Round plain gold ring price reverses
The price of 9999 round smooth gold rings has been decreasing since October 1st when the world market plunged. In fact, the decrease in gold rings was quite late and insignificant, because the world gold price started to reverse and decrease since last Friday.
In the trading session this morning (October 2), the world gold price recorded a strong increase, while domestic gold ring price remained unchanged. However, with the world market increasing, many people believe that gold ring price will soon reverse.
As many people thought, the price of gold rings has recovered strongly in this afternoon's trading session. If this morning, the price of 9999 Hung Thinh Vuong round gold rings at DOJI was listed at 81.9-82.9 million VND/tael (buy in - sell out); then at the time of writing (4:00 p.m. on October 2), this unit adjusted it up to 82.2-83.15 million VND/tael (buy in - sell out).
Thus, DOJI has adjusted the buying price up by 300,000 VND/tael and the selling price up by 250,000 VND/tael.
This morning, Bao Tin Minh Chau listed the price of plain round gold rings at 81.88-82.88 million VND/tael (buy - sell). By 4:00 p.m. the same day, this unit adjusted the price up by 310,000 VND/tael for buying and 260,000 VND/tael for selling, bringing the price of gold rings to 82.19-83.14 million VND/tael.
Plain round gold rings often move in the same direction as world gold. In the context of fluctuating world gold prices, investors can monitor and refer to world market developments before deciding to spend money.
Experts make positive forecasts about world gold prices
World gold prices are receiving positive forecasts from many experts as geopolitical tensions tend to increase. Fears of a full-scale war in the Middle East after Iran fired missiles at Israel have prompted gold purchases as a safe haven for cash flows.
Iran fired a barrage of missiles at Israel on October 1 in retaliation for Israel's campaign against Tehran's Hezbollah allies in Lebanon, Reuters reported.
Goldman Sachs has just announced that it has increased its gold price forecast by $200, from $2,700/ounce to $2,900/ounce by early 2025.
“We reiterate our long-term gold buy recommendation driven by lower global interest rates, higher central bank demand and gold’s benefits as a hedge against geopolitical, financial and recession risks,” the bank said in a note.
Analysts say central bank buying will be the main driver of gold prices rising to $2,900 an ounce by early 2025. In addition, increased inflows from exchange-traded funds after the US Federal Reserve (FED) cut interest rates also boosted gold prices.
Investors are now waiting to buy again. The world's largest gold investment fund, SPDR, has bought 2.88 tons of gold, bringing its gold holdings to 874.82 tons.
