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 78.1-79.2 million VND/tael (buy - sell); unchanged.
Bao Tin Minh Chau listed the price of gold rings at 78.08-79.18 million VND/tael (buy - sell); increased by 100,000 VND/tael for buying and kept the same for selling 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 6:00 a.m. on September 20, the world gold price listed on Kitco was at 2,587 USD/ounce, a sharp increase of 18.2 USD/ounce.
Gold Price Forecast
World gold prices increased sharply in the context of a weakening USD index. Recorded at 6:00 a.m. on September 20, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 100.355 points.
The US central bank’s aggressive rate cuts have weakened the US dollar. December gold rose $18.40 to $2,617.10 an ounce, while December silver rose $0.738 to $31.42 an ounce.
Trader and investor sentiment is bullish globally after the US Federal Reserve (FED) cut interest rates sharply.
On Wednesday, the Fed cut interest rates by 50 basis points, bringing the federal funds rate to a range of 4.75% to 5.00%. At the same time, the central bank signaled two more rate cuts this year and projected another 100 basis point rate cut by 2025.
A headline in today's Wall Street Journal reads: "Bold Fed Move Reverberates Through Global Markets."
In an interview with Kitco News, George Milling-Stanley, chief gold strategist at State Street Global Advisors, said the current gold price action is a reasonable reaction to the Fed's latest monetary policy decision.
Milling-Stanley said the Fed’s monetary policy decision will continue to support gold prices. Milling-Stanley sees solid potential for gold prices to rise to $2,700 an ounce by year-end.
However, in the short term, Milling-Stanley remains relatively neutral on gold, saying that gold is currently trading around fair value.
While the market initially viewed the Fed's 50 basis point cut as aggressive, dovish sentiment was later tempered by comments from Fed Chairman Jerome Powell.
Geopolitical tensions in some parts of the world continue to escalate, which is driving up gold prices.
The key outside markets today saw Nymex crude oil prices steadier, trading around $72.25 a barrel. The benchmark 10-year US Treasury yield is falling, currently around 3.75%.
