Update SJC gold price
Price of round gold ring 9999
As of 7:00 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 77.45-78.6 million VND/tael (buy - sell); an increase of 50,000 VND/tael for both buying and selling.
Saigon Jewelry Company listed the price of gold rings at 77.3 - 78.6 million VND/tael (buy - sell); an increase of 100,000 VND/tael in both directions.
Bao Tin Minh Chau listed the price of gold rings at 77.38-78.58 million VND/tael (buy - sell); unchanged.
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 8:30 p.m., the world gold price listed on Kitco was at $2,516/ounce, up sharply by $27.7/ounce.
Gold Price Forecast
World gold prices increased in the context of the USD index decreasing. Recorded at 20:30 on September 5, the US Dollar Index measuring the fluctuations of the greenback against 6 major currencies was at 101.035 points (down 0.24%).
Gold prices rose as recent data increased the likelihood of a major interest rate cut by the US Federal Reserve this September.
New data showed that US employment fell to a three-and-a-half-year low in July 2024, raising concerns about the health of the US economy. But the decline may not be enough to warrant a half-point rate cut by the Fed.
Investors will also focus on the U.S. jobs report for August 2024, due on Friday (September 6). Economists surveyed by Reuters expect the U.S. economy to have added 165,000 jobs.
Traders now see a 31% chance the Fed will cut rates by 50 basis points at its September 17-18 policy meeting and a 69% chance the Fed will cut rates by 25 basis points.
Investors are cautiously awaiting the U.S. nonfarm payrolls report, which could raise the possibility of a 50 basis point rate cut and send gold higher, said Tim Waterer, market analyst at financial services firm KCM Trade. He added that gold may not yet reach its 2024 high.
He sees $2,600 an ounce as a possible target if the Fed makes a series of rapid rate cuts before the end of 2024.
In other precious metals, spot silver rose 0.3% to $28.37 an ounce. Platinum rose 1% to $911.58 an ounce.
