As the USD rises, gold struggles to break through.

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.

*The US dollar is appreciating again, making it difficult for gold to break through. (Image: Kitco)*

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.

The gold market saw a recovery in the final trading session of the week. However, analysts note that gold prices are unlikely to break out of their current levels due to the continued high value of the US dollar and bond yields.

According to Phillip Streible, chief market strategist at Blue Line Futures, there are currently no factors that could stop the upward trend in bond yields.

Nevertheless, some experts argue that gold has demonstrated its strength in the face of bond yields reaching their highest levels in 15 years and the US Dollar Index surpassing 104 points.

James Stanley, senior market strategist at Forex.com, commented that the fact that gold is still holding at its current support level amidst the renewed strength of the USD is quite a positive sign.

Experts also noted that investors should keep an eye on the volatility of the US dollar and bond yields next week, as there will be little data released that could impact the Federal Reserve's stance.

Gold price forecast

Last week, 11 Wall Street analysts participated in Kitco News' gold survey. Of these experts, 64% predicted higher gold prices in the near future, 27% predicted lower prices, and the remaining 9% believed prices would remain stable.

Meanwhile, 534 votes were cast in online polls. Of these, 360 people, or 67%, believe that gold prices will rise in the near future. Another 101 people, or 19%, predict that gold prices will fall, while the remaining 73 people, or 14%, believe that gold prices will remain stable.

Gold prices today, September 3rd: Ending the week with gains . Gold prices on the world market today, September 3rd, ended the week higher amidst several economic data points supporting the precious metal.

Source