Gold price update morning of August 6th: Domestic gold may skyrocket

SJC gold bar price

As of 6:00 AM, Phu Quy Jewelry Group listed SJC gold bar prices at the threshold of 138.8-141.8 million VND/tael (buying - selling), an increase of 1.3 million VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.

SJC gold bar price is listed by DOJI at the threshold of 138.8-141.8 million VND/tael (buying - selling), an increase of 1.3 million VND/tael in both buying and selling directions. The difference between buying and selling is at 3 million VND/tael.

SJC gold bar price was listed by Bao Tin Minh Chau at the threshold of 139.2-143.2 million VND/tael (buying - selling), an increase of 1.2 million VND/tael in both directions. 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 the threshold of 138.8-141.8 million VND/tael (buying - selling), an increase of 1.3 million VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.

DOJI listed the price of gold rings at the threshold of 138.5-142.5 million VND/tael (buying - selling), an increase of 1 million VND/tael in both buying and selling directions. The buying - selling difference is at 4 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at the threshold of 139.2-143.2 million VND/tael (buying - selling), an increase of 1.2 million VND/tael in both directions. The difference between buying and selling prices is at the threshold of 4 million VND/tael.

World gold price

Recorded at 11:50 PM on August 5th, world gold prices were listed around the threshold of 4,243 USD/ounce, up sharply by 148.6 USD/ounce.

Gold price forecast

Gold prices are maintaining strong upward momentum as the latest data shows that the US service sector and labor market are showing signs of weakening. This development increases expectations that the US Federal Reserve (Fed) will be more cautious with its plan to continue tightening monetary policy.

The US Purchasing Managers' Index in the service sector in July reached 54.1 points, lower than the forecast of about 54.5 points. Although the index is still above the 50 point threshold, reflecting continued service activity expansion, the growth rate has not shown a significant improvement compared to the previous month.

Notably, the job index in the service sector fell from 51.2 points to 47.4 points, falling into a narrow range and to its lowest level since March. The service sector accounts for the majority of jobs in the US, so this figure reinforces concerns that the labor market is gradually losing momentum.

Previously, the number of job positions in the US decreased to 7.36 million, factory orders in June decreased by 0.3%, while the private sector only created 44,000 jobs in July. The series of negative data has somewhat reduced expectations of the Fed raising interest rates in the September meeting.

Gold prices were also supported when the yield of 10-year US government bonds retreated to the 4.6% zone, while the USD index fluctuated below the 100-point mark. Weakening yields and the USD reduced the opportunity cost of holding gold, thereby boosting demand for precious metals.

However, inflationary pressure in the US has not completely cooled down. The input price index of the service sector increased from 67.7 to 70.3 points. This may cause the Fed to continue to maintain a cautious stance, even though the labor market is slowing down.

Negotiations related to the Middle East region also create a two-way impact. The signal of cooling down tensions helps oil prices fall, limiting the risk of inflation rebounding and supporting gold prices. Conversely, reduced geopolitical risks may reduce part of safe-haven demand.

Technically, the 4,150-4,203 USD/ounce zone has been overcome, bringing gold prices towards the 4,300 USD/ounce and 4,382 USD/ounce levels. In case of adjustment, the 4,000 USD/ounce zone is considered an important support zone. The market will continue to monitor the number of unemployment claims and the US July jobs report to assess the next policy direction of the Fed.