Updated SJC gold price
As of 9:10 a.m., DOJI Group listed the price of SJC gold bars at 150-152 million VND/tael (buy in - sell out), unchanged 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 in - sell out), unchanged 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 in - sell out), unchanged in both directions. The difference between buying and selling prices is at 3 million VND/tael.
9999 round gold ring price
As of 9:10 a.m., DOJI Group listed the price of gold rings at 148.5-151.5 million VND/tael (buy in - sell out), unchanged 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 in - sell out), unchanged 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 148.7-151.7 million VND/tael (buy - sell), an increase of 200,000 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 9:08, the world gold price was listed around 4,133.5 USD/ounce, down 0.7 USD compared to a day ago.
Gold price forecast
The gold market continues to maintain its upward momentum, with prices holding above $4,100/ounce, even as political tensions in the US cool down after the Senate passed a new budget bill to end the longest government shutdown in the country's history.
Although the National Assembly has partly resolved political instability, analysts say there are still many uncertainties that are enough to maintain gold's appeal as a safe-haven asset. The Senate bill is now being moved to the House of Representatives for voting and is expected to be approved.
Carsten Fritsch - commodity analyst at Commerzbank - commented that the government's reopening may not happen at a time favorable for the economy. The US government has been sparingly releasing official economic data for the past two months, while private sector data showed a weakening labor market and rising inflationary pressures.
He added that US consumer confidence has fallen to a three-and-a-half-year low.
Many experts predict that when economic data is released again, clear signs of slowing down in the US economy will emerge. This could force the Federal Reserve to cut interest rates more aggressively," he said.
Traders believe that upcoming data will show signs of weakening the US economy, which could lead to a Fed rate cut in December... That is probably a factor that encourages gold buyers - Jim Wyckoff - senior analyst at Kitco Metals commented.
UBS Bank said that gold demand this year and next year is forecast to reach its strongest level since 2011. Any significant increase in political risk and financial markets could push gold prices to the target of $4,700/ounce, UBS further analyzed.
Technically, bulls in the December gold futures market are dominating, with the next target being to close above the solid resistance level of $4,250/ounce. The short-term goal of the selling side is to pull the price below the strong support zone of 4,000 USD.
Resistance levels are near $4,175 an ounce and $4,200 an ounce; immediate support is $4,100 an ounce and then $4,050 an ounce.
The gold market has two main pricing mechanisms - spot market for spot transactions and futures market for future deliveries. Due to year-end liquidity, December gold futures are currently the most actively traded on the CME.
Note: Gold price data is compared to a day earlier.
See more news related to gold prices HERE...
