World gold prices fluctuated in opposite directions in the trading session on September 1st, when selling pressure was still present after a strong adjustment at the end of August. Spot gold prices continued to maintain around the 4,400 USD/ounce range, while future gold prices edged up.
As of 9:27 am Vietnam time, spot gold prices decreased by 0.15%, to 4,442.63 USD/ounce. Meanwhile, December gold futures increased by 0.25% to 4,492.60 USD/ounce.
The above developments show that gold prices are trending to stabilize after a sharp decrease in the previous session. In the session on August 28, December gold futures fell by 134.1 USD, equivalent to 2.9%, to 4,529.9 USD/ounce.
Before the adjustment, gold prices once increased to 4,696.18 USD/ounce, the highest level in more than 3 months. The price retreating deeply from the peak shows that profit-taking pressure has increased significantly after a strong rally.
Currently, the 4,400 USD/ounce mark is becoming a price zone of interest to the market. Gold prices maintaining above this zone may help the market form a new accumulation level after a sharp decline. Conversely, if this support level is lost, selling pressure may continue to increase.
On the precious metals market, spot silver price increased by 0.21%, to 66.68 USD/ounce. Platinum price increased by 0.21%, to 1,799.74 USD/ounce, while palladium price decreased by 0.14%, to 1,377.50 USD/ounce.
Compared to gold, silver and platinum, which are showing more positive developments in the morning session, it shows that cash flow in the precious metals market has not completely withdrawn from this asset group.
In August, gold prices still recorded an increase of about 10%, heading towards the strongest month of increase since January. The previous upward momentum brought gold prices from the lower zone to near 4,700 USD/ounce, before entering the last adjustment of the month.
In the short term, 4,400 USD/ounce continues to be an important price range. If this range is maintained, gold prices are likely to regain buying power and return to higher price ranges. Conversely, breaking through the 4,400 USD/ounce mark will increase the risk of price continued adjustment.
