SJC gold bar price
As of 9:00 AM, Saigon SJC Jewelry Company listed SJC gold bar prices at the threshold of 141.9-144.9 million VND/tael (buying - selling), turning down 600,000 VND/tael in both directions compared to the closing session yesterday. The buying - selling difference is at 3 million VND/tael.
Similarly, DOJI listed SJC gold price at the threshold of 141.9-144.9 million VND/tael (buying - selling), reversing down 600,000 VND/tael in both directions. The buying - selling difference is at 3 million VND/tael.
Phu Quy listed the price of SJC gold bars at the threshold of 141.7-144.9 million VND/tael (buying - selling), down 800,000 VND/tael on the buying side and 600,000 VND/tael on the selling side respectively. The buying - selling difference is at 3.2 million VND/tael.
9999 gold ring price
At the same time, Saigon Jewelry Company SJC listed the price of gold rings at the threshold of 141.4 - 144.4 million VND/tael (buying - selling), down 600,000 VND/tael in both directions. The buying - selling difference is at 3 million VND/tael.
DOJI Group listed the price of gold rings at the threshold of 141.5-145.5 million VND/tael (buying - selling), down 500,000 VND/tael compared to the previous closing session. The buying - selling difference is at 3 million VND/tael.
Phu Quy Jewelry Group listed the price of gold rings at the threshold of 141.7-144.7 million VND/tael (buying - selling), down 800,000 VND/tael in both directions. The buying - selling difference is at 3 million VND/tael.
World gold price
As of 9:15 am, world gold prices are listed at 4,280.1 USD/ounce.
Gold price forecast
Spot gold prices fell sharply after the US market closed yesterday's trading session, as the US PMI index was higher than expected, pushing Treasury bond yields up, strengthening the USD and causing traders to raise expectations about the possibility that the US Federal Reserve (Fed) will continue to raise interest rates in October.
The US stock market closed down as a wave of bond sell-offs widened financial conditions for risky assets.
European stocks also closed down as oil prices recovered and government bond yields rose.
The latest change in market positions occurred after the preliminary US composite PMI in September increased to 58.4 points, from 56 points in August, the highest level since July 2021. The manufacturing PMI increased to 57 points from 53.9 points, while the service PMI increased to 58.7 points from 56.5 points. Input costs increased to 66.4 points from 59.9 points, the highest level since October 2022.
Along with that, the Fed interest rate futures market currently reflects a probability of about 66-70.9% that the Fed will raise interest rates in October, up from about 53% at the beginning of the day.
Metal traders interested in interest rates will continue to monitor the weekly US jobless claims released at 8:30 am on Thursday (local time), along with a report on durable goods orders and the September consumer confidence index finalized on Friday.
Developments related to the Strait of Hormuz and US-Iran relations have also become less positive regarding risky assets and increased inflationary pressure on the market. Iranian officials said Tehran and Washington are still far apart on terms to end the conflict, while US officials continue to argue that diplomacy is still a possibility but has not yielded results.
Technically, the next price increase target of spot gold buyers is to bring prices back to the resistance zone of 4,369-4,400 USD/ounce. If the upward momentum is maintained, the price may reach 4,511 USD/ounce and then 4,530 USD/ounce.
In the opposite direction, the closest downside target of the selling side is to bring the price down below 4,270 USD/ounce. Deeper downside targets are at 4,235 USD/ounce and then the 4,160-4,180 USD/ounce range.
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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