Domestic gold price
As of 9:00 AM today, brands simultaneously listed SJC gold bar prices at 142.4-145.4 million VND/tael (buying - selling), continuing the downward trend of 1.2 million VND/tael in both directions.
9999 gold ring price
As of 9:00 AM, Phu Quy Gold and Gems Group listed the price of gold rings at the threshold of 142.4-145.8 million VND/tael (buying - selling), down 1.2 million VND/tael on the buying side and 1.1 million VND/tael on the selling side, respectively. The buying - selling difference remained at 3.4 million VND/tael.
DOJI Group listed gold ring prices at the threshold of 143.7-147.7 million VND/tael (buying - selling), both down 1.3 million VND/tael in both directions. The buying - selling difference is at 4 million VND/tael.
The price of gold rings was listed by Bao Tin Minh Chau at the threshold of 143.6-147.6 million VND/tael (buying - selling), down 1.3 million VND/tael in both directions. The buying - selling difference is at 4 million VND/tael.
World gold price
Recorded at 9:10 am, world gold prices were listed around the threshold of 4,371.9 USD/ounce, up 17.5 USD/ounce.
Gold price forecast
Gold prices fell sharply in yesterday's trading session as inflationary pressure increased and the possibility of the US Federal Reserve (Fed) increasing interest rates overwhelmed the supporting impact from the weakening USD.
The precious metal is currently trading significantly lower than the important resistance level, in the context that there is only more than a week before the Fed makes a monetary policy decision.
December gold futures fell 77.20 USD, or 1.72%, to 4,400 USD/ounce at the close of the session, extending gold's decline since failing to surpass the important threshold of 4,474 USD/ounce.
Currently, gold prices are fluctuating within a certain range, with a downward trend and almost entirely dependent on the US federal fund interest rate outlook.
The market has largely reflected the possibility of the Fed raising interest rates next week. Therefore, any economic data released this week showing that the Fed may continue to keep interest rates unchanged has the potential to trigger a strong increase in gold prices.
Interest rate outlook has changed rapidly when a month ago, CME Group's FedWatch tool only assessed the probability of the Fed raising interest rates in September at 45%, as the market leaned towards the possibility of keeping interest rates unchanged after the weaker-than-expected July jobs report.
Fed Chairman Kevin Warsh's tough statements at the Jackson Hole conference along with a series of more positive economic data afterwards pushed the probability of interest rate hikes to twice the possibility of remaining unchanged in just the past week.
Currently, the market is betting on about 60% of the Fed's ability to raise interest rates, compared to 40% of the ability to remain unchanged. If the Fed increases by 0.25 percentage points, the federal fund interest rate will be raised to a range of 3.75-4%.
This expectation was reinforced after the August jobs report released on Friday, showing that the number of non-farm jobs increased by 162,000, nearly three times the 56,000 forecast by economists, while the unemployment rate remained unchanged at 4.1%.
In the next 8 days, the gold market will continuously receive the Fed's interest rate decision along with PPI and CPI data. Gold traders are preparing for one of the most important periods of the year for the precious metal. The upcoming data and decisions are likely to decide the next major step of gold: breaking through 4,474 USD/ounce or continuing to fall deeply to the 50-day SMA.
Gold price data is compared to the previous day.
The information in the article only reflects market developments, not investment recommendations.
See more news related to gold prices HERE...
