9999 gold ring price
Phu Quy Gold and Gems Group listed the price of gold rings at the threshold of 143.6-146.9 million VND/tael (buying - selling), simultaneously increasing by 100,000 VND/tael in both buying and selling directions. The buying - selling difference is at 3.3 million VND/tael.
DOJI Group listed the price of gold rings at 145-149 million VND/tael (buying - selling), unchanged in the buying - selling direction. The buying - selling difference is at 4 million VND/tael.
The price of gold rings is listed by Bao Tin Minh Chau at the threshold of 144.9-148.9 million VND/tael (buying - selling), an increase of 300,000 VND/tael in both directions. The buying - selling difference is at 3 million VND/tael.
SJC gold bar price
As of 6:00 AM, Phu Quy, DOJI, Bao Tin Minh Chau listed SJC gold bar prices at 143.6-146.6 million VND/tael (buying - selling), an increase of 100,000 VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.
The remaining brands listed the buying price of gold bars at the lowest level of 143.2 million VND/tael and the highest selling price at 148.9 million VND/tael.
Jewelry gold price
Phu Quy listed the price of 9999 jewelry gold at the threshold of 140.9-145.9 million VND/tael (buying - selling), an increase of another 100,000 VND/tael in both directions.
DOJI listed 9999 jewelry gold at the threshold of 143-147 million VND/tael (buying - selling), unchanged compared to the closing session yesterday in both buying and selling directions.
Bao Tin Minh Chau listed Thang Long 9999 Dragon Gold Jewelry at 142.9-147.9 million VND/tael (buying - selling).
World gold price
The world gold price is listed at around 4,397.5 USD/ounce, down 7.2 USD.
Gold price forecast
Spot gold prices fell at the beginning of yesterday's trading session, as rising oil prices and high US Treasury bond yields continued to put pressure on non-performing metals, as the market awaits US inflation reports to be released this week.
The latest market position movements still revolve around the strong August jobs report and the final inflation data before the Fed meeting on September 15-16.
The market is assessing a probability of about 60% that the Fed raises interest rates in September, after the number of jobs increased by 162,000 in August. Traders are now shifting their attention to the producer price index (PPI) announced on Thursday and the consumer price index (CPI) on Friday to determine the impact of inflation on interest rate expectations.
The yield on US Treasury bonds with a 2-year term is around 4.36%, 10-year term is around 4.78-4.81%, and 30-year term is around 5.27%.
For gold, the current environment is unfavorable in terms of interest rates, unless inflation data cools down significantly. High CPI or PPI will strengthen the Fed's ability to raise interest rates, push bond yields up and put pressure on gold prices. Conversely, lower-than-expected inflation may restore arguments in favor of the Fed's temporary suspension of interest rate hikes and trigger the activity of closing gold selling positions.
Weaker USD is partly supporting precious metal prices, but inflationary pressure due to oil prices and high bond yields are still the main constraints.
In addition, the impact from developments in the Strait of Hormuz remains mixed as risks in this region may support safe haven demand, but higher oil prices increase inflation risk, pushing bond yields up and strengthening the Fed's ability to continue raising interest rates.
Technically, the next price increase target of gold buyers is to bring prices back to the resistance level of 4,422 USD/ounce. If the upward momentum is maintained, gold prices may reach 4,465 USD/ounce and then 4,564 USD/ounce.
Meanwhile, the next short-term downside target of the selling side is to bring gold prices below 4,365 USD/ounce. If this threshold is broken, the deeper downside targets are 4,305 USD/ounce and then 4,263 USD/ounce.
The first resistance level is identified at 4,422 USD/ounce, followed by 4,465 USD/ounce. The first support level is at 4,365 USD/ounce, followed by 4,305 USD/ounce.
Gold price data is compared to the previous day.
The information in the article only reflects market developments, not investment recommendations.
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