Gold price update on the morning of September 7: weekend increased sharply, highest in history

SJC gold bar price

As of 6:00 a.m., the price of SJC gold bars was listed by DOJI Group at 133.9-135.4 million VND/tael (buy in - sell out). The difference between buying and selling prices is at 1.5 million VND/tael.

Meanwhile, Bao Tin Minh Chau listed the price of SJC gold bars at 133.9-135.4 million VND/tael (buy in - sell out). The difference between buying and selling prices is at 1.5 million VND/tael.

Phu Quy Gold and Stone Group listed the price of SJC gold bars at 132.9-135.4 million VND/tael (buy in - sell out). The difference between buying and selling prices is at 2.5 million VND/tael.

9999 gold ring price

As of 6:00 a.m., DOJI Group listed the price of gold rings at 127.7/30.7 million VND/tael (buy in - sell out). The difference between buying and selling is 3 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 127.8-130.8 million VND/tael (buy in - sell out). The difference between buying and selling is 3 million VND/tael.

Phu Quy Gold and Stone Group listed the price of gold rings at 127.5-130.5 million VND/tael (buy in - sell out). The difference between buying and selling is 3 million VND/tael.

Currently, the difference between buying and selling gold rings is at a very high level, around 3 million VND/tael, posing a potential risk of loss for investors.

World gold price

The world gold price was listed at 6:00 a.m. at 3,551.1 USD/ounce.

Gold price forecast

Gold prices closed the week up sharply when the US Department of Labor's August employment report just released showed that the number of non-farm jobs increased by only 22,000, much lower than the expectation of 75,000.

The unemployment rate is at 4.3%, in line with market forecasts. This report reinforces the view of the "puppet" in US monetary policy, who want to lower interest rates faster.

After the report, the market now expects the US Federal Reserve (FED) to cut a total of three cuts of 0.25 percentage points this year.

Lukman Otunuga - Senior Market Analyst at FXTM commented: The explosive increase on Friday is like a high-speed train heading towards the psychological threshold of 3,600 USD/ounce.

With a foundational foundation supporting buyers, there is still room for gold prices to increase, but technically, prices are being overbought and can be adjusted.

If gold prices fall below $3,570 an ounce, sellers could target $3,540 an ounce and even $3,500 an ounce before the uptrend returns.

Ole Hansen - Head of Commodity Strategy at Saxo Bank said that with the current momentum, gold could move towards 3,800 USD/ounce in the next 3-4 months, especially as expectations of stronger interest rate cuts are growing, along with geopolitical risks and the Fed's independence.

Robert Minter - ETF Strategy Director at abrdn predicts gold will reach the target of 3,700 USD/ounce by the end of the year, even if the short term shows signs of overbought. He emphasized that central bank demand and investors before interest rate cuts are playing a pivotal role.

Aaron Hill - Market Analyst at FP Markets also agreed that gold is not overbought: "Dynamics such as safe-haven demand, net buying from central banks and trade concerns "geopolitics still maintain strong demand".

Some experts believe that the decisive factor is still the FED. Currently, the market expects a cut of 25 basis points, but the possibility of 50 basis points is still open, especially when inflation data is about to be released.

Aaron Hill added: If inflation in August (CPI/PPI) falls sharply, the scenario of a 50 basis point cut will have more reasons, although it is still uncertain.

Even if the Fed does not take drastic action, a prolonged easing cycle will provide the same reassurance for gold.

The likelihood of a 50 basis point cut is still low because the risk of inflation still exists, but even if there is a correction, I see it as a buying opportunity, notes Michael Brown, senior market analyst at Pepperstone.

Economic data to watch next week

Wednesday: US Producer Price Index (PPI).

Thursday: ECB monetary policy meeting, US consumer price index (CPI), US weekly jobless claims.

Friday: University of Michigan Preliminary Consumer Confidence Index.