Domestic gold price

At the end of the session on August 9, the price of 9999 gold bars at SJC was 76.5 million VND/tael (buy) and 78.5 million VND/tael (sell).

Doji listed at 76.5 million VND/tael (buy) and 78.5 million VND/tael (sell).

International gold price

The price of gold on the Kitco floor at 9:00 p.m. (August 9, Vietnam time) was trading at $2,427/ounce. The price of gold futures for December 2024 was trading at $2,467/ounce.

World gold prices rose slightly at the beginning of the trading session in the US. Traders are waiting for important events that will boost daily gold prices, such as geopolitical developments at the end of the week or upcoming US inflation data.

The US Dollar Index (DXY), which measures the greenback's movements against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stood at 102.96 points.

The yield on the 2-year Treasury note rose 9.3 basis points to 4.061% and the yield on the 10-year note rose 5.2 basis points to 4.018%. Higher bond yields make gold less attractive.

Financial markets are focusing on the next move by the US Federal Reserve (Fed), with a high possibility of an interest rate cut this year.

According to CME's FedWatch tool, the market predicts a 72% chance of a 50 basis point rate cut in September, up from 70% on August 5.

Gold Price Forecast

The outlook for gold remains positive, with gold prices set to rally if the Fed cuts rates, said Alex Ebkarian, CEO of Allegiance Gold.

Tensions in the Middle East continue to fuel the gold market. Gold is considered a safe haven against geopolitical and economic uncertainties.

Fawad Razaqzada, an analyst at Forex, predicts that gold prices could hit $2,500 in the short term.