Gold price today 2.9: Steady increase, breaking new peaks

Updated SJC gold price

As of 10:30, the price of SJC gold bars listed by DOJI Group was at 129.1-130.6 million VND/tael (buy in - sell out), unchanged. The difference between buying and selling prices is at 1.5 million VND/tael.

Bao Tin Minh Chau listed the price of SJC gold bars at 128.6-130.6 million VND/tael (buy in - sell out), unchanged. The difference between buying and selling prices is at 2 million VND/tael.

Phu Quy Jewelry Group listed the price of SJC gold bars at 128.1-130.6 million VND/tael (buy in - sell out), unchanged. The difference between buying and selling prices is at 2.5 million VND/tael.

9999 round gold ring price

As of 10:30, DOJI Group listed the price of gold rings at 124.5-127.5 million VND/tael (buy in - sell out), an increase of 2 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 124.7-127.7 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.

Phu Quy Gold and Stone Group listed the price of gold rings at 124.3-127.3 million VND/tael (buy - sell), an increase of 1.8 million 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 10:15, the world gold price was listed around 3,491.9 USD/ounce, up 28 USD compared to a day ago.

Gold price forecast

Wall Street analysts are optimistic that a new rally could be taking shape. The key factor next week will be the US August employment report, data that can decide the roadmap for interest rate cuts by the US Federal Reserve (FED).

Rich Checkan - Chairman and COO of Asset Strategies International said that the gold rally has not stopped: "The market is almost certain that the Open Market Committee (FOMC) will cut interest rates at the September meeting - with up to 87% expectation for this. Therefore, I believe that gold prices will continue to increase.

According to him, although prices have surpassed the psychological threshold of 3,400 USD/ounce - which often triggers profit-taking, the increase is still maintained thanks to the context of tense politics. The war between US President Donald Trump and Fed Governor Lisa Cook will cause investors to continue to abandon the USD, looking to gold as a safe haven. And that happens as soon as investors return to the market after the summer vacation.

Mr. John Weyer - Director of Trade Risk Prevention at Walsh Trading, said that gold's increase could be ahead of economic data. Gold seems to have a "feel" that job reports may not be promising.

In addition, geopolitical conditions may also contribute to gold's increase. Hopes for a deal to end the Russia-Ukraine conflict have fading, adding to global uncertainty and boosting demand for shelter in gold.

Another notable factor is the stability of the USD. Normally, when gold rises sharply as a safe asset, the USD will fall. In recent days, the USD has remained stable, showing that the precious metal still maintains its strength.

Independent analyst Jesse Colombo - founder of BubbleBubble Report - went into the technical aspect. He compared the gold price situation to "a spring that has been suppressed since the beginning of April", now unleashing.

There was no special catalyst for this dance. I think the main reason is simply the end of summer, the return of transaction cash flow, especially after the US Labor Day holiday.

Colombo said gold has gone through five months of accumulation and is no longer overbought, so the current technical foundation is ready for a new uptrend.

Colombo noted that buying from Western ETFs will be an important driver in the final period of the year - unlike 2024 when the increase will be mainly due to Asian investors and central banks.