Updated SJC gold price
As of 9:15 a.m., the price of SJC gold bars was listed by Saigon Jewelry Company at VND119-121 million/tael (buy - sell), down VND1 million/tael for both buying and selling. The difference between buying and selling prices is at 2 million VND/tael.
At the same time, the price of SJC gold bars was listed by DOJI Group at 118.5-121.5 million VND/tael (buy - sell), down 1.5 million VND/tael for buying and down 500,000 VND/tael for selling. The difference between buying and selling prices is at 3 million VND/tael.
Meanwhile, Bao Tin Minh Chau listed the price of SJC gold bars at 118.5-121.5 million VND/tael (buy - sell), an increase of 1.5 million VND/tael for both buying and selling. The difference between buying and selling prices is at 3 million VND/tael.
9999 round gold ring price
As of 9:15 a.m., the price of Hung Thinh Vuong 9999 round gold rings at DOJI was listed at 113.5-116.3 million VND/tael (buy - sell), down 700,000 VND/tael for buying and down 500,000 VND/tael for selling. The difference between buying and selling prices is at 2.8 million VND/tael.
Bao Tin Minh Chau listed the price of gold rings at 117-120 million VND/tael (buy - sell), an increase of 1 million VND/tael for both buying and selling. The difference between buying and selling is 3 million VND/tael.
In the context of strong fluctuations in domestic gold prices, the buying-selling gap is pushed to an excessively high level, causing risks for individual investors to increase. Personal investors, especially those with a "surfing" mentality, need to consider carefully before putting money down.
World gold price
At 8:30 a.m., the world gold price listed on Kitco was around 3,359.1 USD/ounce, down 10.8 USD.
Gold price forecast
Although gold is under strong profit-taking pressure, experts emphasize that the long-term uptrend is still intact.
In terms of gold outlook, the precious metal has fallen quite a bit in the past few days, but its still just a small decline from the gains its achieved, Fawad Razaqzada, a market analyst at StoneX Group, said in a note on Wednesday.
A strong correction over the past two days means gold has fallen 6.8% from its all-time high to around $3,260/ounce a significant decline. However, the long-term trend is still clear to increase".
Looking ahead, Razaqzada said that if gold tests the support level of 3,100 USD/ounce, he will review the upward trend of gold.
The long-term technical outlook will only turn negative if we start recording lower bottlenecks and peaks. With this, let's look at $2,956/ounce, a key bottom recently before gold sets a new record high.
As long as this level remains strong, any short-term decline should be seen as a buying opportunity, not a signal to look for discount setsups. However, if that level is broken, it would be more reasonable to give up the bullish view, at least in the short term, he said.
David Morrison, senior market analyst at Trade Nation, noted that even at $3,300 an ounce, gold is still considered overbought based on momentum indicators, and may need a deeper correction to correct market sentiment.
We may also see a deeper decline, with $3,000/ounce acting as a more important support level. Such a move could eliminate weak-minded investors, especially those who enter the market late.
If the $3,000 mark holds, allowing the daily MacD index to correct, gold could continue to increase strongly to a new high. However, it is still too early and the form of the correction will be very important when it happens," he said.
The market is awaiting a series of important economic data to be released on Thursday, including long-term commodity orders, weekly jobless claims and US home sales, to assess the health of the economy and the outlook for the Fed's interest rate policy. These figures are expected to have a significant impact on investor sentiment and financial market developments in the short term.
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