The price of gold is rising slightly. Optimism and confidence are on the rise.

The price of SJC gold in Baotian Minzhou is listed at: 76. 6 78. 5 million VND/cubic meter; the Rồng Thăng Long gold brand traded at 76. 38 77. 58 million VND / cubic meter; jewelry gold prices traded at 75. 65 77,35 million VND per cubic meter.

Notes of Newspapers of the World & Vietnam, at 4:47 pm on August 3 (Vietnamese time), the world gold price at goldprice. org was $2,431. 1 per ounce, up $6. 19/ounce from the previous trading session.

Converted to USD at Vietcombank on August 10, 1 USD = 25. 270 VND, the world gold price is equivalent to 74. 02 million dong per quintal, lower than SJC's selling price of 4. 48 million dong/quintal.

World Gold Price Rises and the Future Looks Bright

World gold prices Stability in the 9/8 trading session, after a sharp rise in the previous one, was driven by growing expectations of an interest rate cut by the US Federal Reserve (Fed) in September 2024.

At the close of this weekend's trading session, spot gold prices were almost unchanged at $2,427. 73 per ounce and U. S. futures rose 0. 4% to $2,473. 4 per ounce. [citation needed] However, when aggregated for the week as a whole, spot gold was down 0. 6%, due to bearishness recorded during the week.

The latest weekly gold survey of The Kitco News shows that most experts in the industry expect prices to be flat next week, while a majority of retail traders expect precious metals to rise.

I'm going gold neutral for the next week. This is Colin Cieszynski."I just have a feeling that after 10 days of volatility, the market may stabilize slightly next week before the Democratic convention begins next week".

Marc Chandler is here., managing director at Bannockburn Global Forex, also expects gold to be trending sideways, at least early in the week.

"I doubt the likelihood of further consolidation is possible, at least by early next week", he said. "I think markets may have exaggerated the possibility of a 50 basis point cut, not to mention emergency cuts between Fed meetings".

Chandler said that next week's highlight will be the Consumer Price Index (CPI) report for July 2024. It is likely that CPI will remain unchanged from the same period last year, while also noting that In this past July, the People's Bank of China (PBOC) did not buy gold, marking its third consecutive month after 18 months of buying it.

There's still a lot of unknown: Tensions in the Middle East, and many people are still assuming that Iran will attack Israel, which would at least support gold in its early stages, he added.

Adrian day"Market expectations for Fed rate cuts are constantly changing and so is the price of gold", he noted. "But there's no doubt that there will be at least one initial cut in interest rates over time, which would signal to North American investors a greater focus on gold, especially as the US economy shows signs of falling into recession".

So far, gold prices have been boosted with little interest from Western investors, Day said, but Fed rate cuts and successive rounds of cutbacks by other central banks will change that.

Adam Button, the head of monetary strategy at Forexlive. com, maintains a neutral stance on gold's short-term prospects. He says, "The double peak at $2,475 is competing with a series of lower levels". We have also seen a speculative fall in prices.

This is Sean Lusk. Co-director of trade prevention at Walsh Trading, says the gold market is changing so fast these days that it's hard for traders to pick a direction.

He expects the precious metal to remain strong, and although he does not see any other major upward movement in the near future, he believes that gold will rise higher by year's end.

This week, 10 analysts participated in the Kitco News Gold Survey, with a majority of Wall Street now expecting gold to settle into its merger pattern once pessimism has completely disappeared. Six experts, or 60%, expect gold prices to trend sideways next week, while the remaining 40% believe that gold will rise further next week. No one is predicting this precious metal's price will fall.

Meanwhile, 210 votes were cast in the online poll of The Kitco.130 retail traders, or 62%, expect gold prices to rise next week. Another 45, or 21%, expect the yellow metal to trade lower, while 35 respondents, representing the remaining 17%, see consolidation in price over the coming week.

James Stanley, a senior market strategist at Forex. com, expects the price of gold to rise next week. He said: "The bulls are still in control and they've shown that very clearly this past week.

In my view, they have a chance to retest the high but there's no clear evidence yet that they are ready to break out of $2,500.

He added: "If they can break the lower peak pattern of gold prices delivered right on the daily chart, then the door to test the $2,500 level will expand significantly. The risk for this scenario would be Treasury bond yields around next week's CPI report as a rush to seek returns could cause capital to run away from gold in pursuit of returns".

Everett Millman and his wife., chief market analyst at Gainesville Coins, said he expects August's seasonal favor to support gold despite geopolitical and market uncertainty.

Millman said that, seasonally, August was one of the best months for gold and now markets are looking toward a September rate cut from the Fed.

"Indeed, any support above $2,400 will be strongly encouraged by buyers", he added. "Gold is still rising sharply this year, so they can only be satisfied with the current level. $2,500, up to $2,700 I don't expect to see anything like that until at least September".

One thing that Millman believes could push gold prices to new highs ahead of schedule is escalation in the Middle East. He said, "The most important thing is if Iran retaliates". "The biggest concern is that if the conflict spreads, more countries will be drawn into it, and then you'll have a wider war, and everyone has to line up and pick sides".

"I think it's definitely a risk that will push the price of gold higher", he concluded.

And Kitco senior analyst Jim Wyckoff sees technical and fundamental momentum supporting price increases next week.