Will the sharp decline continue?

Price of 9999 pure gold ring

As of 6 PM today, the price of 9999 Hung Thinh Vuong gold rings at DOJI is listed at 76.05-77.25 million VND/ounce (buying price - selling price).

Saigon Jewelry Company listed the price of gold rings at 75.9-77.4 million VND/ounce (buying price - selling price).

Bao Tin Minh Chau listed the price of gold rings at 76.08 - 77.52 million VND/ounce (buying price - selling price).

In recent trading sessions, the price of gold rings has often fluctuated in the same direction as the global market. Investors can refer to the global market and expert opinions before making investment decisions.

World gold prices

As of 8 PM today, the world gold price listed on Kitco is at $2,400.8 USD/ounce.

Gold price forecast

World gold prices fell as the US dollar index rose. At 7:30 PM on August 7th, the US Dollar Index, which measures the fluctuations of the greenback against six major currencies, stood at 102.997 points (up 0.23%).

According to some experts, the drop in gold prices is partly due to concerns about a potential US economic recession and volatility in Treasury bond yields. The latest jobs report showed that the US unemployment rate rose to 4.3%, the highest level since October 2021, increasing concerns about the health of the economy.

Meanwhile, the yield on 2-year Treasury bonds rose 7.9 basis points to 4.016%, while the yield on 10-year Treasury bonds increased 11 basis points to 3.908%. These changes in bond yields, along with a slight rise in the USD index (up 0.15% to 102.685), contributed to downward pressure on gold prices.

Despite the decline in gold prices, several factors remain strongly supporting them. Recently, gold ETFs have been aggressively buying the precious metal. Other major players, such as central banks, continue to increase their gold reserves.

Economic uncertainty has led to increased speculation about the upcoming monetary policy decisions of the US Federal Reserve (FED). The likelihood of a more aggressive interest rate cut at the Federal Open Market Committee (FOMC) meeting in September has significantly increased.

According to CME's FedWatch tool, which analyzes interest rate futures contracts to predict changes in monetary policy, there is currently a 100% probability that interest rates will be cut next month.

Furthermore, the USD is in the early stages of a prolonged weakening cycle ahead of the Fed's interest rate cuts and the upward momentum of China, India, and many other countries, especially the BRICS group.