Gold prices fluctuate continuously, what is the outlook?

Gold prices are under some pressure and are unlikely to break through in the short term. (Illustration: Phan Anh)

According to Kitco, gold prices managed to hold above $2,500 per ounce despite some technical selling pressure. Looking ahead, some analysts suggest the precious metal may face significant challenges, as September was one of the worst months for gold in years.

To date, gold prices have maintained their position. December gold futures are trading at $2,528.40 per ounce, up 0.21% on the day.

In a recent note, Nicky Shiels, Head of Metals Research and Strategy at MKS PAMP, mentioned that since 2009, gold prices have fallen 2.4% in September. Meanwhile, analysts at Bloomberg noted that since 2017, gold prices have fallen 3.2% in September.

Not only gold, September was also a bad month for silver. Over the past 15 years, silver has fallen 3.7% in the last month of the third quarter.

Updated world gold prices as listed on Kitco at 1:50 AM on September 4, 2024. Source: Kitco

Analysts also point out that September is typically a "weak" month for the stock market, but surprisingly strong for the US dollar.

As of 1:30 AM on September 5th, the US Dollar Index, which measures the fluctuations of the US dollar against six major currencies, was at 101.325 points.

Shiels noted that given gold's more than 20% price increase this year and the high valuations in the stock market, it's no surprise that investors are being cautious as summer draws to a close.

Currently, investors' attention is focused on the US Federal Reserve's (FED) expected start to its highly anticipated easing cycle later this month. Although gold prices typically fall in September, the precious metal has surged strongly towards the end of the month. Therefore, many experts remain confident in the future price of gold.

Phillip Streible, chief market strategist at Blue Line Futures, said: "Futures prices have risen an average of 13 times over the past 15 years and typically surge after a brief pause at the beginning of November."

Domestic gold price update

As of 6:00 AM, the price of SJC gold bars listed by DOJI Group was 79 - 81 million VND/ounce (buying price - selling price). The difference between the buying and selling price of SJC gold at DOJI Group was 2 million VND/ounce.

Saigon Jewelry Company (SJC) listed the price of SJC gold at 79 - 81 million VND/ounce (buying price - selling price). The difference between the buying and selling price of SJC gold at Saigon Jewelry Company (SJC) is 2 million VND/ounce.

The price of 9999 Hung Thinh Vuong gold rings at DOJI is listed at 77.4-78.55 million VND/ounce (buying price - selling price); a decrease of 100,000 VND/ounce in the buying price and a decrease of 50,000 VND/ounce in the selling price.

Saigon Jewelry Company listed the price of gold rings at 77.2 - 78.5 million VND/ounce (buying price - selling price); a decrease of 100,000 VND/ounce in both directions.

Bao Tin Minh Chau listed the price of gold rings at 77.38-78.58 million VND/ounce (buying price - selling price); a decrease of 50,000 VND/ounce in both directions.

Source: https://laodong.vn/tien-te-dau-tu/gia-vang-lien-tuc-troi-sut-trien-vong-ra-sao-1389364.ldo