Update on SJC Gold Prices
Last week, SJC gold prices rose significantly, but the buy-sell spread remained high, causing heavy losses for investors.
If an investor bought gold at DOJI Group on 28.7 at 79.5 million VND/tael and sold it today (4.8), they would incur a loss of 1.2 million VND/tael. Similarly, buyers at Saigon Jewelry Company (SJC) also faced a loss of 1.2 million VND/tael.
Currently, the buy-sell spread is listed around 2 million VND/tael. Experts believe this high spread poses a risk of losses for short-term investors.
9999 Round Gold Ring Prices
As of 18:00 today, 9999 round gold ring prices at DOJI are listed at 76.40 - 77.55 million VND/tael (buy - sell); an increase of 600,000 VND/tael on the buy side and 500,000 VND/tael compared to the close of last week's trading session.
Saigon Jewelry Company lists round gold ring prices at 76.15-77.55 million VND/tael (buy - sell); an increase of 650,000 VND/tael on the buy side and 550,000 VND/tael compared to the close of last week's trading session.
Bao Tin Minh Chau lists round gold ring prices at 76.32 - 77.52 million VND/tael (buy - sell); an increase of 440,000 VND/tael on both the buy and sell sides compared to the close of last week's trading session.
In recent sessions, round gold ring prices have often moved in tandem with the global market. Investors can refer to the global market and expert opinions before making investment decisions.
Global Gold Prices
As of 20:00 today, global gold prices listed on Kitco are at 2,443.1 USD/ounce, an increase of 47.2 USD/ounce compared to the close of last week's trading session. The precious metal is trending downwards but remains at a high level.
Gold Price Forecast
Global gold prices remain high as the USD index declines. As of 19:30 on 4.8, the US Dollar Index, which measures the greenback against six major currencies, stood at 102.999 points (down 1.16%).
Gold experienced one of its strongest price increases of the year this week. The latest weekly gold survey by Kitco News shows that most investors expect the precious metal to continue rising next week. Meanwhile, experts also believe in gold's upward trajectory.
This week, 14 analysts participated in Kitco News' gold survey. Wall Street's optimism about gold surged after stocks were shaken by economic and geopolitical threats.
11 experts predict that gold prices will rise further next week. Only one expects prices to fall. The remaining 2 analysts predict that gold prices will remain flat next week.
Meanwhile, 191 votes were cast in Kitco's online poll. 140 investors expect gold prices to rise next week. 28 others predict a decline. Only 23 forecast that gold prices will remain flat.
Adrian Day, President of Adrian Day Asset Management, forecasts that gold prices will rise higher next week amid a weakening US economy and increasing likelihood of interest rate cuts. Speaking at a press conference this week, US Federal Reserve (FED) Chairman Jerome Powell expressed eagerness to cut interest rates. Day said that recent data has given the US Central Bank more reasons to pivot its policy.
Senior commodity broker Bob Haberkorn of RJO Futures believes that gold will rise higher next week. He explained that this week's gold sell-off was short-lived. Recession fears and weak job numbers have pushed gold higher, and prices are expected to rise above 2,500 USD/ounce again next week.
Meanwhile, George Milling-Stanley, an expert at State Street, believes that the current economic and political situation supports gold prices, and prices could reach 2,500 - 2,700 USD/ounce if the USD continues to weaken due to FED's interest rate policy.
