Gold is overhyped ? Nonfarm 9/6/2024

Gold's risks this week will be the ADP jobs and unemployment claims report and the nonfarm payrolls report. StoneX analyst Rhona O'Connell said bullion was also under pressure from weak global equities. However, O'Connell believes that the precious metal price trend is still upward and these losses are only corrective.

This year, gold has had an impressive performance and is up more than 20%. On August 20, this precious metal reached an all-time high of 2,531.6 USD/ounce.

Kinesis Money market analyst Mike Ingram has raised his forecast for the yellow metal's resistance above $2,510 an ounce, and he expects the price to break the $2,543 an ounce mark soon.

Talking about gold fluctuations in the near future, Natixis precious metals analyst Bernard Dahdah predicts that gold prices will average about 2,600 USD/ounce by 2025.

With stable domestic gold prices and world gold prices listed at Kitco at 2,496.4 USD/ounce (equivalent to nearly 75.2 million VND/tael if converted at VCB exchange rate, excluding taxes and fees) , the difference between domestic gold and world gold is huge. Price is about 5.8 million VND/tael.
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