SJC gold bar price
As of 5:30 p.m., DOJI Group listed the price of SJC gold bars at VND 131.6-133.6 million/tael (buy in - sell out), an increase of VND 600,000/tael in both directions. The difference between buying and selling prices is at 2 million VND/tael.
Bao Tin Minh Chau listed the price of SJC gold bars at 131.6-133.6 million VND/tael (buy - sell), an increase of 600,000 VND/tael in both directions. The difference between buying and selling prices is at 2 million VND/tael.
Phu Quy Gold and Stone Group listed the price of SJC gold bars at 131-133.6 million VND/tael (buy - sell), an increase of 500,000 VND/tael for buying and an increase of 600,000 VND/tael for selling. The difference between buying and selling prices is at 2.6 million VND/tael.
9999 gold ring price
As of 5:30 p.m., DOJI Group listed the price of gold rings at 127.5-130.5 million VND/tael (buy in - sell out), an increase of 700,000 VND/tael in both directions. The difference between buying and selling is 3 million VND/tael.
Bao Tin Minh Chau listed the price of gold rings at 127.8-130.8 million VND/tael (buy - sell), an increase of 800,000 VND/tael in both directions. The difference between buying and selling is 3 million VND/tael.
Phu Quy Gold and Stone Group listed the price of gold rings at 127.3-130.3 million VND/tael (buy in - sell out), an increase of 500,000 VND/tael 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 5:30 p.m. at 3,725.5 USD/ounce, up 41.5 USD.
Gold price forecast
The world gold market increased sharply in the trading session on Monday, as investors poured money into precious metals after the US interest rate cut last week and signaled that the Federal Reserve (FED) could continue to loosen policy.
The market is also waiting for a series of speeches from FED officials and US inflation data released this week.
Gold is consolidating its upward momentum, with traders paying attention to the possibility of prices continuing to break out from now until the end of the year, driven by the forecast that the FED will continue to lower interest rates - Tim Waterer, Head of Market Analysis at KCM Trade, commented; at the same time, said that central banks maintaining buying also continues to support the upward momentum of gold.
The US core personal consumption expenditure (PCE) price index - the FED's preferred inflation measure - is expected to be released on Friday, along with comments from at least 12 FED officials, including Chairman Jerome Powell, on Tuesday, will provide additional signals on monetary policy prospects.
If macro data continues to reinforce the loose Fed view, gold could see new highs this week, Waterer added.
The Fed cut interest rates by 0.25 percentage points on Wednesday, but still warned about inflationary pressures. According to the CME FedWatch tool, investors are expecting the Fed to make two more cuts of 0.25 percentage points in October and December, with a probability of 93% and 81%, respectively.
In a low interest rate environment, gold often performs well. Since the beginning of the year, gold prices have increased by nearly 42%, thanks to economic and geopolitical instability, central bank purchases and the trend of loosening monetary policy.
Rich Checkan - Chairman and CEO of Asset Strategies International - predicted that prices will increase: "The Fed Chairman and FOMC did as expected. Reduced interest rates make alternative investment channels less attractive. Along with tensions in Ukraine, Poland, Gaza and the Caribbean, gold and silver could break out after a short profit-taking streak.
James Stanley - Senior Strategist of Forex.com - shared the same view: The Fed has just cut interest rates when inflation is around 3%. Although the message is not really gentle, I do not think that this central bank will switch to tightening. Deep corrections in gold are an opportunity for buyers.
Meanwhile, Colin Cieszynski - Director of Market Strategy at SIA Wealth Management - commented: "I maintain a neutral view on gold next week. Gold has increased strongly and shows signs of needing a break. The quarter is about to end, the FED's decision has passed, the news flow will stagnate, creating time for the market to accumulate".
Philippe Gijsels - Chief Strategist of BNPbas Pari Fortis - also remains neutral, saying that gold prices may fluctuate around $3,600/ounce but are still supported by expectations of another interest rate cut soon.
Note: Gold price data is compared to a day earlier.
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