SJC gold bar price
As of 9:00 a.m., the price of SJC gold bars was listed by DOJI Group at 81.5 - 83.5 million VND/tael (buy - sell).
Compared to the beginning of the previous trading session, gold prices at DOJI remained unchanged in both buying and selling directions.
The difference between buying and selling prices of SJC gold at DOJI Group is at 2 million VND/tael.
Meanwhile, Bao Tin Minh Chau listed the price of SJC gold at 81.5 - 83.5 million VND/tael (buy - sell).
Compared to the beginning of the previous trading session, gold prices at Bao Tin Minh Chau remained unchanged in both buying and selling directions.
The difference between buying and selling price of SJC gold at Saigon Jewelry Company is at 2 million VND/tael.
9999 gold ring price
This morning, the price of 9999 Hung Thinh Vuong round gold ring at DOJI was listed at 82.75-83.45 million VND/tael (buy - sell); unchanged.
Bao Tin Minh Chau also adjusted the price of plain round gold rings to increase to 82.54 - 83.44 million VND/tael (buy - sell), unchanged.
Despite the drop in world gold prices, the domestic gold market has not shown much reaction. Notably, gold rings - a commodity that usually moves in the same direction as world gold - are anchored at a record high, despite the decline in the world market.
World gold price
As of 9:00 a.m., the world gold price listed on Kitco was at 2,652.7 USD/ounce, down 5.8 USD/ounce compared to the beginning of the previous trading session.
Gold Price Forecast
World gold prices fell amid a recovery in the USD index. At 9:00 a.m. on September 30, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, stood at 100,200 points (up 0.09%).
Alex Kuptsikevich, senior market analyst at FxPro, said he sees little room for gold to rise. Kuptsikevich noted that this week's jobs data could pose some risks for gold.
However, some analysts believe that gold still has momentum. Bart Melek, head of commodity strategy at TD Securities, said he expects gold prices to rise back above $2,700 an ounce.
Melek added that the gold outlook remains bullish as the Fed cuts interest rates to support a weakening labor market, even as inflation remains high.
Notably, Ole Hansen (head of commodity strategy at Saxo Bank) said: “After hitting a series of new record highs on the news of the US Federal Reserve (FED) interest rate cut, the price of gold has stabilized. Based on my estimates, the price can fall by 4-6% without damaging the overall bullish sentiment.”
Hansen added that he sees initial support at $2,670 an ounce. If that level is broken, the next level to watch is $2,547 an ounce. In the worst case, gold could fall to $2,500 an ounce.
