World gold prices rose in the afternoon trading session of August 4 as investors continued to monitor the monetary policy outlook of the US Federal Reserve (Fed) and waited for a series of important US economic data to be released this week.
As of 2:09 PM Vietnam time, spot gold prices increased by 0.76% to 4,065.39 USD/ounce. Meanwhile, December gold futures contracts increased by 0.71% to 4,119.62 USD/ounce.
The rise in gold took place after the Fed kept interest rates unchanged at a meeting at the end of July. The market is currently shifting its attention to US economic data, including the ISM service index, the ADP private sector jobs report and especially the July jobs report. These figures are expected to provide more basis to assess the Fed's interest rate roadmap prospects in the near future.
The diễn biến of the USD and US government bond yields continue to be factors that have a major impact on gold prices. When the USD strengthens or yields increase, the opportunity cost of holding gold often increases, thereby putting pressure on the precious metal. Conversely, if these two indices weaken, gold prices may be supported.
On the precious metals market, other items also recorded positive developments. Spot silver price increased by 1.3% to 58.95 USD/ounce; platinum increased by 1.69% to 1,657.83 USD/ounce and palladium increased by 1.82% to 1,289.25 USD/ounce. The simultaneous increase of the precious metals group reflects improved market sentiment in the context of investors waiting for new signals from US economic data and monetary policy prospects.
On the energy market, oil prices also went up when Brent oil increased by 1.09% to 84.68 USD/barrel, WTI oil increased by 0.36%, to 80.63 USD/barrel.
In general, the focus of the market this week is still US economic data. The results of the reports will affect expectations about the Fed's interest rate roadmap, thereby affecting the diễn biến of the USD, US government bond yields and the trend of gold prices in the short term.
