Gold price update on the morning of September 27: Many forecasts of gold prices to decrease next week

Updated SJC gold price

As of 6:30 a.m., the price of SJC gold bars was listed by Saigon Jewelry Company at VND119-121 million/tael (buy in - sell out); increased by VND500,000/tael for both buying and selling. The difference between buying and selling prices is at 2 million VND/tael.

At the same time, the price of SJC gold bars was listed by DOJI Group at 119-121 million VND/tael (buy - sell); increased by 500,000 VND/tael for both buying and selling. The difference between buying and selling prices is at 2 million VND/tael.

Meanwhile, Bao Tin Minh Chau listed the price of SJC gold bars at 119-121 million VND/tael (buy - sell); increased by 500,000 VND/tael for both buying and selling. The difference between buying and selling prices is at 2 million VND/tael.

Phu Quy Jewelry Group listed the price of SJC gold bars at VND 118.5-121 million/tael (buy in - sell out), an increase of VND 1 million/tael in both directions. The difference between buying and selling prices is at 2.5 million VND/tael.

9999 round gold ring price

As of 6:30 a.m. today, the price of Hung Thinh Vuong 9999 round gold rings at DOJI was listed at 114-116.5 million VND/tael (buy - sell); an increase of 1.5 million VND/tael for buying and an increase of 1 million VND/tael for selling. The difference between buying and selling prices is at 2.5 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 117-120 million VND/tael (buy - sell); increased by 500,000 VND/tael for both buying and selling. The difference between buying and selling prices is at 3 million VND/tael.

Phu Quy Gold and Stone Group listed the price of SJC gold bars at VND 115.5-118.5 million/tael (buy in - sell out), an increase of VND 500,000/tael in both directions. The difference between buying and selling prices is at 3 million VND/tael.

In the context of strong fluctuations in domestic gold prices, the buying-selling gap is pushed to an excessively high level, causing risks for individual investors to increase.

World gold price

As of 6:30 a.m., the world gold price was listed at 3,318.3 USD/ounce.

Gold price forecast

The Kitco News survey shows that most Wall Street analysts are switching to predicting gold prices to decrease. Of the 13 experts surveyed, 7 (54%) predict gold prices will fall next week, while only 6 (46%) expect prices to increase. No one believed the price would be flat.

Kevin Grady - President of Phoenix Futures and Options - said that gold prices fluctuated too quickly: "Gold increased by 500 USD in a short time without any changes in reserves, this is very strange. Many speculators rushed in because they saw gold increase by 100 USD per morning, thinking that buying is a profit. That is the reason why prices then fell sharply. When gold can increase by 100-120 USD/day, then decrease by 120 USD is also normal".

Kevin Grady believes that $3,000/ounce will be an important support level, although gold prices are still much higher than this level. I think $3,000 an ounce is the main support level, he said. Previously, when gold prices reached $3,000/ounce, it was pushed down very quickly. But when it passed that mark, prices skyrocketed strongly. So I see $3,000 as a solid support, even though it is a few hundred dollars off the current price.

Adrian Day - Chairman of Adrian Day Asset Management Company - believes that the short-term trend is down, but the factors that once pushed gold prices to 3,500 USD/ounce have not changed.

The possibility of further tradeoffs between the US and China in the tax war, combined with growing concerns about recession, will put pressure on gold in the short term, so I predict prices will fall next week, Mr. Day said. However, factors that have driven gold demand over the past year are still there, perhaps just a slowing demand growth rate, so this correction may be light and short.

Important economic data next week

Monday: Federal election in Canada.

Tuesday: New Employment ratio (JOLTS) and US Consumer Confidence Index.

Wednesday: ADP Employment Report, Preliminary Q1 GDP, US pending housing contracts; Japanese Central Bank monetary policy meeting.

Thursday:Weekly jobless claims and the US Manufacturing across Market Management Index (ISM Manufacturing PMI).

Friday: Non-farm Payrolls report in the US.