Gold ring price at historical peak

This morning (September 16), the price of round gold rings remained at a historical peak of 79.1 million VND/tael while SJC gold bars remained at 80.5 million VND/tael. Experts predict that gold prices will continue to increase from now until the end of the year and break new records.

Saigon Jewelry Company, Doji listed gold price Round ring 77.8 - 79.1 million VND/tael buy - sell.

The price of round gold rings is listed by Bao Tin Minh Chau Company at 77.88 - 79.08 million VND/tael for buying and selling.

SJC gold price be the bank and businesses maintain the level of 78.5 - 80.5 million VND/tael for buying and selling.

The price of gold rings is at its highest level ever, over 79 million VND/tael.

Price gold ring The biggest increase ever in the context of gold prices world continuously reaching new peaks. Meanwhile, the price of SJC gold bars is often adjusted more slowly because the State Bank sets the price. Currently, the world gold price is listed at 2,578 USD/ounce. Converted at the current exchange rate, the world gold price is equivalent to 76.7 million VND/tael, excluding taxes and fees.

Talk to PV , Mr. Nguyen Quang Huy - CEO of the Faculty of Finance - Banking, Nguyen Trai University - said that the world gold price increased sharply because the US Federal Reserve (Fed) certainly reduced interest rates, while the European Central Bank (ECB) reduced interest rates, the war between Russia and Ukraine, the increasingly tense Middle East conflict, are all factors that will create great momentum for gold prices to continue to increase in the last months of 2024.

Mr. Huy analyzed that banks reducing interest rates will reduce the attractiveness of income-bearing assets such as bonds and increase demand for non-interest-bearing assets such as gold. When interest rates decrease, the opportunity cost of holding gold also decreases, causing investors to return to the precious metal.

The Fed is aiming to boost economic growth and curb recession, so rate cuts could continue until the end of the year. Similarly, the ECB's rate cuts also have an impact on gold, as low interest rates in Europe increase demand for safe havens, especially when the European economy is struggling.

"This could push gold prices up sharply, with world gold prices forecast to reach $2,800/ounce by the end of 2024," said Mr. Huy.

In addition to falling interest rates, the Russia-Ukraine war and the Middle East conflict have not only pushed up oil and energy prices, but also increased demand for safe assets such as gold. Whenever there is war uncertainty, gold is always the top choice for investors to preserve value.

With the conflict continuing and showing no signs of abating, the market is likely to seek gold to reduce risks, creating momentum for gold prices to increase even more. It is predicted that if this war continues, it could cause gold prices to continue to increase.

The sharp increase in world gold prices will affect the movement of gold prices. domestic. After a period of stability, experts believe that the domestic gold bar price could reach 90 million VND/tael and gold rings could reach 80 million VND/tael when the world gold price increases for a long time.

"Currently, the world gold price is in the overbought zone. Technically, this zone will be under strong profit-taking pressure, so there may be strong corrections. Therefore, investor “It is necessary to be cautious and have a solid understanding of investment knowledge and skills when participating in the market. Investors should only allocate a small portion to investment, it is important to focus on production and business activities and diversify the investment portfolio,” Mr. Huy advised.

In the currency market, on September 16, the State Bank kept the listing unchanged. exchange rate Center 24,172 VND/USD. At commercial banks, USD exchange rate is around 24,375 - 24,715 VND/USD.

Source