Not stopping the upward trend

Illustration: Phan Anh

Update SJC gold price

Domestic SJC gold price closed on September 6, 2024.

SJC gold price movements last month. Source: Rong Viet Online Services JSC VDOS.

Price of 9999 round gold ring

As of 6:15 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 77.45-78.6 million VND/tael (buy - sell); unchanged.

Saigon Jewelry Company listed the price of gold rings at 77.3 - 78.6 million VND/tael (buy - sell); unchanged.

Bao Tin Minh Chau listed the price of gold rings at 77.43 - 78.63 million VND/tael (buy - sell); increased 50,000 VND/tael in both directions.

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

World gold price

As of 6:15 p.m., the world gold price listed on Kitco was at 2,518.5 USD/ounce, up 2.5 USD/ounce.

World gold price developments. Source: Kitco

Gold price forecast

World gold prices increased in the context of the USD index decreasing. Recorded at 6:15 p.m. on September 6, the US Dollar Index, which measures the fluctuations of the greenback against 6 major currencies, was at 100.975 points (down 0.1%).

Bets on a 50 basis point cut on September 18 have risen to 41% from 34% a week ago, according to CME Group’s FedWatch tool. August 2024 US employment data could provide further clarity.

In a recent note to Kitco News, Callum Thomas, founder of Topdown Charts, said that gold’s breakout this year, 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 an ounce.

“It is clear that we are in a new uptrend and the drivers of this trend are unlikely to disappear in the near term,” he said.

Geopolitical uncertainty, rising government debt, recession risks and upcoming interest rate cuts will continue to support gold prices, he explained.

Gold has benefited from falling bond yields and a weaker US dollar over the summer. Last month, the US dollar index fell to a one-year low as it tested support at 100. Thomas noted that the sell-off pushed the dollar index below a key trendline.

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

"Gold prices are likely to move higher if the report shows signs of a weak labor market, although the market may experience volatility. Gold prices seem poised to set new highs," said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.

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