Gold price today September 6: Decreased globally for 3 consecutive sessions
Gold prices fell for the third consecutive session today, ending a week with little movement for the precious metal.
Domestic gold price
Opening session of the week,gold priceDomestic gold pieces are listed by some gold and gemstone corporations at: 56.25 million VND/tael (buy) and 56.95 million VND/tael (sell).
In the first session of September, domestic gold price increased by 100 thousand VND in buying price and increased by 200 thousand VND in selling price.
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| Gold price last week. |
After the holiday, the domestic gold bar price was listed by gold and gemstone corporations at: VND56.00 million/tael (buy) and VND56.70 million/tael (sell), down VND300,000 for buy and down VND500,000 for sell compared to the end of the session on September 1.
Closing of the weekend trading session,gold priceDomestic gold pieces are listed by domestic gold and gemstone corporations at: 55.75 million VND/tael to 55.9 million VND/tael (buy) and 56.7 million VND/tael to 56.72 million VND/tael (sell), down 50 thousand VND in the buy direction compared to yesterday.
Thus, last week, the domestic SJC gold price decreased by 350 thousand VND in buying and 250 thousand VND in selling.
International gold price
On the marketworld gold, spot gold price closed last night in the US up 3.6 USD to 1,934.8 USD/ounce. Gold futures price for October delivery on the Comex New York floor increased 3.1 USD to 1,933.3 USD/ounce.
New orders for U.S.-made goods rose more than expected in July, while manufacturing activity accelerated to its highest level in nearly two years in August, data showed on Thursday, adding to market optimism about the prospects for a steady recovery in the world’s largest economy.
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This optimism became even more grounded when the US Department of Labor reported on September 4 that the US economy created 1.4 million jobs in August 2020 and the unemployment rate unexpectedly dropped sharply from 10.2% in July to 8.4%, marking 4 consecutive months of decline.
According to analysts, in the short term, gold prices may move sideways to consolidate after the hot surge to a record high in early August. However, in the long term, gold is forecast to continue to increase and will at least stay around the $2,000/ounce threshold.
Over the past 3 weeks, the world gold price has fluctuated strongly after setting an all-time high of 2,072 USD/ounce on August 7, 2020. The gold price dropped to nearly 1,900 USD/ounce before rising again to nearly 2,000 USD/ounce.
World gold fluctuates due to many factors. These are the uncertainty of the international financial market, geopolitical changes in the world, thepresidential electionDrama in the US as well as trade and currency wars globally…
According to technical analysis, gold is forecast to rise back to $2,000/ounce, but in the short term it will still be under profit-taking pressure and will take some time to conquer this threshold again. In the long term, gold is forecast to increase in price because countries have not stopped pumping money.
