Forecast to increase despite price being nearly 12 million VND/tael more expensive than the world

The price of SJC gold bars increased slightly by 100,000 VND per tael on the morning of September 4. Mi Hong Gold and Gemstone Company bought at 67.6 million VND per tael and sold at 68.1 million VND. Bao Tin Minh Chau Gold and Gemstone Company bought at 67.65 million VND and sold at 68.25 million VND... The price of SJC gold bars was 11.65 million VND per tael higher than the world price.

Gold prices are expected to increase this week.

World gold prices increased by more than 1 USD/ounce on the morning of September 4, to 1,941 USD/ounce. Gold has increased by more than 1.25% in the past week when the US announced some weak economic data such as the non-farm payroll report, the unemployment rate increased and the ISM manufacturing index declined.

This week, several economic releases are scheduled, including the Bank of Canada’s monetary policy decision; services PMI and US unemployment figures. With little economic data expected this week, analysts say investors should pay attention to the US dollar and bond yields. The US dollar index remains at a near three-month high above 104. Meanwhile, the 10-year bond yield, while down from a 15-year high last week, remains above 4%.

While the threat of further rate hikes from the Federal Reserve has eased following the disappointing jobs numbers, analysts note that it has not completely disappeared. According to the CME FedWatch Tool, markets see the US central bank holding rates steady in September and are also pricing in a 60% chance of no change in November.

Some analysts and investors believe that the precious metal will rise to $1,960 an ounce this week. Ewa Manthey, commodity strategist at ING, said that it is important to closely monitor US data releases, which could shed more light on what the Fed does. Gold will remain volatile due to the impact of prolonged inflation uncertainty on the US economy and will be influenced by US economic data in the coming weeks.

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