World gold prices continued to decline in the trading session on September 1, extending the correction momentum after the market just experienced a sharp decrease. Investors are cautious as gold prices retreated far from the peak level set last week.
As of 2:12 PM Vietnam time, spot gold price decreased by 0.40%, to 4,431.25 USD/ounce. Meanwhile, December gold futures price decreased by 0.07% to 4,478.56 USD/ounce.
The above developments show that gold prices have not yet found strong enough momentum to recover after a significant correction last weekend. Previously, gold prices had risen to a 3-month high, but then quickly turned around.
The gold market is currently focusing its attention on a series of US economic data released this week, including the number of unfilled jobs, the ADP jobs report and non-farm jobs data.
These data may provide more information about the health of the US economy, thereby affecting investors' expectations about monetary policy and the diễn biến of the USD.
After strong fluctuations in recent sessions, sentiment in the gold market is becoming more cautious. The fact that gold prices continuously fluctuate widely also makes investors tend to wait for clear signals before increasing positions.
According to analysts, 4,400 USD/ounce is a noteworthy price range in the short term. If this range is maintained, gold may find opportunities to stabilize again. Conversely, losing the 4,400 USD/ounce mark may increase adjustment pressure.
The precious metals market also diễn biến trái chiều (developed in opposite directions). Spot silver price decreased by 0.13%, to 66,4635 USD/ounce. Platinum price increased by 0.75%, to 1,809.54 USD/ounce. Meanwhile, palladium price decreased by 0.49%, to 1,372.75 USD/ounce.
The current adjustment is taking place after gold prices had a period of strong increase. The price's reversal from the near 4,700 USD/ounce threshold has made the 4,400 USD mark a support zone of particular interest to the market.
In the short term, the diễn biến of the USD, US bond yields and economic data will continue to affect the attractiveness of gold.
If the price can stabilize above 4,400 USD/ounce, the market may see buying power reappear. Conversely, if selling pressure continues to increase, gold prices may need more time to find a new balance zone after the previous strong increase.
