Domestic gold price
At the end of the trading session on August 12, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.8 million VND/tael (buy) and 67.5 million VND/tael (sell). SJC Hanoi listed at 66.8 million VND/tael (buy) and 67.52 million VND/tael (sell).
Doji Hanoi listed at 66.8 million VND/tael (buy) and 67.5 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.85 million VND/tael and sold at 67.35 million VND/tael.
International gold price
On the world market, the spot gold price on Kitco floor on August 12 (at 2:00 p.m., Vietnam time) was trading at 1,913 USD/ounce.
The gold market is unlikely to make a breakthrough in the short term as the US Federal Reserve (Fed) continues to tighten interest rates. However, analysts say this is the right time to buy, waiting for the opportunity for gold prices to reverse upward in the future.
The gold market was relatively stable during the week. Gold futures for December delivery held support around $1,950 an ounce. The precious metal still faces many challenges, especially as short-term bond yields continue to hover around 5%.
In July 2023, the US consumer price index (CPI) increased 0.2% compared to the previous month, matching the forecast of experts. Compared to the same period, the CPI increased 3.2%, lower than the forecast of 3.3% from experts, but higher than the 3% of June. Inflation has cooled significantly compared to the peak in 2022, but is still higher than the Fed's target.
Gold markets ended the week with a sharp decline. The precious metal lost 1.2% of its value this week.
Gold price forecast
Ole Hansen, head of commodity strategy at Saxo Bank, said gold prices are struggling as the opportunity cost of holding the precious metal continues to rise. Investors are frustrated with holding gold and are turning to the stock market.
The US economy remains quite positive despite the Fed's strong interest rate hikes, investors do not need to rush to buy gold at this time. He added that the gold market is waiting for important factors to trigger, which may take some time.
Gold is trading around $1,914 an ounce, according to analysts at TD Securities. Gold could fall below the support level of $1,900 an ounce.
In the long term, when there is a catalyst, gold will recover strongly to the $2,100/ounce zone by the end of 2023 and early 2024.
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