Gold prices receive positive forecasts.
After a week of rapid growth fueled by optimistic signals regarding interest rate expectations, the gold market is expected to experience unpredictable volatility this week as a series of central banks, most importantly the US Federal Reserve (FED), will hold meetings and announce their interest rate decisions.
Currently, the market is leaning towards the possibility that the Fed will cut interest rates by 25 basis points.
According to Heng Koon How, Head of Market Strategy, Global Market and Economic Research Unit, UOB Group, since consistently breaking above $2,000 per ounce at the end of 2023, gold has shown no signs of cooling down and is projected to continue rising in the near future.
Geopolitical instability is driving gold purchases as a "safe haven."
The increasing instability in the global geopolitical landscape, with two ongoing conflicts in Europe and the Middle East, has supported gold purchases as a safe haven.
In addition, increased gold reserves purchased by central banks in emerging markets (EM) and Asia have also been a positive factor supporting gold prices. China, in particular, has attracted global attention with its significant allocation to gold.
According to an update from the World Gold Council (WGC), as of May 2024, China's official gold holdings had increased to approximately 2,300 tonnes, roughly 5% of its total reserves. This represents an increase of about 20% from the 1,900 tonnes held just two years earlier in 2022.
Kitco News' latest weekly gold survey shows that industry experts and retail investors are both optimistic about gold's upside potential, but remain more skeptical and cautious than in recent weeks.
This week, 13 analysts participated in Kitco News' gold survey. The majority of experts still have a positive outlook on gold prices. Eight experts expect gold prices to rise this week.
While three other analysts believe gold will trade lower this week, the remaining two experts predict the price of the precious metal will remain flat.
Meanwhile, 189 votes were cast in Kitco's online poll. 107 traders expect gold prices to rise this week.
While 47 respondents expect the precious metal to fall, the remaining 35 predict gold prices will remain stable this week.
Gold price update
As of 8:00 AM on September 16th, the SJC gold price listed by DOJI Group was 78.5 - 80.5 million VND/ounce (buying price - selling price).
The difference between the buying and selling price of SJC gold at DOJI Group is around 2 million VND/ounce.
Meanwhile, Saigon Jewelry Company (SJC) listed the price of SJC gold at 78.5 - 80.5 VND/ounce (buying price - selling price).
The difference between the buying and selling price of SJC gold at Saigon Jewelry Company (SJC) is around 2 million VND per tael.
The price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 77.9-79.1 million VND/ounce (buying price - selling price); unchanged.
Bao Tin Minh Chau lists the price of gold rings at 77.88-79.08 million VND/ounce (buying price - selling price), unchanged.
As of 8:30 AM on September 16th, the world gold price listed on Kitco was at $2,581.5 USD/ounce.
Source: https://laodong.vn/tien-te-dau-tu/chuyen-gia-du-bao-ve-gia-vang-tuan-nay-1394379.ldo







