USD increases, gold finds it difficult to break out

Domestic gold price

At the end of the trading session on September 2, the price of 9999 gold bars at SJC Ho Chi Minh City was 67.55 million VND/tael (buy) and 68.25 million VND/tael (sell). SJC Hanoi listed at 67.55 million VND/tael (buy) and 67.27 million VND/tael (sell).

Doji Hanoi listed at 67.6 million VND/tael (buy) and 68.3 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 67.5 million VND/tael and sold at 68.2 million VND/tael.

The US dollar is rising again, gold is having difficulty breaking out. (Photo: Kitco)

International gold price

On the world market, the spot gold price on Kitco floor on September 2 (at 8:00 p.m., Vietnam time) was trading at 1,939 USD/ounce.

The gold market saw a recovery in the final session of last week. However, analysts noted that gold prices are unlikely to break out of current levels due to the context of the US dollar and bond yields remaining at high levels.

There is still no sign of anything stopping the rise in bond yields, according to Phillip Streible, chief market strategist at Blue Line Futures.

However, some experts say gold has shown strength in the face of bond yields hitting a 15-year high and the US Dollar Index surpassing 104 points.

James Stanley, senior market strategist at Forex.com, commented that the fact that gold is still holding support at the current price level amid the return of strength in the US dollar is quite optimistic.

Experts also noted that investors should keep an eye on the movements of the US dollar and bond yields next week as there will be little data released that could impact the stance of the US Federal Reserve (Fed).

Gold Price Forecast

Last week, 11 Wall Street analysts participated in Kitco News’ gold survey. Of those, 64% said gold prices would rise in the coming period, while 27% said they expected prices to fall and 9% said they would stay flat.

Meanwhile, 534 votes were cast in online polls, of which 360, or 67%, said gold would rise in the coming period. Another 101, or 19%, predicted gold prices would fall, while the remaining 73, or 14%, said gold prices would remain flat.

Gold price today September 3: Ending the week of price increase Gold price today September 3 on the world market ended the week of price increase in the context of many economic data supporting the precious metal.

Source: https://vietnamnet.vn/gia-vang-hom-nay-4-9-usd-tang-vang-kho-but-pha-2185079.html