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Domestic gold prices

At the close of trading on August 5th, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.6 million VND/ounce (buying price) and 67.3 million VND/ounce (selling price). SJC Hanoi listed the price at 66.6 million VND/ounce (buying price) and 67.32 million VND/ounce (selling price).

Doji Hanoi listed gold at 66.55 million VND/ounce (buying price) and 67.3 million VND/ounce (selling price). Doji Ho Chi Minh City bought SJC gold at 66.7 million VND/ounce and sold it at 67.25 million VND/ounce.

International gold prices

On the global market, the spot gold price on the Kitco exchange on August 5th (at 6 PM, Vietnam time) was trading at $1,942 per ounce.

The global gold market ended the week lower, with gold prices falling 0.9% overall for the week.

Gold prices ended the week with a sharp decline. (Image: Kitco)

The USD closed the week lower against major currencies. The Dollar Index, which measures the strength of the USD, fell to 102.01. The yield on 10-year US Treasury bonds declined, moving away from its nine-month high.

Newly released data shows that the US labor market added 187,000 jobs in July. This is a sign that efforts to combat inflation are being effective. The Federal Reserve (Fed) is expected to continue raising interest rates.

According to CME's FedWatch tool, the probability of the Fed keeping interest rates unchanged at its September 19-20 meeting is now around 85%, compared to about 78% before the jobs data was released.

Gold price forecast

David Meger, head of metals trading at High Ridge Futures, said the jobs report led the market to believe the Fed was less likely to raise interest rates.

Edward Moya, senior market analyst at Oanda, believes the Fed will not raise interest rates at its next meeting if inflation falls. Gold prices could fluctuate within a narrow range before breaking above $2,000 per ounce.

Darin Newsom, senior market strategist at Barchart, confirmed that, technically, gold prices are poised to rise in the short term.

Source: https://vietnamnet.vn/gia-vang-hom-nay-6-8-san-sang-de-tang-gia-2174068.html