Experts make surprising predictions about gold prices, should you buy gold bars or gold rings?

Gold prices are expected to rise sharply next week. Photo: Phan Anh

Ending a long period of gloom.

Spot gold on the world market opened the trading week at $2,326.72 per ounce and remained within a range of $15 on Monday and Tuesday.

Then on Wednesday, a series of economic data releases, including the ADP jobs report, weekly jobless claims, and the ISM services PMI, were all published in the morning ahead of the US Independence Day holiday, along with the minutes of the June FOMC meeting in the afternoon.

Data showing a weakening US job market and minutes from the Federal Reserve meeting indicating little likelihood of an interest rate hike helped push gold prices to a high of $2,363.77 per ounce.

Gold is currently listed on Kitco at $2,388.6 per ounce. Chart: Hai Danh

Gold prices then tended to rise a few dollars per ounce during Thursday's session. Traders returned on Friday morning and received firm confirmation of US economic data, including employment (according to the June non- farm payrolls report) which was indeed stagnating, while the unemployment rate unexpectedly rose to 4.1%.

This information pushed gold prices from $2,367 per ounce in the minutes before the data release to a new weekly high of over $2,390 per ounce in the early afternoon.

Currently, spot gold prices continue to trade at their highest level in over a month, reaching $2,400 per ounce.

Positive forecaster

Almost all industry experts see a positive outlook for gold prices next week, according to the latest Kitco News weekly gold survey.

Gold price forecast for next week. Source: Kitco

Twelve Wall Street analysts participated in the Kitco News gold survey this week, with the majority of experts bullish on the precious metal.

Ten experts predict gold prices will rise next week, while one analyst predicts a fall and another sees gold moving sideways next week.

Meanwhile, 164 votes were cast in Kitco's online poll. 108 retail traders predicted gold prices would rise next week. Another 26 predicted the precious metal would trade lower. The remaining 30 saw prices trading sideways next week.

Should you buy SJC gold bars or plain 9999 gold rings?

For the domestic market, the price of SJC gold bars remained stable last week, maintaining a buy-sell spread of around 2 million VND per ounce. This means that if investors bought SJC gold bars last week, they lost approximately 2 million VND per ounce.

Most gold buyers will not invest short-term. However, in the current context, it is unclear what the price of SJC gold bars will be like in the near future. In fact, buying SJC gold bars at gold shops is quite difficult at the moment. Most stores have announced that they have sold out of gold bars and are only selling jewelry products.

While the price of gold bars remains stable, the price of plain gold rings closely follows the world gold price. Previously always lower than the price of SJC gold bars, but with the upward trend in the world market, the price of plain gold rings is increasingly approaching the price of gold bars.

At the close of trading last week, the price of 9999 Hung Thinh Vuong gold rings at DOJI Gold and Gemstone Group was listed at 74.65-75.90 million VND/ounce (buy-sell); Saigon Jewelry Company (SJC) listed it at 73.95-75.55 million VND/ounce (buy-sell); and Bao Tin Minh Chau listed it at 74.68-75.98 million VND/ounce (buy-sell).

As of today (July 7th), the price of 9999 Hung Thinh Vuong gold rings at DOJI has increased to 75.65-76.95 million VND/ounce (buying price - selling price), Saigon Jewelry Company has increased to 74.6-76.2 million VND/ounce (buying price - selling price), and Bao Tin Minh Chau has increased to 75.38-76.68 million VND/ounce (buying price - selling price).

Therefore, if you bought 9999 pure gold rings from Hung Thinh Vuong at DOJI on June 30th and sold them today, you would lose approximately 250,000 VND per tael. Meanwhile, the losses when buying from Saigon Jewelry Company (SJC) and Bao Tin Minh Chau are 950,000 VND per tael and 600,000 VND per tael, respectively.

Therefore, although the price of 9999 pure gold rings has increased, investors are still losing money when buying in the short term. This loss stems from the difference between the buying and selling prices listed by businesses.

Source: https://laodong.vn/tien-te-dau-tu/chuyen-gia-du-bao-bat-ngo-ve-gia-vang-nen-mua-vang-mieng-hay-vang-nhan-1362730.ldo