SJC gold bar price
As of 9:25 am, Phu Quy Jewelry Group listed SJC gold bar prices at 140.3-143.3 million VND/tael (buying - selling), an increase of 2.3 million VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.
At the same time, SJC gold bar prices were listed by DOJI Group at 140.3-143.3 million VND/tael (buying - selling), an increase of 2.3 million VND/tael in both buying and selling directions. The difference between buying and selling was at 3 million VND/tael.
Bao Tin Minh Chau listed SJC gold bar prices at the threshold of 140.5-144.5 million VND/tael (buying - selling), an increase of 2 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 4 million VND/tael.
9999 gold ring price
As of 9:25 am, Phu Quy Gold and Gems Group listed the price of gold rings at 140.3-143.3 million VND/tael (buying - selling), an increase of 2.3 million VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.
DOJI Group listed the price of gold rings at 140-144 million VND/tael (buying - selling), an increase of 2 million VND/tael in both directions. The buying - selling difference is at 4 million VND/tael.
Bao Tin Minh Chau listed gold ring prices at the threshold of 140.5-144.5 million VND/tael (buying - selling), an increase of 2 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 4 million VND/tael.
World gold price
At 9:25 am, world gold prices were listed around the threshold of 4,292.2 USD/ounce, up 191.9 USD/ounce.
Gold price forecast
World gold prices are receiving strong support from the weakening of US economic data, the decline in bond yields and the loss of momentum of the USD. After surpassing the threshold of 4,200 USD/ounce, the precious metal quickly approached the 4,300 USD/ounce zone, the highest level in about 6 weeks.
One of the factors directly affecting the market is the activity of the US service sector. The Purchasing Managers' Index of the service sector in July reached 54.1 points, lower than the forecast 54.5 points. Although still higher than the 50 point mark, showing that business operations continue to expand, this result reflects that the growth rate has not met expectations.
Notably, the job index in the service sector fell from 51.2 points to 47.4 points, the lowest since March. The index falling below 50 points shows that recruitment activity has shifted to a shrinking state. While services account for the majority of jobs in the US, this development increases concerns that the labor market is gradually losing momentum.
Other data also sends similar signals. The number of vacancies in June decreased to 7.36 million; the private sector only created about 44,000 jobs in July; factory orders decreased by 0.3%. The series of negative data caused the market to reduce expectations that the US Federal Reserve (Fed) would maintain a tough monetary stance for a long time.
The expectation of cooling interest rates has pulled 10-year US government bond yields down to nearly 4.6%. At the same time, the USD strength index fluctuated below 100 points. Reduced yields helped reduce the opportunity cost of holding gold, while weakening the greenback made the precious metal more attractive to buyers using other currencies.
However, inflationary pressure in the US has not completely disappeared. The input price index of the service sector increased to 70.3 points, which may make the Fed cautious before adjusting policy. This is also a factor likely to create strong fluctuations for gold prices.
Technically, if maintaining the 4,200-4,203 USD/ounce zone, gold prices may continue to test the 4,300 USD/ounce mark, further to the 4,380-4,400 USD/ounce zone. Conversely, if profit-taking pressure increases, the 4,200 USD/ounce zone will play a near supporting role, while 4,000 USD/ounce is still an important defensive threshold of the current trend.
The market will continue to monitor the number of unemployment claims and the US jobs report. Weaker-than-forecast labor data may strengthen expectations of interest rate cuts and gold support. In case jobs and wages increase sharply, gold prices may be under adjustment pressure after a rapid increase.
Gold price data is compared to the previous day.
The information in the article is for reference only, reflecting market developments at the time of recording and not an investment recommendation. Investors need to carefully consider their financial capacity, personal goals and related risks before making a decision to buy or sell gold.
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