Gold Prices Fluctuate amid High Oil Prices and Hawkish Fed Policy

The global gold market experienced significant price fluctuations during the week of July 27th to August 2nd, according to recent reports.

The spot gold price opened at approximately $4,051.51 per ounce on July 27th and ended the week around $4,041.7 per ounce, a decrease of nearly $10 per ounce or about 0.24% compared to the beginning of the week.

Lukman Otunuga, Director of Market Analysis at FXTM, warned that high oil prices are fueling inflation concerns and reinforcing the likelihood of the Federal Reserve maintaining a hawkish policy, which could limit the potential for a sustained recovery in gold prices.

Experts predict that gold prices may continue to fluctuate within the $3,960-$4,170 per ounce range unless the Fed gives unexpected signals. James Stanley, senior market strategist at Forex.com, noted that the $4,000/ounce level is being fairly well defended, and buying pressure typically emerges when prices fall below this threshold.

In Vietnam, SJC gold bars saw a common price of 139-143 million VND/ounce at the start of the week, while by August 2nd, they listed prices around 137.9-141.9 million VND/ounce, resulting in a decrease of about 1.1 million VND/ounce in both buying and selling prices.