Updated SJC gold price
As of 9:12 a.m., DOJI Group listed the price of SJC gold bars at 150-152 million VND/tael (buy - sell), an increase of 2.4 million VND/tael in both directions. The difference between buying and selling prices is at 2 million VND/tael.
The price of SJC gold bars was listed by Bao Tin Minh Chau at 150.5-152 million VND/tael (buy - sell), an increase of 2.4 million VND/tael in both directions. The difference between buying and selling prices is at 1.5 million VND/tael.
Phu Quy Jewelry Group listed the price of SJC gold bars at 149-152 million VND/tael (buy - sell), an increase of 2.4 million VND/tael in both directions. The difference between buying and selling prices is at 3 million VND/tael.
9999 round gold ring price
As of 9:12 a.m., DOJI Group listed the price of gold rings at 148.5-151.5 million VND/tael (buy - sell), an increase of 2.5 million VND/tael in both directions. The difference between buying and selling is 3 million VND/tael.
Bao Tin Minh Chau listed the price of gold rings at 149.3-152.3 million VND/tael (buy - sell), an increase of 2.5 million VND/tael in both directions. The difference between buying and selling is 3 million VND/tael.
Phu Quy Gold and Stone Group listed the price of gold rings at 148.5-151.5 million VND/tael (buy - sell), an increase of 1.9 million VND/tael in both directions. The difference between buying and selling is 3 million VND/tael.
The buying-selling gap is at a high level, increasing the risk for individual investors. Personal investors, especially those with a "surfing" mentality, need to consider carefully before putting money down.
World gold price
At 9:12 a.m., the world gold price was listed around 4,134.2 USD/ounce, up 91.3 USD compared to a day ago.
Gold price forecast
World gold prices increased sharply earlier this week, when spot gold conquered the threshold of 4,100 USD/ounce. This rally was driven by a series of weaker-than-expected US economic data and growing expectations that the Federal Reserve (FED) will cut interest rates in November.
"Some less optimistic data last week tipped the market to the possibility of a Fed easing. We can expect another interest rate cut at the end of this year" - Peter Grant - Deputy Director of Zaner Metals commented.
According to Ned Davis Research (NDR), the recovery in gold prices could mark the end of the short-term correction cycle that has lasted for the past two weeks.
In the latest report, Mr. Tim Hayes - Chief Global Strategist of NDR - said that current prices are opening up attractive buying opportunities for long-term investors.
"The macro environment that supports gold has remained largely unchanged since before the sell-off, which was just a short-term profit-taking period. As selling pressure has passed, gold is in a favorable position to head towards a new peak," the NDR report said.
Accordingly, the Gold Volatility Index is a factor that is attracting attention. In contrast to the stock market, where increasing fluctuations often come with risks, for gold, high fluctuations often signal a period of strong price increase.
When the 150-day volatility index of gold exceeds the 1-year average by over 15%, the average gold price increases by double digits per year. The NDR said that gold's increase over the past two years has been accompanied by an increased volatility trend.
In addition, the NDR's Gold Watch comprehensive index is currently over 70%, giving a clear signal of an upward trend. Although technical factors are supporting the upward trend, the recovery of the USD after the recent FED meeting is still a notable barrier.
After Chairman Jerome Powell stressed that a December rate hike was not a certain thing, the greenback attracted short-term safe-haven cash flow. However, the market is still betting on a 60% chance that the Fed will cut interest rates next month.
According to CME Group's FedWatch interest rate tracking tool, the market is currently betting on a 64% probability of the Fed cutting interest rates in December. The probability of an adjustment at the January meeting is 77%. Gold prices tend to move well in a low interest rate environment and during times of economic instability.
The NDR said the US dollar's rally is unlikely to last long, as long-term factors are still at a disadvantage for the currency, including falling interest rate differentials and investors' overly optimistic sentiment.
Note: Gold price data is compared to a day earlier.
See more news related to gold prices HERE...
