Gold price update morning of August 9th: Domestic gold recovers to 144 million VND/tael

SJC gold bar price

As of 6:00 AM, Phu Quy Jewelry Group listed SJC gold bar prices at 141-144 million VND/tael (buying - selling), an increase of 1.8 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 141-144 million VND/tael (buying - selling), an increase of 1.8 million 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 Bao Tin Minh Chau at the threshold of 141.5-145.5 million VND/tael (buying - selling), an increase of 900,000 VND/tael in both buying and selling 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 141-144 million VND/tael (buying - selling), an increase of 1.8 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 141.2-145.2 million VND/tael (buying - selling), an increase of 1.2 million VND/tael in both directions. The buying - selling difference is at 4 million VND/tael.

Bao Tin Minh Chau listed gold ring prices at the threshold of 141.5-145.5 million VND/tael (buying - selling), an increase of 900,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 4 million VND/tael.

World gold price

Recorded at 6:00 AM, world gold prices were listed around the threshold of 4,341.3 USD/ounce, up 5.2 USD/ounce.

Gold price forecast

Gold price prospects for next week are leaning in a positive direction after the precious metal just experienced its strongest week of increase since the beginning of the year. The fact that the price exceeded the 4,300 USD/ounce range shows that buying power has improved significantly after about two months of struggling around the 4,000-4,100 USD/ounce range.

The most important supporting factor today comes from the signs of weakening of the US labor market. The US economy lost 23,000 jobs in July, completely contrary to the forecast of an increase of 85,000 jobs. Previously, the number of new jobs in the private sector was also lower than expected.

This series of negative data has caused investors to reduce bets on the possibility that the US Federal Reserve (Fed) will continue to raise interest rates in the September meeting.

According to the CME FedWatch tool, the probability of the Fed raising interest rates by another 25 basis points in September is now below 50%, from nearly 60% before the latest jobs report was released. If monetary tightening expectations continue to fall, bond yields and the USD may be under pressure, thereby creating more favorable conditions for gold.

The latest weekly survey by a precious metals website shows that Wall Street analysts have high confidence in gold prices next week.

This week, 19 experts participated in the Kitco News Weekly Gold Survey. The results showed that optimistic sentiment prevailed clearly. Among them, 16 experts, equivalent to 84%, predicted gold prices would increase; 2 experts, equivalent to 11%, said prices would decrease. Only one expert, accounting for 5% of respondents, maintained a neutral view on the short-term outlook for gold.

However, after increasing nearly 300 USD/ounce in just one week, the risk of short-term profit-taking also needs to be considered. The market next week will pay special attention to US inflation data, including the consumer price index (CPI) and the producer price index (PPI), besides retail sales and consumer confidence.

If inflation continues to remain high, the Fed may maintain a cautious stance on monetary policy, limiting gold's upward momentum. Conversely, if inflation and consumer indicators cool down, expectations that the Fed will not raise interest rates will be strengthened, creating a basis for gold to continue to test higher price zones.