Gold prices ended the week on a strong note, erasing earlier losses and closing in on the key resistance level of $3,400 an ounce. The main driver was weak US labor market data, which raised hopes that the Federal Reserve will cut interest rates in September.

Gold ended the week at $3,360.25 an ounce, breaking above the short-term resistance level of $3,350. Spot gold was trading at $3,360.25 an ounce. The precious metal gained 0.7% for the week. Notably, gold prices rose nearly 3% from the mid-week low.

At the opening of the trading session on August 2, the price of SJC 9999 gold also increased by 1.6 million VND/tael for buying and 2.1 million VND/tael more expensive for selling compared to the closing price of yesterday's trading session, up to 121.5-123.5 million VND/tael (buying - selling).

Lukman Otunuga, Senior Market Strategist at FXTM, said the gold rally at the end of the week was impressive, fueled by the decline in the US dollar.

Looking at the chart, the bulls are in control as the $3,400 target is less than 2% away from the current price. If gold stays above the $3,330 resistance level, it could signal a move to $3,400. If $3,330 is lost, gold could correct to $3,300, which coincides with the 100-day moving average (SMA 100).

Gold prices came under significant selling pressure during the week as the Fed kept interest rates unchanged and Fed Chairman Jerome Powell raised uncertainty about the possibility of a rate cut in September.

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Gold prices reversed to go up. Photo: Kitco

Gold prices then rebounded as US labor market data disappointed. The US economy added just 73,000 jobs last month, according to the Bureau of Labor Statistics. In addition, total job growth in May and June was revised down by 258,000. Based on the revised data, only 14,000 jobs were created in June and 19,000 in May.

Aaron Hill, senior market analyst at FP Markets, said the weaker-than-expected jobs report had undermined confidence in the US economy, putting pressure on the USD.

For gold, the disappointing labor data reinforced its role as a hedge against economic uncertainty, supporting gains as investors sought stability.

According to the CME FedWatch Tool, markets are pricing in a 92% chance that the Fed will ease monetary policy in September. That's up from just 38% on Thursday.

Some analysts remain bullish on gold prices as US President Donald Trump continues to impose high import tariffs on many countries around the world .

While trade deals with Japan and Europe have eased some of the global trade uncertainty, countries like Canada, which have yet to finalize deals, face high tariffs of 35%. Indian imports face 25%.

What will the price of gold be next?

Naeem Aslam, chief investment officer at Zaye Capital Markets, said gold prices could set a solid rally to $3,400 an ounce on expectations of a sharp change in interest rates.

If the Fed signals a more dovish stance on monetary policy, speculative money could push gold prices past this psychologically important level, Mr. Aslam said. That is especially true as investors continue to seek safe havens amid economic uncertainty.

Technical indicators favor a breakout, gold ETFs are bullish, and open interest is rising, all pointing to the upside potential for gold. Zaye Capital Markets said traders have been preparing for a fall rally, as gold tends to rise after August.

Michael Brown, market strategist at Pepperstone, maintained a bullish stance on gold, highlighting the precious metal's role as a monetary asset amid global trade uncertainty.

Mr. Brown said the trend of diversifying reserves from the US dollar to gold, especially from emerging markets, is expected to continue in the near future. In addition, potential safe-haven demand stemming from concerns about the health of the US economy will continue to support the rise in gold prices.

The key levels to watch are $3,400, followed by around $3,445, before a possible move to new highs around $3,500. Brown believes gold will set new highs before the end of the year.

Gold price today August 2, 2025: SJC increased sharply by 2 million, rings soared to a new peak . Gold price today August 2, 2025, domestic SJC gold bars and plain rings suddenly increased sharply following world prices, becoming more expensive by 2 million VND per tael, up to 123.5 million VND. Plain rings climbed to a new peak, 119.5 million VND/tael.

Source: https://vietnamnet.vn/gia-vang-tang-dung-dung-nha-dau-tu-nin-tho-cho-cu-pha-dinh-lich-su-2428075.html