Updated SJC gold price
As of 9:10 a.m., DOJI Group listed the price of SJC gold bars at 127.4-128.9 million VND/tael (buy in - sell out), an increase of 700,000 VND/tael in both directions. The difference between buying and selling prices is at 1.5 million VND/tael.
Meanwhile, Bao Tin Minh Chau listed the price of SJC gold bars at 127.4-128.9 million VND/tael (buy - sell), an increase of 700,000 VND/tael 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 126.4-128.9 million VND/tael (buy - sell), an increase of 700,000 VND/tael in both directions. The difference between buying and selling prices is at 2.5 million VND/tael.
9999 round gold ring price
As of 9:10 a.m., DOJI Group listed the price of gold rings at 120.6-123.6 million VND/tael (buy - sell), an increase of 600,000 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 120.8-123.8 million VND/tael (buy - sell), an increase of 800,000 VND/tael for buying and an increase of 600,000 VND/tael for selling. The difference between buying and selling is 3 million VND/tael.
Phu Quy Gold and Stone Group listed the price of gold rings at 120.3-123.3 million VND/tael (buy - sell), an increase of 500,000 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 3,409.5 USD/ounce, up 24.5 compared to a day ago.
Gold price forecast
The world gold price increase was partly affected by US economic data. According to the report, the US GDP in the second quarter grew by 3.3%, higher than the initial estimate of 3.0% and exceeding economists' expectations. Gross domestic product is actually adjusted to increase mainly thanks to improvements in investment activities and consumer spending.
The US Department of Labor has just released labor market data. The initial, seasonal unemployment claims were 229,000 in the week ended August 23. This figure is only slightly lower than the forecast of 230,000. Last week's figure was revised down from 235,000 to 234,000.
In addition, the number of continuous unemployment claims reached 1.954 million in the week ended August 16, lower than the expected 1.975 million.
The strong labor market makes the Federal Reserve (FED) more likely to tighten monetary policy, thereby putting pressure on gold prices.
Market sentiment became more tense after US President Donald Trump on Monday decided to fire Federal Reserve Governor Lisa Cook for allegations related to inappropriate mortgages, raising concerns about the independence of the US central bank.
In addition, the geopolitical situation continues to be complicated. Russia has launched drone and missile attacks on the capital Kiev, killing 14 people. In response, Ukraine launched attacks targeting two refineries in Russia.
Bank of America (BofA) believes that gold prices are still on track to reach the $4,000/ounce mark as the USD continues to weaken.
In a report published last week, the bank said that falling interest rates and a weaker US dollar will be the foundation to support gold's rally.
Interest rate cuts amid rising inflation create fertile conditions for the weakening of the USD. Cutting interest rates in an inflationary environment that remains high is likely to push the precious metal higher," the analysts wrote.
The market expects the FED to start cutting interest rates in September. The CME FedWatch tool shows that traders are almost fully booked on a 25 basis point cut, with the possibility of further easing in October and December.
Note: Gold price data is compared to a day earlier.
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