SJC Gold Price
9999 Gold Ring Price
As of 6h00, 9999 Gold Ring Price at DOJI is listed at 76.20-77.45 million VND/tael (buying - selling), down 200,000 VND/tael for buying and down 100,000 VND/tael for selling.
Company Vàng bạc Đá quý Sài Gòn lists the price of 9999 gold ring at 76.15-77.45 million VND/tael (buying - selling), down 100,000 VND/tael for both buying and selling.
Bảo Tín Minh Châu lists the price of 9999 gold ring at 76.28-77.48 million VND/tael (buying - selling), unchanged.
In recent sessions, the price of 9999 gold ring has often fluctuated in the same direction as the global market. Investors can refer to the global market and expert opinions before making investment decisions.
Global Gold Price
As of 0h on August 7, the global gold price listed on Kitco is at 2,388.2 USD/ounce, down 20.7 USD/ounce from the previous morning.
Gold Price Forecast
Global Gold Price plummeted in the context of the US dollar's recovery. At 6h on August 7, the US Dollar Index, which measures the fluctuation of the US dollar against 6 major currencies, stood at 102.817 points (up 0.32%).
Not only that, the decline in gold prices has made it difficult for investors to understand why oil prices, which have a close relationship with gold, are increasing. Global oil prices rose by about 1% in the afternoon session on August 6, due to concerns over escalating tensions in the Middle East threatening global oil supplies.
In addition, the strong growth of the US service sector and the reduction of oil production by Libya's Sharara oil field are also factors affecting the market.
ANZ bank expert Soni Kumari noted that if the US economic data to be released is significantly weaker and the US Federal Reserve (FED) maintains its stance on reducing interest rates, the gold price will head towards 2,500 USD/ounce or even surpass that level.
"Traders will also consider data from the world's largest consumer, China, and geopolitical tensions, as the demand for asset preservation continues" - Soni Kumari added.
Currently, the market is predicting that the FED will cut interest rates by 110 basis points this year, with over 70% probability of a 50 basis point cut in September 2024.
