SJC gold bar price
Gold ring price 9999
As of 6:00 a.m., the price of 9999 Hung Thinh Vuong plain round gold ring at DOJI was listed at 76.40-77.55 million VND/tael (buy - sell), moving sideways.
Saigon Jewelry Company listed the price of gold rings at 76.25-77.55 million VND/tael (buy - sell), increasing 100,000 VND/tael on the buying side and keeping the selling side unchanged.
Bao Tin Minh Chau listed the gold ring price at 76.28-77.48 million VND/tael (buy - sell), down 40,000 VND/tael for both buying and selling.
In recent sessions, gold ring prices often fluctuate in the same direction as the world market. Investors can refer to world markets and expert opinions before making investment decisions.
World gold price
As of 6:00 a.m. on August 6, the world gold price listed on Kitco was at 2,408.9 USD/ounce, a sharp decrease of 34.2 USD/ounce compared to early yesterday morning.
Gold price forecast
World gold prices plummeted despite the decline in the USD index. Recorded at 6:00 a.m. on August 6, the US Dollar Index measuring the fluctuation of the greenback with 6 major currencies was at 102,525 points (down 0.45%).
Gold prices "plummeted" at the beginning of the week is said to be because the precious metal was under strong selling pressure as investors continued to sell gold to compensate for losses in the stock market.
At the end of last week, the stock market "wobbled" as recession fears spread following a disappointing jobs report. The S&P 500 fell nearly 4%, with the bulk of the sell-off occurring on Thursday and Friday. Nasdaq ended the week down nearly 5% from its peak and officially entered bear territory.
Experts say that gold will not be able to fall deeply and can quickly return to increase again, when a series of recent economic data supports the precious metal.
The US economy shows signs of falling into recession. According to the US Bureau of Labor Statistics, the country's economy created only 114,000 jobs last month, much lower than economists' forecast of about 176,000 jobs. At the same time, the unemployment rate jumped to 4.3% from 4.1% recorded in June.
The above information pushes the US Federal Reserve (FED) to cut interest rates soon. Some economists predict the FED will be forced to lower interest rates more drastically to support the sluggish economy.
Mr. Tai Wong - an independent metals trader in New York, said that gold price speculators are right to worry that the FED needs weaker inflation data before deciding to cut interest rates. .
Meanwhile, StoneX analyst Rhona O'Connell said that the precious metal may encounter resistance at the old high of 2,484 USD/ounce. However, geopolitical tensions along with concerns about whether the FED will act slowly on monetary policy will support gold prices.
