SJC gold bar price
As of 9:50 am, Phu Quy Jewelry Group listed SJC gold bar prices at 140.5-143.5 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.
At the same time, SJC gold bar prices were listed by DOJI Group at the threshold of 140.5-143.5 million VND/tael (buying - selling), down 500,000 VND/tael in both buying and selling directions. The difference between buying and selling was at 3 million VND/tael.
9999 gold ring price
As of 9:50 am, Phu Quy Gold and Gems Group listed the price of gold rings at the threshold of 140.5-143.5 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 Group listed the price of gold rings at 140.2-14.42 million VND/tael (buying - selling), down 1 million VND/tael in both directions. The buying - selling difference is at 4 million VND/tael.
World gold price
At 9:50 am, world gold prices were listed around the threshold of 4,321.9 USD/ounce, down 19.4 USD/ounce.
Gold price forecast
Although gold prices are falling, market sentiment this week is still leaning towards a positive trend. This week's precious metals will face a series of important US economic data, especially inflation indicators.
The main driving force supporting gold now comes from signs of weakening in the US labor market. The latest report shows that the US economy lost 23,000 jobs in July, contrary to the forecast of an increase of 85,000 jobs. Employment data for the previous two months was also significantly adjusted down.
This development has weakened expectations about the possibility that the US Federal Reserve (Fed) will continue to raise interest rates, thereby creating more favorable conditions for gold. Previously, the Fed kept the target interest rate at 3.5-3.75%, in the context that this agency is still cautious about inflationary pressure.
The focus of this week's market will be the US Consumer Price Index (CPI) for July, expected to be released on August 12. This is considered data that is likely to create strong fluctuations for gold prices.
If the CPI is lower than expected, the pressure for the Fed to continue tightening monetary policy may decrease further. The US dollar and US bond yields are then likely to be under pressure, creating more room for gold to move towards the 4,400 USD/ounce zone and further to the 4,500 USD/ounce mark.
Conversely, if inflation continues to be persistent, expectations that the Fed maintains a tough stance may return, increasing the risk of profit-taking after the recent rapid increase.
After the CPI, the market continues to monitor the Producer Price Index (PPI), the number of unemployment claims, retail sales and the US consumer confidence index. These data will provide more signals about the health of the economy as well as the policy direction of the Fed.
Analysts' sentiment is still quite optimistic. A market survey with 19 Wall Street experts from a precious metals website showed that 16 people, equivalent to 84%, predicted gold prices would increase this week; 11% predicted a decrease and 5% maintained a neutral stance. In an online survey with 241 participants, nearly 69% also expected gold prices to continue to rise.
Although the short-term outlook is leaning towards positive, the 4,400-4,500 USD/ounce zone is considered an important test area. After a strong increase, gold prices may experience major fluctuations as US economic data is released one after another.
Gold price data is compared to the previous day.
The information in the article is for reference only, reflecting market developments at the time of recording and not an investment recommendation. Investors need to carefully consider their financial capacity, personal goals and related risks before making a decision to buy or sell gold.
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