Gold price forecast for August 14th: Slight decrease for correction.
Gold prices in Vietnam and internationally surged by 1.5 million VND/ounce early this morning, August 14th. It is predicted that world gold prices will fall today due to profit-taking pressure after this increase, while investors await key US inflation data. Before the report is released, gold prices may continue to decline tomorrow morning.
On the evening of August 13th, the spot gold price fell 0.52%, reaching $2,460 per ounce at 8:30 PM Vietnam time, while the December gold futures price declined slightly by 0.13%, to $2,500.2.
This decline was recorded after a strong rally earlier in the day, with investors taking profits and awaiting inflation data from the US.
Tim Waterer from KCM Trade noted that, despite a slight drop in gold prices during the day due to profit-taking, gold still had a stable start to the new week.
Mr. Waterer also mentioned that if US inflation data exceeds expectations, gold could rise in price due to expectations that the Fed will significantly cut interest rates in September.
Investors are awaiting US producer price data for July and the consumer price index on August 14th to assess the likelihood of the Fed easing monetary policy.
The CPI data is expected to show a 0.2% increase in core consumer prices compared to the previous month.
The CME FedWatch Tool indicates there is approximately a 50% chance of a 50 basis point interest rate cut in September, which could increase the attractiveness of gold.
Given the current situation, world gold prices may continue to fall by midday on August 14th, while SJC gold prices are expected to remain relatively unchanged.
Domestic 9999 gold ring prices typically fluctuate in line with world gold prices, so today they may follow the downward trend of world gold prices.
