Will gold prices repeat last week’s pattern?

Gold may repeat last week’s pattern of falling first and rising later, according to experts cited by Tuoi Tre. World prices briefly dropped to $4,390 an ounce on the evening of Sept. 7, down $41 from the previous close, before recovering to $4,410 by 11:30 p.m.

Compared with last week’s high, the decline reached $108 an ounce. At current exchange rates, the world price converts to about 139.4 million Vietnamese dong per tael. Analysts said last week’s close at $4,431 showed that gold’s upward momentum remained firm.

The market’s main focus is U.S. consumer price inflation data due on Sept. 11. The report will help determine whether the Federal Reserve changes interest rates at its Sept. 17 meeting. Analyst Tran Duy Phuong said gold could continue consolidating its upward trend as Middle East tensions ease, expectations grow that the Fed will hold rates steady, and central banks increase gold purchases, particularly China.

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The annual World Gold Council survey of central banks shows that 89% of reserve managers expect global central-bank gold holdings to increase over the next 12 months.

Phuong cited a World Gold Council annual survey in which 89% of reserve managers expected global central-bank gold holdings to increase over the next 12 months. He also said the Fed and the U.S. Treasury could seek to restrain the dollar’s rise because an excessively strong dollar could hinder U.S. economic growth.

Domestic SJC gold bars were quoted at 146.5 million dong per tael for selling and 143.5 million for buying. The article said domestic branded gold was about 7.1 million dong per tael above the converted global price. Phuong forecast gold at $4,888 an ounce by year-end and silver at $80, while domestic silver prices were also listed by several dealers.

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Currently, SJC gold bars are nearly 7 million dong per tael above the world gold price, which is an ideal gap for long-term accumulation.