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 78-79.2 million VND/tael (buy - sell); both buying and selling prices remained unchanged.
Saigon Jewelry Company listed the price of gold rings at 77.9-79.2 million VND/tael (buy - sell); both buying and selling prices remained unchanged compared to the closing price of the previous trading session.
Bao Tin Minh Chau listed the price of gold rings at 77.98-79.18 million VND/tael (buy - sell); both buying and selling prices remained unchanged compared to the closing price of last week's trading session.
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 10:00 p.m. on September 17, the world gold price listed on Kitco was at 2,576.3 USD/ounce, down 5.9 USD/ounce.
Gold Price Forecast
World gold prices fell amid a recovery in the USD index. At 10:00 p.m. on September 17, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, stood at 100.529 points (up 0.1%).
Gold prices struggled as U.S. retail sales rose in August, according to Kitco. The U.S. Commerce Department reported Tuesday that U.S. retail sales rose 0.1% in August after rising 1.1% in July. The data was better than expected, as economists had expected a 0.2% decline in the headline figure.
Retail sales rose 2.1% over the past 12 months, the report said. In addition, the gold market has seen some renewed selling pressure as it remains near its recent all-time high above $2,600 an ounce. December gold futures last traded at $2,598 an ounce, down 0.42% on the day.
All eyes are now on the Federal Reserve’s two-day policy meeting, which ends on September 18. Markets are now pricing in a 69% chance of a 0.5 percentage point rate cut, up from 43% on September 13.
Mark Leibovit, an expert at VR Metals/Resource Letter, said that interest rate cuts are an important catalyst for the gold market. He said that gold prices will continue to increase strongly during the Fed's policy meeting.
Meanwhile, some experts believe that gold may be at risk when the market is expecting too much from the Fed cutting interest rates by 50 basis points, which could cause investors to turn away from gold. Currently, the odds of the Fed cutting interest rates by 25 basis points are falling, to only 59% compared to more than 70% last week.
Colin Cieszynski, market strategist at SIA Wealth Management, said that if the decline was 25 basis points, it would still help the USD rise again, which would definitely hurt gold.
Sharing the same view, market analyst Everett Millman of Gainesville Coins also said that the scenario of the FED cutting 25 basis points could disappoint many investors, causing gold prices to fall after today's policy meeting.
