Gold price today 9.8: Prices increase but buyers still have no profit

SJC gold bar price

Closing the week's trading session, Saigon SJC Jewelry Company listed SJC gold prices at 141-144 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (August 2), the price of SJC gold bars at Saigon SJC Jewelry Company increased by 4 million VND/tael on the buying side and increased by 3 million VND/tael on the selling side.

Meanwhile, DOJI listed SJC gold price at the threshold of 141-144 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (August 2), the price of SJC gold bars at DOJI increased by 4 million VND/tael on the buying side and increased by 3 million VND/tael on the selling side.

If buying SJC gold bars on August 2nd and selling them on today's session (August 9th), buyers at Saigon Jewelry Company SJC and DOJI will both break even.

9999 gold ring price

At the same time, DOJI Group listed the price of gold rings at the threshold of 141.2-145.2 million VND/tael (buying - selling), an increase of 4.2 million VND/tael in both buying and selling directions. The buying - selling difference is at 4 million VND/tael.

Phu Quy Jewelry Group listed the price of gold rings at 141-144 million VND/tael (buying - selling), an increase of 4 million VND/tael on the buying side and an increase of 3 million VND/tael on the selling side. The buying - selling difference is at 4 million VND/tael.

If buying gold rings on August 2nd and selling them on today's session (August 9th), buyers at DOJI will make a profit of 200,000 VND/tael, while buyers at Phu Quy will break even.

Although domestic gold prices increased quite strongly last week, the buying - selling difference still maintained at a high level, commonly around 3-4 million VND/tael. This gap makes investors have to wait for prices to increase large enough to compensate for the difference when buying and selling.

In fact, buyers of SJC gold bars from the session from August 2nd to the session of August 9th at some businesses only reached breakeven, while the profit margin for gold rings was also insignificant. This shows that the listed price increase does not necessarily mean that buyers will definitely make a profit, especially for short-term transactions.

World gold price

Closing the week's trading session, world gold prices were listed at 4,341.3 USD/ounce, up 299.6 USD compared to a week ago.

Gold price forecast

After a week of nearly 300 USD/ounce increase, the outlook for gold prices next week continues to be assessed quite positively by analysts. However, after a strong and rapid increase, the market may also experience fluctuations when investors take profits and wait for more signals from US economic data.

The most important driving force for gold today comes from signs of weakening in the US labor market. The latest report shows that the US economy lost 23,000 jobs in July, while the previous forecast was an increase of about 85,000 jobs. Private sector employment data is also lower than expected. This information caused the market to reduce expectations about the possibility that the US Federal Reserve (Fed) will continue to raise interest rates in the September meeting.

In that context, optimistic sentiment is prevailing. A weekly survey of 19 Wall Street experts by a precious metals website showed that 16 people, equivalent to 84%, predict gold prices will continue to rise next week. Only 2 experts believe that prices may fall and one person holds a neutral stance.

Gold's direction next week will largely depend on a series of US economic data. The market will pay special attention to the consumer price index (CPI), producer price index (PPI), number of unemployment claims, retail sales and consumer confidence index.

If data continues to show that inflation cools down or economic activity weakens, expectations that the Fed will maintain less tough monetary policy may be strengthened, thereby creating more momentum for gold. Conversely, higher-than-forecast inflation or strong consumer spending may reverse monetary policy expectations and put pressure on precious metals.

After increasing by more than 7% in just one week and surpassing the 4,300 USD/ounce zone, gold prices are having a relatively good support base. However, the fluctuation range may increase, especially around the time of the announcement of important economic data. Investors should therefore be cautious with chasing purchases when prices are in high territory.