The upward trend continues.

Updated SJC gold prices

Domestic SJC gold prices closed on September 6, 2024.

Gold price movements in SJC gold over the past month. Source: Rong Viet Online Services Joint Stock Company (VDOS).

Price of 9999 pure gold ring

As of 6:15 PM today, the price of 9999 Hung Thinh Vuong gold rings at DOJI is listed at 77.45-78.6 million VND/ounce (buying price - selling price); unchanged.

Saigon Jewelry Company listed the price of gold rings at 77.3 - 78.6 million VND/ounce (buying price - selling price); unchanged.

Bao Tin Minh Chau listed the price of gold rings at 77.43 - 78.63 million VND/ounce (buying price - selling price); an increase of 50,000 VND/ounce in both directions.

In recent trading sessions, the price of gold rings has often fluctuated in the same direction as the global market. Investors can refer to the global market and expert opinions before making investment decisions.

World gold prices

As of 6:15 PM, the world gold price listed on Kitco was at $2,518.5 per ounce, an increase of $2.5 per ounce.

Gold price forecast

Global gold prices rose amid a decline in the US dollar index. At 6:15 PM on September 6th, the US Dollar Index, which measures the fluctuations of the greenback against six major currencies, stood at 100.975 points (down 0.1%).

According to CME Group's FedWatch tool, the odds of the Fed cutting interest rates by 50 basis points on September 18 have risen to 41% from 34% a week earlier. US August 2024 employment figures may provide further clarity.

In a recent note to Kitco News, Callum Thomas, founder of Topdown Charts, argued that this year's breakout surge in gold prices, after years of consolidation, is a significant development. Gold prices have risen more than 22% this year; December gold futures last traded at $2,543 per ounce.

He stated, "It's clear that we are in a new uptrend, and the drivers of this trend are unlikely to disappear anytime soon."

He explained that geopolitical instability, rising government debt, recession risks, and upcoming interest rate cuts would continue to support gold prices.

Throughout the summer, gold benefited from falling bond yields and a weaker US dollar. Last month, the US dollar index fell to its lowest level in a year as it tested support at 100 points. Thomas noted that the sell-off pushed the USD index below a key trendline.

Although the US dollar has recovered from its recent lows, Thomas said the overall weakness of the currency will continue to support gold prices.

"Gold prices are likely to rise higher if reports show signs of a weak labor market, although the market may experience periods of volatility," said Sugandha Sachdeva, founder of SS WealthStreet, a research firm based in New Delhi. "Gold prices appear poised to set new highs."

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-chot-phien-69-chua-dung-da-tang-cao-1389914.ldo