Update SJC gold price
Price of round gold ring 9999
As of 5:00 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 78 - 79.2 million VND/tael (buy - sell); an increase of 100,000 VND/tael for both buying and selling.
Saigon Jewelry Company listed the price of gold rings at 77.9 - 79.2 million VND/tael (buy - sell); an increase of 100,000 VND/tael for both buying and selling compared to the closing price of the previous trading session.
Bao Tin Minh Chau listed the price of gold rings at 77.98 - 79.18 million VND/tael (buy - sell); an increase of 450,000 VND/tael for both buying and selling compared to the closing price of the previous trading session.
In recent sessions, the price of gold rings has often fluctuated in the same direction as the world market. Investors can refer to the world market and expert opinions before making investment decisions.
World gold price
As of 4:50 p.m., the world gold price listed on Kitco was at 2,584.5 USD/ounce, up 7.5 USD/ounce compared to the closing price of last week's trading session.
Gold Price Forecast
World gold prices increased in the context of the USD index tending to decrease. Recorded at 4:50 p.m. on September 16, the US Dollar Index measuring the fluctuations of the greenback against 6 key currencies was at 100.370 points (down 0.41%).
The US Federal Reserve’s interest rate decision will be the main focus of the market this week. The speech of Fed Chairman Jerome Powell at the Jackson Hole Conference in late August reinforced the possibility that the Fed will make a decision to lower interest rates at its next meeting on September 18.
The US central bank has kept its key lending rate at a two-decade high of 5.25-5.5% for the past 14 months.
Not only the FED, the Bank of England and the Bank of Japan will also announce monetary policy decisions this week.
Marc Chandler, CEO of Bannockburn Global Forex, said there was speculation about a 50 basis point cut by the Fed. "Gold is hitting a new record high, seemingly supported by the possibility of a rate cut and the dollar/ounce," he said.
Chandler added that gold is in new price discovery territory and resistance is negligible. "Psychologically, $2,600 an ounce is attractive," he added.
Adam Button, head of currency strategy at Forexlive, is also bullish. “There’s no reason to fight this rally,” he said. A 25 basis point cut by the Fed could trigger some reflexive selling, but buyers will find a way back to $2,500 an ounce, he said.
According to Mark Leibovit - expert of VR Metals/Resource Letter, gold is expected to peak around the time of the FED meeting. Similarly, Darin Newsom - senior market analyst at Barchart said that the precious metal will increase in price as investment money continues to flow into the last session of the week.
Thirteen analysts participated in the Kitco News gold survey this week. The majority of analysts remain bullish on gold. Eight analysts expect gold prices to rise next week. Three analysts see gold trading lower next week. Two see the precious metal trading sideways.
Meanwhile, 189 votes were cast in Kitco's online poll. 107 traders expect gold prices to rise next week. 47 expect the precious metal to fall. The remaining 35 predict gold prices to be flat next week.
