Gold price update morning of August 5th: World prices suddenly increase

SJC gold bar price

As of 6:00 AM, Phu Quy Jewelry Group listed SJC gold bar prices at 137.5-140.5 million VND/tael (buying - selling), keeping the buying direction unchanged and decreasing by 500,000 VND/tael in the selling direction. The buying - selling difference is at 3 million VND/tael.

SJC gold bar price was listed by DOJI at the threshold of 137.5-140.5 million VND/tael (buying - selling), keeping the buying direction unchanged and decreasing by 500,000 VND/tael in the selling direction. The buying - selling difference is at 3 million VND/tael.

SJC gold bar prices were listed by Bao Tin Minh Chau at the threshold of 138-142 million VND/tael (buying - selling), keeping both directions unchanged. The difference between buying and selling prices is at the threshold of 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 137.5-140.5 million VND/tael (buying - selling), keeping the buying direction unchanged and decreasing by 500,000 VND/tael in the selling direction. The buying - selling difference is at 3 million VND/tael.

DOJI listed the price of gold rings at 137.5-141.5 million VND/tael (buying - selling), an increase of 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 gold ring prices at 138-142 million VND/tael (buying - selling), keeping both directions unchanged. The difference between buying and selling prices is at 4 million VND/tael.

World gold price

Recorded at 0:40 am, world gold prices were listed around the threshold of 4,094.4 USD/ounce, up 56.1 USD/ounce.

Gold price forecast

Gold prices are receiving support as new data shows that the US labor market is showing signs of cooling down. The number of vacancies in June fell to 7.36 million, lower than the 7.54 million of the previous month and also lower than forecast. This information increases expectations that the US Federal Reserve (Fed) may be more cautious with its plan to continue raising interest rates.

The above developments have helped gold prices rebound strongly, surpassing the 4,090 USD/ounce zone. However, the market has not yet formed a completely solid upward trend due to the recovery of the USD and the yield of 10-year US government bonds maintaining around a high level. These are two factors that increase the opportunity cost of holding gold, an asset that does not bring yields.

After the policy meeting at the end of July, the US Federal Reserve (Fed) kept interest rates unchanged at 3.5-3.75%. The agency did not provide a clear direction for the next step, causing the market to continuously adjust expectations based on each economic report.

While inflation is still higher than target, improved US manufacturing activity shows that the economy has not weakened strongly enough to completely eliminate the possibility of the Fed raising interest rates.

However, the decrease in vacant jobs reflects that businesses are more cautious in recruiting. The number of newly recruited, resigned and laid off people has not fluctuated significantly, suggesting that the labor market is slowing down gradually instead of suddenly declining. If subsequent job reports continue to weaken, the Fed may postpone tightening policies, thereby supporting gold prices.

Geopolitical risks in the Middle East also continue to have a two-way impact on precious metals. The possibility of the Hormuz Strait reopening may limit the risk of shocking oil prices, reduce inflationary pressure and demand for interest rate hikes. However, cooling tensions also reduce the demand for safe haven assets.

In the short term, gold prices may continue to fluctuate strongly around the 4,000-4,100 USD/ounce range. The market will focus on the private sector jobs report, US July jobs data and the consumer price index released on August 12.

Weak labor data or reduced inflation may push gold prices higher. Conversely, the US economy maintaining strength and bond yields continuing to rise will limit the rise of precious metals.