Gold prices rose on Thursday, hitting a new record high of $2,708.70 an ounce on the Comex December futures contract. Notably, the technical chart also remains firmly bullish. December gold most recently rose $17.60 an ounce.
In a news release last night, China pledged to stabilize the property sector and add more fiscal stimulus measures after the People's Bank of China (PBOC) announced its largest monetary stimulus package since the COVID-19 pandemic earlier this week.
The latest announcement also comes amid speculation that China will miss its 5% GDP growth target this year. China has pledged to issue and use government bonds to support investment.
Israel-Hezbollah military conflict escalates. According to CNN, Israel intercepted a rocket fired by Hezbollah near Tel Aviv on September 25, an unprecedented attack by the group that reached deep into Israeli commercial centers and marked a new escalation in the conflict between the two sides.
Residents of Tel Aviv and the central city of Netanya woke to sirens as Israel announced its air defenses had intercepted a surface-to-surface missile. It was the first time a rocket fired by Hezbollah had flown near the city, the Israeli military said.
This situation is supporting gold - a safe haven for cash flows in the face of global geopolitical tensions.
Notably, the gold market was not too affected by US economic data as investors focused on the new easing cycle of the US Federal Reserve (FED).
The U.S. economy remained relatively strong as the country's gross domestic product grew steadily in the second quarter. The U.S. Bureau of Economic Analysis reported that second-quarter GDP data showed the economy grew at a 3.0% rate. The data was in line with economists' expectations.
Important foreign markets today saw the USD index fall. Recorded at 20:15 on September 26 (Vietnam time), the US Dollar Index measuring the greenback's fluctuations against 6 major currencies was at 100.515 points (down 0.11%).
Nymex crude oil prices fell sharply and are trading around $68.00 a barrel. Reports say Saudi Arabia is considering pumping more oil. The yield on the benchmark 10-year U.S. Treasury note is falling and is currently at 3.779%.
Technically, December gold bulls have the strong overall near-term technical advantage. The next upside price target is $2,800/oz. The next near-term downside price target is $2,600/oz.
Update domestic gold price
As of 6:00 a.m., the price of SJC gold bars listed by DOJI Group was at VND81.5 - 83.5 million/tael (buy - sell). Compared to the beginning of the previous trading session, the gold price at DOJI remained unchanged in both buying and selling directions. The difference between the buying and selling prices of SJC gold at DOJI Group was 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, the gold price at Bao Tin Minh Chau remained unchanged in both buying and selling directions. The difference in buying and selling prices of SJC gold at Saigon SJC Jewelry Company was at 2 million VND/tael.
The price of 9999 Hung Thinh Vuong round gold ring at DOJI is listed at 82.5 - 83.35 million VND/tael (buy - sell), an increase of 550,000 VND/tael for buying and an increase of 400,000 VND/tael for selling.
Bao Tin Minh Chau also adjusted the price of plain round gold rings to increase to 82.23 - 83.33 million VND/tael (buy - sell), an increase of 400,000 VND/tael for both buying and selling.
