarat listed the price of 24K 9999 Gold Jewelry at 140.7-148.7 million VND/tael (buying - selling).

DOJI listed 9999 jewelry gold at the threshold of 145-149 million VND/tael (buying - selling).

Bao Tin Minh Chau listed Thang Long 9999 Dragon Gold Jewelry at 143.3-148.3 million VND/tael (buying - selling).

World gold price

Recorded at 6:00 AM, world gold prices are listed around the threshold of 4,454.4 USD/ounce.

Diễn biến giá vàng thế giới những phiên giao dịch gần đây. Biểu đồ: AI
Developments in world gold prices in recent trading sessions. Chart: AI

Gold price forecast

After a strong correction at the end of the week, gold prices entered a new trading week in a cautious state. In the last session of the week, spot gold at one point fell to around 4,445 USD/ounce, losing more than 250 USD compared to the previously set peak.

Although selling pressure has increased significantly, market sentiment has not completely shifted to negative when there are still many expectations that gold prices may recover from important support zones.

The latest survey by a website specializing in precious metals with 21 analysts shows that market views are still quite differentiated. 10 people predict gold prices will increase, 6 people think prices will continue to decrease and 5 people predict the market may move sideways.

The psychology of individual investors also leans towards the possibility of recovery. In 207 votes, 59% expect gold prices to increase, 21% forecast to decrease and 20% believe that prices will remain flat.

Technically, developments in the first sessions of this week are considered particularly important. The area around 4,435 USD/ounce is a noteworthy support. If this area is maintained and buying power appears again, gold may enter a recovery phase after a strong sell-off.

In the opposite direction, if the price breaks through the upper support zone, downward pressure may continue to increase. In case of recovery, the 4,640-4,690 USD/ounce zone will become a resistance area to be overcome before gold can consolidate the upward trend.

This week, the market will pay special attention to US economic data, including the non-farm payroll report. Labor market developments may change expectations about the Fed's interest rate policy, thereby becoming an important factor determining the next direction of gold prices.

Gold price data is compared to the previous day.

The information in the article only reflects market developments, not investment recommendations.

See more news related to gold prices HERE...

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