SJC gold bar price
As of 9:15 am, Phu Quy listed SJC gold bar prices at the threshold of 142.5-145.5 million VND/tael (buying - selling), an increase of 2 million VND/tael in both buying and selling directions. The difference between buying and selling is at 3 million VND/tael.
At the same time, SJC gold bar prices were listed by DOJI Group at the threshold of 142.5-145.5 million VND/tael (buying - selling), an increase of 2 million 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 9:15 am, Phu Quy Gold and Gems Group listed the price of gold rings at the threshold of 142.5-145.5 million VND/tael (buying - selling), an increase of 2 million 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 142-145.8 million VND/tael (buying - selling), an increase of 1.8 million VND/tael on the buying side and an increase of 1.6 million VND/tael on the selling side. The buying - selling difference is at 3.8 million VND/tael.
World gold price
At 9:25 am, world gold prices were listed around the threshold of 4,417.9 USD/ounce, up sharply by 96 USD/ounce.
Gold price forecast
Gold prices are maintaining a positive state in the context of the global financial market continuously receiving mixed signals about growth, inflation and US monetary policy orientation.
The driving force supporting the precious metal comes primarily from the weaker-than-expected US jobs report. The number of jobs in July decreased by 23,000, while data from previous months were also adjusted down. This development once caused the market to sharply reduce expectations that the US Federal Reserve (Fed) would raise interest rates at the September meeting.
However, the outlook for monetary policy quickly became more unpredictable as oil prices recovered, US bond yields rose, and inflationary pressure returned. The probability of the Fed raising interest rates in September has recovered to about 51.7%, after falling to 44.4% last weekend.
Notably, the yield of 30-year US government bonds increased to 5.244%, while the yield of 10-year bonds remained above the 4.7% range. The USD also strengthened. Usually, these are unfavorable factors for gold, but the precious metal still maintains buying power, showing that investors' defensive needs are at a high level.
Geopolitical risks continue to be one of the important factors supporting gold prices. Instability related to transportation through the Strait of Hormuz makes the market worried that energy supplies may be disrupted longer than expected.
WTI oil prices rose to around 79 USD/barrel, while Brent oil traded nearly 85 USD/barrel. Rising energy prices could increase inflationary pressure, thereby making the Fed's interest rate outlook more complicated.
In the coming sessions, the market will pay special attention to the US consumer price index (CPI) report for July, followed by the producer price index (PPI) and retail sales data. These data may determine interest rate expectations, while creating strong fluctuations for gold prices.
Technically, the 4,360-4,380 USD/ounce zone is considered a noteworthy resistance area. If it surpasses and maintains above this zone, gold prices may head towards 4,480 USD/ounce, further to the psychological level of 4,500 USD/ounce.
In the opposite direction, 4, 299 USD/ounce is the near support zone. If this level is broken, gold prices are at risk of falling to 4, 223 USD/ounce, or even 4, 147 USD/ounce. In the short term, the developments of US inflation, bond yields, oil prices and geopolitical tensions are likely to continue to dominate the trend of precious metals.
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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