Gold price update morning 8.8: Continues to increase

SJC gold bar price

As of 6:00 AM, Phu Quy Jewelry Group listed SJC gold bar prices at the threshold of 139.2-142.2 million VND/tael (buying - selling), down 500,000 VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.

SJC gold bar price was listed by DOJI at the threshold of 139.2-142.2 million VND/tael (buying - selling), down 500,000 VND/tael in both buying and selling directions. The difference between buying and selling is at 3 million VND/tael.

SJC gold bar prices were listed by Bao Tin Minh Chau at the threshold of 140.6-144.6 million VND/tael (buying - selling), an increase of 100,000 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 139.2-142.2 million VND/tael (buying - selling), down 500,000 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 140-144 million VND/tael (buying - selling), going sideways 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 140.6-144.6 million VND/tael (buying - selling), an increase of 100,000 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 0:25, the world gold price was listed at around 4,336.1 USD/ounce, an increase of 102.8 USD/ounce.

Gold price forecast

World gold prices are receiving strong momentum after US July jobs data suddenly weakened, reducing expectations that the US Federal Reserve (Fed) will continue to raise interest rates in the short term.

According to newly released data, the US economy lost 23,000 jobs in July, completely contrary to the forecast of an increase of about 85,000 jobs. This is the second time this year that the US labor market has recorded a decline in jobs. Data for May and June were also adjusted down significantly compared to the initial announcement.

Notably, the average hourly income in July only increased by 0.1%, lower than the 0.3% forecast by the market. Although the unemployment rate decreased from 4.2% to 4.1%, some assessments suggest that this development is related to the shrinking of the labor force.

Weak job data immediately impacted the financial market. The yield of 10-year US Treasury bonds fell to around 4.6%, while the USD weakened. The probability of the Fed raising interest rates at the September meeting also decreased significantly compared to before the jobs report was released.

The downward yield environment and the prospect of less tight monetary policy are creating favorable conditions for gold. After the jobs report, spot gold prices at one point increased to the 4,350-4,367 USD/ounce range, corresponding to an increase of nearly 3% in the session.

However, gold prospects still face many unpredictable factors. Developments in the Strait of Hormuz continue to affect oil prices, inflation expectations and safe-haven demand. Uncertainties related to US-Iran relations may still maintain the "geopolitical risk premium" in gold prices.

In addition, the market will pay special attention to the US consumer price index (CPI) report to be released soon. If inflation continues to be higher than forecast, expectations of the Fed raising interest rates may return.

Technically, the 4,372-4,450 USD/ounce zone is being considered a noteworthy resistance area. If it sustainably surpasses this zone, gold prices may head towards the 4,500 USD/ounce mark. Conversely, near support zones are around 4,229 USD/ounce and 4,120 USD/ounce.