The domestic gold market continued to fluctuate last week following the world gold price. Only in the first session of the week, the world gold price increased sharply, but the price of SJC gold bars decreased by 1.3 million VND/tael for buying and 800 thousand VND/tael for selling compared to the previous trading session, to 79 million VND/tael (selling).

In the session on August 7, the world gold price dropped sharply, the 1-5 chi gold ring also dropped to 75.8-77.3 million VND/tael (buy - sell), down 350 thousand VND/tael in the buying direction and down 150 thousand VND/tael in the selling direction.

On August 8, SJC gold bars decreased by 500,000 VND/tael in both buying and selling prices, to 78.5 million VND/tael (selling).

At the end of the week, domestic gold fluctuated and increased following the world price when gold rings of type 1-5 increased by only 200 thousand VND/tael in both directions, to 76-77.5 million VND/tael (buy - sell).

The world gold market fluctuated strongly last week due to panic in the financial markets in Asia and Europe. In the first session of last week, gold was immediately shocked by the yen's depreciation, combined with concerns about the US economic recession, causing risky assets to fall sharply, pulling the gold price down as well.

Specifically, gold is under great pressure from the simultaneous sell-off. Investors continue to sell gold to offset losses in the stock market.

However, gold prices unexpectedly rebounded after the Japanese stock market collapsed, causing cryptocurrencies and other risky assets to fall sharply. Gold quickly rose to $ 2,460 / ounce as investors rushed to safe-haven assets.

But right after the surge, the precious metal could not maintain its momentum and lost up to 60 USD per ounce in just 2 hours, falling to around 2,400 USD/ounce and maintaining this price level for the next two sessions.

The precious metal only recovered when the US released a report on weekly jobless claims on Thursday. The new data then brought optimism to both the stock market and the precious metal, pushing spot gold prices to $2,430/ounce in the last two sessions of the week.

Forecasting gold prices next week, Sean Lusk, director of commercial hedging at Walsh Trading, said that in the current context, the precious metals market has many directions, making it difficult for investors to choose to buy gold or switch to other investment channels.

Mr. Sean Lusk commented that in the short term, gold is unlikely to have a strong price increase. But in the long term, the precious metal still has many prospects for price increase. Sean Lusk predicted that gold will increase strongly by the end of the year.

Marc Chandler, CEO of Bannockburn Global Forex, said the precious metal is unlikely to see a big spike next week and he expects gold prices to trade sideways. He said the market may have overstated the likelihood of a 50 basis point rate cut by the Federal Reserve in September.

Marc Chandler notes that the highlight of next week will be the US core consumer price index (CPI) report, which he predicts will be flat year-over-year, which only makes the Fed more likely to cut rates by 25 basis points in September.

Taking a more optimistic view, Adrian Day, chairman of Adrian Day Asset Management, expects gold prices to rise higher next week. He commented that the precious metals market is expecting at least one Fed rate cut to be enough to boost gold prices.

Gold price today August 11, 2024 ended the week of decline, entering a new price increase . Gold price today August 11, 2024 on the world market ended the week of decline. According to experts, the price decrease only occurs in the short term due to the influence of basic macroeconomic factors.