Gold price closing session September 2nd: Continues to decrease, no signs of recovery

SJC gold bar price

As of 6:00 PM, Phu Quy listed SJC gold bar prices at the threshold of 144.5-148.2 million VND/tael (buying - selling), down 500,000 VND/tael in both buying and selling directions. The buying - selling difference is at 3.7 million VND/tael.

At the same time, SJC gold bar prices were listed by DOJI at the threshold of 145.7-148.7 million VND/tael (buying - selling), unchanged in both buying and selling directions. The buying - selling difference was at 3 million VND/tael.

SJC gold bar price was listed by Bao Tin Minh Chau at the threshold of 144.8-148.8 million VND/tael (buying - selling), down 400,000 VND/tael in both buying and selling directions. The buying - selling difference is at 4 million VND/tael.

9999 gold ring price

As of 6:00 PM, Ancarat listed the price of 9999 Tich Tai Gold Ring at 145.3-148.3 million VND/tael (buying - selling), down 300,000 VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.

Phu Quy Jewelry Group listed the price of gold rings at the threshold of 144.5-148 million VND/tael (buying - selling), down 900,000 VND/tael on the buying side and down 400,000 VND/tael on the selling side. The buying - selling difference is at 3.5 million VND/tael.

DOJI Group listed gold ring prices at the threshold of 144.5-148.5 million VND/tael (buying - selling), down 700,000 VND/tael in both buying and selling directions. The difference between buying and selling is at 4 million VND/tael.

The price of gold rings is listed by Bao Tin Minh Chau at the threshold of 144.8-148.8 million VND/tael (buying - selling), down 400,000 VND/tael in both buying and selling directions. The buying - selling difference is at 4 million VND/tael.

Jewelry gold price

As of 6:00 PM, Ancarat listed the price of 24K 9999 Gold Jewelry at 140.3-148.3 million VND/tael (buying - selling), down 300,000 VND/tael in both buying and selling directions.

DOJI listed 9999 jewelry gold at the threshold of 143.5-147.5 million VND/tael (buying - selling), down 1 million VND/tael in both buying and selling directions.

Bao Tin Minh Chau listed Thang Long 9999 Dragon Gold Jewelry at 142.8-147.8 million VND/tael (buying - selling), down 400,000 VND/tael in both buying and selling directions.

World gold price

Recorded at 6:10 PM, world gold prices were listed around the threshold of 4,316.8 USD/ounce, down 63.7 USD/ounce.

Gold price forecast

Gold prices are entering a period of significant pressure as a series of unfavorable factors appear. After four consecutive declining sessions, the precious metal has retreated to its lowest level in more than three weeks, and is trading below the 200-day moving average. This development shows that the short-term trend is still relatively cautious.

One of the major pressures on gold today comes from the energy market. Tensions in the Middle East are causing oil prices to maintain their upward momentum, increasing concerns that inflation in the US may last. In those conditions, expectations that the US Federal Reserve (Fed) will continue to maintain a tough monetary policy are returning stronger.

The market currently assesses about 68% of the possibility of the Fed raising interest rates at the policy meeting this month. If this expectation continues to increase, US government bond yields and the USD may remain at a high level, thereby creating more pressure on gold prices.

This is also a noteworthy point because gold does not bring yields. When bond yields increase, cash flow tends to consider more profitable assets, reducing the relative attractiveness of the precious metal. The strengthening USD also makes gold more expensive for buyers holding other currencies.

In the short term, the 4,300 USD/ounce zone is becoming a milestone that the market is paying special attention to. If gold prices cannot hold this area, selling pressure may continue to increase and expand the correction phase. Conversely, the formation of buying force around the low price zone may create conditions for a technical recovery phase.

The factor likely to determine the next direction of gold is the series of US jobs data to be released soon. If the labor market shows clear signs of weakening, the expectation that the Fed will raise interest rates may decrease, thereby supporting gold recovery.

Conversely, positive employment data will strengthen the view that the US economy is still strong enough to withstand a high interest rate environment. At that time, the USD and bond yields may continue to rise, causing gold prices to face the risk of further strong fluctuations and testing lower support zones.