Closing session 9/2,gold priceWorld spot gold fell 26.7 USD to 1,943 USD per ounce. During the session, the price was at 1,935 USD. This morning, the price is still fluctuating around this level.

"The key factor is the stronger dollar. Gold yesterday was inversely correlated to the dollar," said Edward Meir, an analyst at ED&F Man Capital Markets. Upbeat U.S. factory orders data for July also weighed on the precious metal.

Gold prices drop sharply. Photo: Internet

The US dollar rose 0.5% against a basket of major currencies yesterday, continuing its recovery from a more than two-year low hit in the previous session. New orders also rose more than expected in July. Meanwhile, US manufacturing activity accelerated in August, approaching a two-year high. These figures raised expectations of a sustained US economic recovery.

Still, private sector employment data in the US did not increase as strongly as expected in August, suggesting that the recovery in the labor market is still slow. "Economic data will bounce back slightly, without any significant changes," said Phillip Streible, market strategist at Blue Line Futures.

Investors are now awaiting the U.S. jobless claims report, due out today, and nonfarm payrolls tomorrow. Gold prices remain supported as buyers tend to jump into the market on sharp declines amid concerns about the pandemic and low interest rates, said George Gero, director of RBC Wealth Management. The precious metal has gained 27% since the start of the year.

On September 3, SJC gold lost more than 700,000 VND/tael when witnessing the world gold price decrease by 1.5% due to the gradual recovery of the USD and positive signals in the US manufacturing sector which has been affected by Covid-19.

Gold price in Vinh city drops sharply, forecast to be difficult to increase strongly again

(Baonghean.vn) - On the morning of the first day of the week (August 24), due to the influence of domestic and international gold prices, gold prices in Vinh City were on a sharp decline. However, people were still cautious and did not invest on this occasion.

Gold price unexpectedly increased by nearly 10 million VND/tael compared to August 12, gold shops in Vinh City are deserted

(Baonghean.vn) - After a sharp drop in prices in recent days, gold prices have now increased again. Although they have not reached their peak, they are still at a high level for the month.