Domestic gold price

At the end of last week's session (August 10), 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).

Meanwhile, SJC listed the price of gold rings of type 1-5 at only 76.25-77.6 million VND/tael (buy - sell), while the price of Doji's 9999 round gold rings was at 76.35-77.6 million VND/tael.

International gold price

Gold prices on the Kitco floor closed the trading week at $2,430/ounce. Gold futures for December 2024 traded at $2,470/ounce.

The US Dollar Index (DXY), which measures the greenback's movements against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF) stood at 102.97 points.

The latest Kitco News weekly gold survey shows that most industry experts see gold prices moving sideways, while a majority of retail traders expect prices to rise.

Markets this week are focused on a number of notable economic releases, including July PPI, July CPI, July retail sales and weekly jobless claims, the University of Michigan's preliminary consumer sentiment survey for August,...

The market is now focused entirely on the prospect of a September interest rate cut from the US Federal Reserve (Fed). Gold investors will be paying close attention to the Fed's speaker lineup this week.

The Kitco News Wall Street Gold Survey found that experts see gold prices holding steady this week, with 60% calling for a sideways trend. The remaining 40% see gold prices rising. In an online Main Street poll, 62% of retailers see gold prices rising, while 21% see prices falling.

Gold Price Forecast

James Stanley, senior market strategist at Forex, said that gold prices will rise. Gold investors are still in control. After the price of gold fell, buying orders immediately increased sharply. The market is ready to wait for the opportunity for gold to break above $ 2,500 / ounce.

Sean Lusk, director of commercial hedging at Walsh Trading, said the gold market changes so quickly that it is difficult for traders to predict the direction.

Lusk expects gold prices to rise higher by year-end. The next target for gold prices is the $2,580-2,585/ounce range.