Updated SJC gold price
As of 9:00 a.m., DOJI Group listed the price of SJC gold bars at VND125.9-126.9 million/tael (buy in - sell out), an increase of VND300,000/tael in both directions. The difference between buying and selling prices is at 1 million VND/tael.
Meanwhile, Bao Tin Minh Chau listed the price of SJC gold bars at 125.9-126.9 million VND/tael (buy - sell), an increase of 300,000 VND/tael in both directions. The difference between buying and selling prices is at 1 million VND/tael.
Phu Quy Jewelry Group listed the price of SJC gold bars at 124.9-126.9 million VND/tael (buy - sell), an increase of 300,000 VND/tael in both directions. The difference between buying and selling prices is at 2 million VND/tael.
9999 round gold ring price
As of 9:10 a.m., DOJI Group listed the price of gold rings at 118.8-121.8 million VND/tael (buy - sell), unchanged for buying and increased by 100,000 VND/tael for selling. The difference between buying and selling is 3 million VND/tael.
Bao Tin Minh Chau listed the price of gold rings at 119-122 million VND/tael (buy - sell), an increase of 300,000 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 118.5-121.5 million VND/tael (buy in - sell out), an increase of 300,000 VND/tael in both directions. The difference between buying and selling is 3 million VND/tael.
The buying-selling gap is pushed up too high, 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 9:00 a.m., the world gold price was listed around 3,360.7 USD/ounce, down 9.6 USD compared to a day ago.
Gold price forecast
The dovish signal from FED Chairman Jerome Powell at Jackson Hole last weekend sent the USD plummeting, creating a boost for gold and silver prices.
Federal Reserve Chairman Jerome Powell in his anticipated speech at the Jackson Hole Conference gave the dovish tone that the market expected, creating significant fluctuations in the currency and commodity markets.
Mr. Powell's carefully worded language has given traders a reassurance about the monetary policy roadmap, especially the signal that interest rate cuts are likely to start from next month.
The immediate market reaction was very clear: the USD weakened strongly as investors adjusted their expectations. The USD index fell 0. 90% to 97.73, reflecting the relationship between expectations of monetary easing and the strength of the greenback. The weakening of the US dollar has created favorable conditions for the precious metal, which often benefits in this context.
In addition to the FED factor, concerns about the independence of monetary policy also support gold. US President Donald Trump's announcement that he would remove Fed Governor Lisa Cook if she did not resign has raised concerns about political intervention, causing cash flow to seek safe assets.
According to Jeffrey Christian of CPM Group, the market has responded positively to Chairman Jerome Powell's speech, which is important for gold, silver, platinum and palladium prices.
Michael Brown, senior market analyst at Pepperstone, said that although Mr. Powell's statement could be a catalyst for a price increase, the future direction is still open.
"Powell clearly supported the idea of a rate cut in September, but attention will quickly turn to whether this will be a series of rate cuts, or just a single scenario," Brown said.
This week, 13 market analysts participated in a gold survey, and none predicted a decrease in prices. Eight analysts (62%) see gold rising in the short term. Meanwhile, five analysts (38%) are neutral on the precious metal.
Meanwhile, an online poll of small investors recorded 194 votes. 115 retail traders (59%) expect gold prices to increase this week, 35 people (18%) predict gold will decrease, and the remaining 44 people (23%) believe that gold prices will move sideways in the short term.
Note: Gold price data is compared to a day earlier.
See more news related to gold prices HERE...
