📢 U.S. Jobs Report May Cause Gold Price Fluctuations This Week

This week, the gold market is closely watching the U.S. non-farm payroll report, expected to be released today. Experts have varying opinions on gold price outlooks, but they all agree that this report will greatly influence the price movements of the precious metal.

💰 Gold Prices Show Slight Increase

As the trading week began on September 30, gold prices worldwide recorded a slight increase. In the Asian market, spot gold rose by $4.7/oz, reaching $2,663.6/oz. When converted at the selling rate of USD at Vietcombank, this translates to over 79.5 million VND per tael. Last week, gold hit new records, with December futures on COMEX exceeding $2,700/oz.

Gold has increased by 14% this quarter and 29% since the beginning of the year, nearing its strongest quarterly rise in 8 years and the strongest annual gain in 14 years. The main drivers for this growth are geopolitical tensions and a globally declining interest rate environment.

🌍 Geopolitical Tensions and Inflation

Over the weekend, Israel intensified airstrikes on militant targets in Yemen and Lebanon. In the U.S., inflation appears to be decreasing, as confirmed by the Personal Consumption Expenditures (PCE) index report from the Department of Labor. The market predicts a 52% chance that the Fed will reduce interest rates by 0.5 percentage points in its November meeting.

📈 Profit-Taking Pressure and Forecasts

Despite high gold prices, profit-taking pressures are mounting. According to Ole Hansen from Saxo Bank, gold prices could drop by 4-6% without changing the overall positive sentiment. Key support levels for gold are $2,670/oz and $2,547/oz.

❗ Expert Outlook

Bart Melek, a strategist at TD Securities, predicts that gold prices will soon surpass $2,700/oz, thanks to significant interest rate cuts by the Fed. He believes that gold remains a favored asset as the Fed continues to support the labor market.