The price of SJC gold bars increased slightly by VND100,000 per tael on the morning of September 4. Mi Hong Gold and Gemstone Company bought at VND67.6 million per tael and sold at VND68.1 million. Bao Tin Minh Chau Gold and Gemstone Company bought at VND67.65 million and sold at VND68.25 million... The price of SJC gold bars was VND11.65 million per tael higher than the world price .
Gold prices 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 decreased.
This week, several economic releases are scheduled, including the Bank of Canada’s monetary policy decision; services PMI and US jobless claims. With little economic data expected this week, analysts say investors should keep an eye on 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. Markets see the US central bank holding rates steady in September, and they are also pricing in a 60% chance of no change in November, according to the CME FedWatch Tool.
Some analysts and investors believe that the precious metal will rise to $ 1,960 / ounce this week. Ewa Manthey, commodity strategist at ING, said that it is important to closely monitor the 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.
Source link
Comment (0)