Gold price forecast August 14: Slight decrease to adjust
Gold prices in the early morning of August 14, both domestically and internationally, increased sharply by 1.5 million VND/tael. It is predicted that today, world gold prices will decrease due to profit-taking pressure after this increase, while investors are waiting for important US inflation data. Before the report is released, gold prices may continue to decrease tomorrow morning.
On the evening of August 13, the spot gold price decreased by 0.52%, reaching 2,460 USD/ounce at 20:30 Vietnam time, while the price of gold for December delivery decreased slightly by 0.13%, to 2,500.2 USD.
The decline came after a strong rally earlier in the session, with investors taking profits and awaiting inflation data from the US.
Tim Waterer from KCM Trade commented that although gold prices fell slightly 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 beats expectations, gold could rise in price due to expectations that the Fed will cut interest rates significantly in September.
Investors are awaiting US producer price data for July and consumer price index on August 14 to assess the possibility of the Fed easing monetary policy.
CPI data is expected to show a 0.2% increase in core consumer prices from the previous month.
The CME FedWatch Tool indicates there is about a 50% chance of a 50 basis point rate cut in September, which could increase the appeal of gold.
In the current context, world gold prices may continue to decrease at noon on August 14, while SJC gold prices are expected to remain unchanged.
Domestic 9999 gold ring prices often fluctuate according to world gold prices, so today it may follow the downward trend of world gold.
