Gold price increased slightly at the beginning of the week

Each ounce of international gold increased by about 1 USD at 7:40 this morning and is forecast by most experts to continue to increase this week.

At the opening session of the week in the Asian market, gold prices are trending up. As of 7:40 a.m. (Hanoi time), each ounce is trading around 1,337.5 USD, up about 1 USD compared to the closing session at the end of last week.

At this price, each tael of world gold is currently equivalent to 36 million VND. Meanwhile, domestic gold prices opened the week at 36.53-36.60 million VND, about 530,000-600,000 VND higher than the international market.

Domestic gold prices continue to increase slightly.

The US dollar is likely to be in the spotlight this week as the Federal Open Market Committee (FOMC) releases the minutes of its July meeting. Experts say that if the US Federal Reserve (Fed) shows hesitation in raising interest rates later this year, the US dollar will continue to weaken. And this will create an advantage for gold. However, to be able to increase, gold needs to break the $ 1,375 level to ensure a new uptrend.

According to a Kitco.com survey, 71% of gold dealers, investment banks, traders and technical chart analysts said they expect to see higher prices this week, while 24% see lower prices and 5% see sideways prices.

At the same time, retail investors participating in the online survey also had 66% believing gold would increase this week, 19% thinking gold would decrease, and the rest were neutral.

Some experts point out that gold will increase in the short term because looking at the buying and selling prices of December contracts, investors are willing to pay higher prices than for immediate delivery. Therefore, gold will increase in the context of many uncertainties in the world economy as well as other related issues.

According to VNE