SJC gold bar price
9999 gold ring price
As of 6:00 a.m., the price of 9999 Hung Thinh Vuong round gold rings at DOJI was listed at 77.5-78.65 million VND/tael (buy - sell); an increase of 150,000 VND/tael in both directions compared to the close of the previous trading session.
Bao Tin Minh Chau listed the price of gold rings at 77.48 - 78.63 million VND/tael (buy - sell).
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 1:30 a.m. on September 12, the world gold price listed on Kitco was at 2,513.1 USD/ounce, down 1.2 USD/ounce.
Gold Price Forecast
World gold prices last night did not change much in the context of the USD index almost moving sideways. Recorded at 1:30 a.m. on September 12, the US Dollar Index measuring the fluctuations of the greenback against 6 major currencies was at 101.647 points (up 0.05%).
According to Kitco, the US Federal Reserve's (FED) interest rate policy could provide strong support for precious metals. The recovery of this precious metal comes as investors predict that the US Federal Reserve (FED) will cut interest rates for the first time since 2020.
The Fed's upcoming policy change is aimed at normalizing interest rates from 23-year highs. Fed Chairman Jerome Powell signaled the change a few weeks ago at an economic symposium in Jackson Hole, Wyoming. He said it was time to adjust the central bank's policy.
Other Fed officials echoed that view, including New York Fed President John Williams, who stressed the rationale for cutting rates, citing progress on inflation and a cooling labor market.
While a rate cut seems certain, the size remains controversial. The CME FedWatch tool shows a 69% chance of a 25 basis point cut at the FOMC meeting on September 18, and a 31% chance of a 50 basis point cut.
Regardless of the exact scale, the Fed's shift from monetary policy is supporting gold prices, as lower interest rates typically boost the appeal of non-yielding assets like gold.
The recent rally in gold prices follows a $20-an-ounce drop last Friday, which was triggered by a disappointing jobs report from the U.S. Labor Department.
Market attention now turns to the August consumer price index (CPI) report, due out today. According to MarketWatch, experts expect the report to show inflation falling to 2.6%, down from 2.9% in July. This data point could further bolster expectations for a rate cut and potentially impact gold prices.
In his latest precious metals report, David Oxley, chief climate and commodities economist at Capital Economics, raised his 2025 gold price forecast to $2,750 an ounce.
In the short term, Oxley maintains his 2024 end-of-year price target of $2,200 an ounce. At current levels, the market could fall 12% in the coming months. December gold futures last traded at $2,538 an ounce. In recent weeks, the gold market has faced strong resistance at $2,550 an ounce.
