SJC gold bar price
As of 6:00 AM, SJC gold bar prices were listed by Bao Tin Minh Chau at the threshold of 169.8-173.5 million VND/tael (buying - selling), down 3.7 million VND/tael on the buying side and down 3.2 million VND/tael on the selling side. The difference between buying and selling prices is at the threshold of 3.7 million VND/tael.
Phu Quy Jewelry Group listed SJC gold bar prices at 170-173.5 million VND/tael (buying - selling), down 3.7 million VND/tael on the buying side and down 3.2 million VND/tael on the selling side. The difference between buying and selling prices is at 3.5 million VND/tael.
9999 gold ring price
As of 6:00 AM, Bao Tin Minh Chau listed the price of gold rings at the threshold of 168.8-171.8 million VND/tael (buying - selling), down 4.2 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.
Phu Quy Jewelry Group listed the price of gold rings at the threshold of 169.8-173 million VND/tael (buying - selling), down 3.7 million VND/tael on the buying side and down 3.5 million VND/tael on the selling side. The difference between buying and selling prices is at the threshold of 3.2 million VND/tael.
Currently, the buying - selling price difference of gold is at a very high level, around 3 million VND/tael, posing a risk of losses for investors.
World gold price
At 8:10 PM, world gold prices were listed around 4.693 USD/ounce, down 76.5 USD compared to the previous day.
Gold price forecast
World gold prices fell sharply after the highly anticipated speech from US President Donald Trump did not bring many clear signs of the possibility of an early end to tensions in the Middle East. This development takes place in the context of the stronger USD, rising US bond yields and soaring oil prices, creating great pressure on the precious metals market.
The precious metal lost up to 2.3% at one point, reversing the previous upward momentum, after Mr. Trump said the month-long conflict is approaching its end but warned that the US could take very strong military action in the next two to three weeks if desired results are not achieved.
In his prime-time address, the US leader also emphasized that the current campaign has almost achieved the set goals, and called on allies dependent on energy supplies from the Middle East to participate in handling disruptions in the Strait of Hormuz.
These statements caused strong reactions on the global financial market. Stocks fell, the USD index rose by 0.3%, while oil prices rebounded due to concerns that energy flows through the Strait of Hormuz continue to be threatened. Before the conflict broke out, this was a shipping route for about 1/5 of the world's oil and liquefied natural gas. The rise in oil prices along with the rising greenback has weakened the attractiveness of gold, despite the traditional shelter role of this metal during the period of instability.
According to Christopher Wong - strategist at OCBC Bank, Mr. Trump's speech was mainly seen by the market as an affirmation of military results rather than a signal towards a ceasefire. He said that gold had previously had an impressive increase of nearly 4,800 USD/ounce in the session, but the upward momentum may slow down as cautious sentiment covers the market before the risk of continued tensions.
Downward pressure in Thursday's session also threatened to end the four-session winning streak of gold. Previously, when expectations appeared that tensions could cool down in the next few weeks, the market once leaned towards the possibility that the US Federal Reserve (Fed) would have more room to cut interest rates to support growth. However, the upward momentum of oil prices has raised concerns about inflation returning, thereby weakening expectations of monetary policy easing.
From a technical perspective, the gold market is still in a period of strong struggle. The near price increase target of the buying side is to bring the price above the resistance zone of 5,000 USD/ounce, while the selling side is aiming to pull the price below the important support level of 4,300 USD/ounce.
In the short term, the 4,700 USD and 4,750 USD marks continue to be noteworthy resistance areas, while support is close to 4,600 USD and 4,580.40 USD/ounce.
Gold price data is compared to the previous day.
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