Gold Price Sees Strong Increase Then Reversal on August 13th
The price of gold has seen a strong increase in the morning of August 13th, only to reverse course.
According to Laodong.vn, the SJC gold bar price at Phu Quy was listed at the threshold of 141.3-144.3 million VND/tael (buying - selling), with an increase of 800,000 VND/tael in both buying and selling directions.
The difference between buying and selling prices is at 3 million VND/tael.
The gold price forecast suggests that gold prices are receiving support due to the latest US inflation data not putting too much pressure on monetary policy. The consumer price index (CPI) in July increased by 0.1% compared to the previous month and 3.4% compared to the same period last year.
The market currently still assesses the probability of the Fed raising interest rates by another 25 basis points in September at around 48%. The yield of 10-year US government bonds fluctuated around 4.7%, while the USD weakened, thereby creating more favorable conditions for precious metals.