Gold price update morning of August 4th: Holding breath waiting for US economic data

SJC gold bar price

As of 6:00 AM on August 4th, Phu Quy Gold and Gems Group listed SJC gold bar prices at the threshold of 137.5-141 million VND/tael (buying - selling), an increase of 500,000 VND/tael on the buying side and keeping the selling side unchanged. The buying - selling difference is at 3.5 million VND/tael.

SJC gold bar price was listed by DOJI at the threshold of 137.5-141 million VND/tael (buying - selling), an increase of 500,000 VND/tael on the buying side and keeping the selling side unchanged. The buying - selling difference is at 3.5 million VND/tael.

SJC gold bar price was listed by Bao Tin Minh Chau at 138-142 million VND/tael (buying - selling), down 300,000 VND/tael in both directions. The difference between buying and selling prices is at 3.9 million VND/tael.

9999 gold ring price

As of 6:00 AM on August 4th, Phu Quy Gold and Gems Group listed the price of gold rings at the threshold of 137.5-141 million VND/tael (buying - selling), an increase of 500,000 VND/tael on the buying side and keeping the selling side unchanged. The buying - selling difference is at 3.5 million VND/tael.

DOJI listed the price of gold rings at 137-141 million VND/tael (buying - selling), keeping both buying and selling directions unchanged. The buying - selling difference is at 4 million VND/tael.

Bao Tin Minh Chau listed gold ring prices at 138-142 million VND/tael (buying - selling), down 300,000 VND/tael in both directions. The difference between buying and selling prices is at 4 million VND/tael.

The difference between buying and selling prices at many businesses is still high, commonly from 3.5-4 million VND/tael. This gap makes buyers face the risk of losing money immediately after trading, because gold prices must increase at least corresponding to the difference to break even.

In the context of the market continuously struggling and unpredictable fluctuations, buying gold at high prices further increases risks, especially for those who need to hold it for a short time.

World gold price

Recorded at 10:55 PM on August 3, world gold prices were listed around the threshold of 4,038.3 USD/ounce, down 3.4 USD/ounce.

Gold price forecast

World gold prices are fluctuating around the 4,000 USD/ounce mark in the short term, as supporting and pressing factors on the precious metal are intertwined.

Although the weakening USD and cooling US bond yields partly help gold prices maintain support, positive economic data may limit the possibility of a breakthrough.

The US manufacturing sector purchasing managers' index in July increased to 55.6 points, from 53.3 points last month and higher than market forecasts. Manufacturing activity continued to expand at the fastest pace in more than 4 years.

This development shows that the US economy still has relatively good resistance, thereby creating more room for the US Federal Reserve (Fed) to maintain a tough stance in inflation control.

After the most recent meeting, this agency kept the operating interest rate in the range of 3.5-3.75%. Core inflation is still high, while the labor market has not shown clear signs of weakening. Therefore, expectations of interest rates maintaining at a high level, even the possibility of further increase in September, are putting certain pressure on gold prices.

Meanwhile, the sharp drop in crude oil prices helped ease inflation concerns, pulling US bond yields down. The weakening USD also made gold more attractive to buyers holding other currencies. However, the temporary cooling of tensions in the Gulf region has reduced part of the demand for safe-haven assets.

In the coming sessions, gold prices may react strongly to reports on jobs, job positions and the labor situation in the US private sector. These data will directly affect interest rate expectations and the direction of the USD.

Technically, the 4.087-4.116 USD/ounce zone is considered a noteworthy resistance area. If it is surpassed and maintained above this zone, gold prices may head towards the 4,150 USD and 4,200 USD/ounce levels.

Conversely, if losing the support zone of 4.021 USD, the price risks retreating to test the psychological level of 4,000 USD/ounce. Before a new momentum appears, the main trend of gold prices is likely still accumulation fluctuations, with alternating ups and downs.