Prices ended the week higher.

Domestic gold prices

At the close of trading on September 2nd, the price of 9999 gold bars at SJC Ho Chi Minh City was 67.55 million VND/ounce (buying price) and 68.25 million VND/ounce (selling price). SJC Hanoi listed the price at 67.55 million VND/ounce (buying price) and 67.27 million VND/ounce (selling price).

Doji Hanoi listed gold at 67.6 million VND/ounce (buying price) and 68.3 million VND/ounce (selling price). Doji Ho Chi Minh City bought SJC gold at 67.5 million VND/ounce and sold it at 68.2 million VND/ounce.

International gold prices

On the global market, the spot gold price on the Kitco exchange on September 2nd (at 8 PM, Vietnam time) was trading at $1,939 per ounce.

At current prices, the world gold price, converted to VND (including taxes and processing fees), differs from the domestic SJC gold price by approximately 10.8 million VND per ounce.

Gold prices ended the week higher following a series of US economic data releases. The Personal Consumption Expenditures (PCE) price index rose 0.2% in July 2023, matching the increase in June. Over the 12 months to July 2023, the PCE index increased 3.3%, after a 3% increase in June.

According to the US Department of Labor, US job growth accelerated in August, but the unemployment rate reached 3.8%.

The gloomy economic data released by the US last week suggests that the Federal Reserve (Fed) is unlikely to raise interest rates at its meeting this month.

The USD and US government bond yields also came under downward pressure ahead of these data releases, which in turn supported gold prices. The USD index fell by about 1% and US bond yields dropped by about 3% this week.

Gold price forecast

According to CME's FedWatch tool, the probability of the Fed keeping interest rates unchanged in September has increased from 89% to 93%. Ricardo Evangelista, senior analyst at ActivTrades, said that bad news for the economy would be good news for gold.

Kitco News' latest weekly gold survey shows that more than two-thirds of retail investors expect gold prices to rise.

Daniel Pavilonis, a senior commodities broker at RJO Futures, believes that gold prices will rise in the short term, then fall.

Source