Gold prices rise, optimism soars, confidence in geopolitical leverage; gold ring prices continue to climb.

Specifically, Saigon Jewelry Company (SJC) announced the selling price of SJC gold bars at 76.5 - 78.5 million VND/ounce (buying price - selling price), maintaining the same listed price in both buying and selling directions compared to the closing price of the previous day. DOJI Gold and Jewelry Group listed the price of gold rings at 76.3 - 77.5 million VND/ounce (buying price - selling price), an increase of 250,000 VND/ounce in both buying and selling directions compared to the closing price of the previous day.

Summary of SJC gold bar and gold ring prices at major domestic gold trading brands at the close of trading on August 10th:

Saigon Jewelry Company: SJC gold bars 76.5 - 78.5 million VND/ounce; SJC gold rings 76.25 - 77.6 million VND/ounce.

Doji Group: SJC gold bars 76.5 – 78.5 million VND/ounce; 9999 gold rings (Hung Thinh Vuong brand): 76.35 – 77.6 million VND/ounce.

PNJ system: SJC gold bars: 76.5 – 78.5 million VND/ounce; PNJ 999.9 plain gold rings: 76.3 – 77.59 million VND/ounce.

Phu Quy Gold and Silver Group: SJC gold bars: 76.6 – 78.5 million VND/ounce; Phu Quy 999.9 round gold rings: 76.35 – 77.55 million VND/ounce.

The price of SJC gold at Bao Tin Minh Chau is listed at: 76.6 – 78.5 million VND/ounce; the Thang Long Dragon gold brand is traded at 76.38 – 77.58 million VND/ounce; and the price of gold jewelry is traded at 75.65 – 77.35 million VND/ounce.

According to World & Vietnam Newspaper , at 4:47 PM on August 3rd (Vietnam time), the world gold price at goldprice.org was 2,431.1 USD/ounce, an increase of 6.19 USD/ounce compared to the previous trading session.

Based on the USD exchange rate at Vietcombank on August 10th, 1 USD = 25,270 VND, the world gold price is equivalent to 74.02 million VND/ounce, which is 4.48 million VND/ounce lower than the selling price of SJC gold.

Global gold prices are rising, the future looks "shining".

Global gold prices stabilized during the trading session on August 9th, after a sharp rise in the previous session, driven by increasing expectations of a US Federal Reserve (Fed) interest rate cut in September 2024.

At the close of trading this week, spot gold prices were virtually unchanged at $2,427.73 per ounce, while US gold futures rose 0.4% to $2,473.4 per ounce. However, overall for the week, spot gold prices fell 0.6%, due to price declines recorded during the week.

Kitco News ' latest weekly gold survey shows that most industry experts predict prices will remain flat next week, while the majority of retail traders expect the precious metal to rise.

“I’m neutral on gold next week,” said Colin Cieszynski , head of market strategy at SIA Wealth Management. “I just have a feeling that after 10 days of volatility, the market might stabilize a bit next week before the Democratic convention begins the following week.”

Marc Chandler , General Manager at Bannockburn Global Forex, also expects gold to trend sideways, at least at the beginning of the week.

“I doubt the likelihood of further consolidation, at least into the beginning of next week,” he said. “I think the market may have overestimated the possibility of a 50 basis point cut, let alone an emergency cut between Fed meetings. US coupon yields have risen.”

Chandler said the highlight of next week will be the July 2024 Consumer Price Index (CPI) report. “It’s likely the CPI will be unchanged year-on-year,” he said, noting that “In July, the People’s Bank of China (PBOC) did not buy gold, marking the third consecutive month after 18 months of buying.”

"There are still many unknowns: Tensions in the Middle East, and many still believe Iran will attack Israel, which will at least support gold in the initial stages," he added.

Adrian Day , President of Adrian Day Asset Management, expects gold prices to rise higher. “Market expectations regarding Fed interest rate cuts are constantly changing, and so are gold prices,” he commented. “But there is no doubt that there will be at least one initial interest rate cut in the near future, and that will signal more interest in gold for North American investors, especially as the US economy shows signs of recession.”

“So far, gold prices have been driven by very little interest from Western investors,” Day said, “but the Fed cutting interest rates and subsequent cuts from other central banks will change that.”

Adam Button, head of currency strategy at Forexlive.com, maintains a neutral stance on gold's short-term outlook. He stated, “The double top at $2,475 is competing with a series of lower lows.” “We’ve also seen a speculative dip. I think that sets the stage for a calm and consolidating week, but watch the CPI report closely as it has the potential to nail the inflation narrative.”

Sean Lusk, co-director of commercial hedging at Walsh Trading, said the gold market is changing so rapidly these days that it's difficult for traders to choose a direction.

He expects the precious metal to remain strong, and although he doesn't see any further major upward moves in the near future, he believes gold will rise higher by the end of the year.

This week, 10 analysts participated in Kitco News' Gold Survey, with the majority on Wall Street now expecting gold to stabilize in a consolidation pattern as pessimistic sentiment has completely dissipated. Six experts, or 60%, expect gold prices to trend sideways next week, while the remaining 40% believe gold will rise further next week. None predicted a decline in the price of the precious metal.

Meanwhile, 210 votes were cast in Kitco 's online poll, with most Main Street investors remaining optimistic. 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 prices consolidating next week.

James Stanley , senior market strategist at Forex.com, expects gold prices to rise next week. He said: "Bulls are still in control and they've proven that very clearly over the past week. The sharp peak on Monday led to a higher low on Tuesday and buyers returned strongly by the end of the week."

In my view, they have a chance to retest the highs, but there's still no clear evidence that they're ready to break through $2,500."

He added: "If they can break the lower high pattern of spot gold prices on the daily chart, then the door to testing the $2,500 level will open up significantly. The risk to this scenario would be Treasury yields around next week's CPI report, as the rush to find yields could cause capital to flee gold in pursuit of yields."

Everett Millman , chief market analyst at Gainesville Coins, said he expects the seasonal favorable conditions of August to support gold despite geopolitical and market uncertainties.

Millman said that, seasonally, August is one of the best months for gold, and the market is currently looking ahead to the Fed's interest rate cut in September.

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

One factor Millman believes could push gold prices to new highs ahead of schedule is escalation in the Middle East. He stated, "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 have a much larger war, and people have to line up and choose sides."

"I think that's definitely a risk that will push gold prices higher," he concluded.

And Kitco senior analyst Jim Wyckoff sees both technical and fundamental drivers supporting a price increase next week.