SJC gold bar price
As of 5:30 p.m., DOJI Group listed the price of SJC gold bars at VND123.5-124.5 million/tael (buy in - sell out), unchanged. The difference between buying and selling prices is at 1 million VND/tael.
Meanwhile, Bao Tin Minh Chau listed the price of SJC gold bars at 123.5-124.5 million VND/tael (buy in - sell out), unchanged. The difference between buying and selling prices is at 1 million VND/tael.
Phu Quy Jewelry Group listed the price of SJC gold bars at 122.7-124.5 million VND/tael (buy in - sell out), unchanged. The difference between buying and selling prices is at 1.8 million VND/tael.
9999 gold ring price
As of 5:30 p.m., DOJI Group listed the price of gold rings at 116.5-111.5 million VND/tael (buy in - sell out), unchanged. The difference between buying and selling is 3 million VND/tael.
Bao Tin Minh Chau listed the price of gold rings at 116.8 - 119.8 million VND/tael (buy - sell), unchanged. The difference between buying and selling is 3 million VND/tael.
Phu Quy Gold and Stone Group listed the price of gold rings at 116.5-111.5 million VND/tael (buy in - sell out), unchanged in both directions. The difference between buying and selling is 3 million VND/tael.
Currently, the difference between buying and selling gold rings is at a very high level, around 3 million VND/tael, posing a potential risk of loss for investors.
World gold price
The world gold price was listed at 7:44 at 3,334.1 USD/ounce, unchanged.
Gold price forecast
Talking to Lao Dong, expert Tran Duy Phuong - Director of Golden Fund Gold and Gemstone Company - said that domestic gold prices are most affected by the supply-demand relationship.
Due to the limited supply of raw gold and SJC gold bars, domestic prices are unlikely to fall sharply even when world prices fluctuate strongly. Although domestic gold prices will adjust down according to the world trend, the decrease is usually very small. For example, when the world gold price decreases by 10, the domestic price can only decrease by 1-2.
Currently, the domestic gold market is still in the waiting period, waiting for the move from the State Bank and the developments of world gold prices.
Factors that once supported gold prices such as geopolitical tensions (Russia-Ukraine, Middle East) are no longer as strong as before. The remaining major supporting factor is the possibility of the FED cutting interest rates twice by the end of the year. However, because this factor was predicted by the market, it is unlikely to create a big boost.
Therefore, world gold prices are likely to adjust down in the coming time. Gold prices may accumulate and increase again afterwards, but it is unlikely to fall too much.
Mr. Phuong also advised investors about the large price difference, the Government and the State Bank may issue policies to increase supply, narrowing the gap between domestic and world gold prices. The current difference of about 16-17 million VND may decrease to 10 million VND in the coming time. However, it is very difficult to make the difference to just a few million.
Buying SJC gold at the present time is risky. When domestic gold prices are adjusted, buyers may lose 5-6 million VND. In addition, if the world gold price continues to decrease, the risk of losses will be even greater.
Therefore, investors should consider carefully before deciding to buy gold, especially SJC gold. Other types of gold that are more suitable for investment can be considered.
Notable US economic data next week
Last week, many data had a mixed impact, causing gold prices to continuously reverse. Next week, the focus will be on the Fed.
Tuesday: Announcement of housing data for construction and construction permits in July, Governor bowman said.
Wednesday: Minutes of the July FOMC meeting, Waller and Bostic speech, opening of the Jackson Hole Conference.
Thursday: Philadelphia Fed manufacturing index, weekly jobless claims, S&P Global comprehensive PMI in August, existing home sales in July.
Friday: FED Chairman Jerome Powell speaks at Jackson Hole an event closely watched by global investors.
Note: Gold price data is compared to a day earlier.
See more news related to gold prices HERE...
