Gold price movements today show that domestic gold rings fluctuated little this morning.

Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 77.3-78.6 million VND/tael (buy - sell), unchanged compared to the end of yesterday's trading session.

Similarly, Doji Gold and Gemstone Group kept the price of gold rings unchanged at the closing price of yesterday's trading session, listing the price of 9999 smooth round gold rings at 77.45-78.6 million VND/tael (buy - sell).

Opening the trading session on September 6 , the price of SJC 9999 gold remained unchanged compared to the closing session yesterday, at 80.5 million VND/tael (selling).

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:19 am and the price of 9999 gold was listed by Doji Jewelry Group at 8:36 am as follows:

Buy Sell
SJC HCMC 78,500,000 VND/tael 80,500,000 VND/tael
Doji Hanoi 78,500,000 VND/tael 80,500,000 VND/tael
Doji HCMC 78,500,000 VND/tael 80,500,000 VND/tael

                        SJC and Doji gold price list updated early morning September 6

The central exchange rate on September 6, 2024 announced by the State Bank is 24,202 VND/USD, down 20 VND compared to the previous trading session. The USD price at commercial banks this morning (September 6) was commonly listed at 24,540 VND/USD (buy) and 24,910 VND/USD (sell).

At 8:29 a.m. today (September 6, Vietnam time), the world spot gold price was at 2,514.6 USD/ounce, down 4.3 USD/ounce compared to last night. The price of gold futures for December 2024 on the Comex New York floor was at 2,544.9 USD/ounce.

On the morning of September 6 , the world gold price converted to USD bank price was nearly 76.3 million VND/tael, including tax and fees, about 4.3 million VND/tael lower than the domestic gold price.

The price of gold on the Kitco floor at 8:30 p.m. (September 5, Vietnam time) was trading at $2,518.9/ounce, up 0.92% from the beginning of the session. The price of gold futures for delivery in December 2024 on the Comex New York floor was trading at $2,546.8/ounce.

At the beginning of the trading session in the US market, the world gold price increased quite strongly. Investors bet on the expectation that the US Federal Reserve (Fed) will cut interest rates this month, after the newly released economic data was pessimistic.

However, recent economic data suggests the Fed may not be able to cut interest rates by 50 basis points.

Peter A. Grant, vice president and senior metals strategist at Zaner Metals, said gold prices are under pressure as expectations for a 50 basis point Fed rate cut are fading. It is more likely that the US central bank will decide to cut rates by a lower level of 25 basis points.

Screenshot 2024 09 05 203213.png
Investors expect the Fed to cut interest rates sharply, causing gold prices to increase. Photo: HH

In addition, the US dollar is near a two-week high. The strengthening of the US dollar is reducing the attractiveness of gold.

At the close of the session on September 5, the price of 9999 gold bars at SJC was 78.5 million VND/tael (buy) and 80.5 million VND/tael (sell). SJC listed the price of gold rings at 77.3 - 78.6 million VND/tael (buy - sell).

Doji Hanoi listed at 78.5 million VND/tael (buy) and 80.5 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 78.5 million VND/tael and sold at 80.5 million VND/tael.

Bao Tin Minh Chau listed the price of Golden Dragon gold bars at 77.38-78.58 million VND/tael (buy - sell).

Gold Price Forecast

Rhona O'Connell, an analyst at StoneX, said the trend in precious metals prices is still up, and the declines are only short-term.

According to Mike Ingram, a market analyst at Kinesis Money, gold's resistance level will be above $2,510/ounce. Gold prices will soon break the record level of $2,531/ounce and move towards $2,543/ounce.

Kelvin Wong, an analyst at Oanda, predicts gold prices could reach $2,640 an ounce this year if the Fed begins a long-term rate-cutting cycle.

Looking ahead, Bernard Dahdah, a precious metals analyst at Natixis, predicts that gold prices will average around $2,600 an ounce by 2025.