Update SJC gold price
Round gold ring price 9999
As of 8:00 p.m. today, the price of 9999 Hung Thinh Vuong round gold ring at DOJI was listed at 76.95-78.20 million VND/tael (buy - sell); Reduced 50,000 VND/tael of buying price and decreased 200,000 VND/tael compared to the closing session of the previous session.
Saigon Jewelry Company lists gold ring prices at 76.8-78.2 million VND/tael (buy - sell); Reduced by 200,000 VND/tael in both buying and selling directions compared to the closing session of the previous session.
Bao Tin Minh Chau listed the gold ring price at 76.93-78.23 million VND/tael (buy - sell); Reduced 150,000 VND/tael in both buying and selling directions compared to the previous session's close.
In recent sessions, gold ring prices often fluctuate in the same direction as the world market. Investors can refer to world markets and expert opinions before making investment decisions.
World gold price
As of 6:30 p.m., the world gold price listed on Kitco was at 2,486.6 USD/ounce, down 21.1 USD/ounce compared to last week's closing session.
Gold price forecast
World gold prices fell sharply despite the decline in the USD index. Recorded at 6:30 p.m. on August 19, the US Dollar Index measuring the fluctuation of the greenback with 6 major currencies was at 102,085 points (down 0.22%).
Speculation is increasing that the US Federal Reserve (FED) may cut interest rates in September 2024; Rising geopolitical tensions and strong buying power from central banks pushed gold prices to an all-time high of 2,509.65 USD/ounce last weekend.
Traders are confident that the Fed will cut interest rates next month and the focus now is on the size of the cut. According to the CME FedWatch tool, there is a 75.5% chance that the FED will cut interest rates by 0.25 percentage points at its next September meeting.
Gold holdings of SPDR Gold Trust, the world's largest gold exchange-traded fund, increased nearly 1% on August 16. Data shows that gold speculators on the COMEX exchange also increased their net buying positions by 34,197 contracts in the week ending on August 13.
In the context of so many supporting factors, the decline in gold prices surprised many people. Some experts believe that gold may be facing a large wave of profit-taking as it reaches a record high.
Mr. Tim Waterer - Director of market analysis at trading company KCM Trade - said: “Gold has been chasing the psychological level of 2,500 USD/ounce for several months and now, having reached this level, some activities Profit taking will naturally take place."
Mr Waterer added: “Traders will turn their attention to Fed Chairman Jerome Powell's speech at the Jackson Hole Economic Conference this weekend for further clues about the scale of US interest rate cuts. FED". The market will also monitor the minutes of the FED's July policy meeting, expected to be announced on August 21.
