Ready for a price increase?

Domestic gold price

At the end of the trading session on August 5, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.6 million VND/tael (buy) and 67.3 million VND/tael (sell). SJC Hanoi listed at 66.6 million VND/tael (buy) and 67.32 million VND/tael (sell).

Doji Hanoi listed at 66.55 million VND/tael (buy) and 67.3 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.7 million VND/tael and sold at 67.25 million VND/tael.

International gold price

On the world market, the spot gold price on Kitco on August 5 (at 6:00 p.m., Vietnam time) was trading at 1,942 USD/ounce.

The world gold market ended the week with a decrease in price, with the whole week's gold price decreasing by 0.9%.

Gold prices ended a week of sharp decline. (Photo: 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 the 10-year US Treasury bond fell, leaving a 9-month high.

New data released on Friday showed that the US economy added 187,000 jobs in July, a sign that efforts to fight inflation are working. The Federal Reserve 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 about 85%, compared with about 78% before the jobs data was released.

Gold Price Forecast

The jobs report makes the market believe the Fed is less likely to raise interest rates, said David Meger, director of metals trading at High Ridge Futures.

Edward Moya, senior market analyst at Oanda, said the Fed will not raise interest rates at its next meeting if inflation slows down. Gold prices may fluctuate in a narrow range, then break above the $ 2,000 / ounce threshold.

Technically, gold prices are poised for a short-term rally, confirmed Darin Newsom, senior market strategist at Barchart.

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