Difficult to break through, should you buy?

Updated SJC gold prices

Domestic SJC gold prices closed the trading session on September 3, 2024.

Gold price movements in SJC gold over the past month. Source: Rong Viet Online Services Joint Stock Company (VDOS).

Price of 9999 pure gold ring

As of 6 PM today, the price of 9999 Hung Thinh Vuong gold rings at DOJI is listed at 77.5 - 78.6 million VND/ounce (buying price - selling price); unchanged.

Saigon Jewelry Company listed the price of gold rings at 77.3 - 78.6 million VND/ounce (buying price - selling price); unchanged.

Bao Tin Minh Chau lists the price of gold rings at 77.43 - 78.63 million VND/ounce (buying price - selling price); unchanged.

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

World gold prices

As of 5:30 PM, the world gold price listed on Kitco was at $2,497.8 USD/ounce.

Gold price forecast

Global gold prices edged lower amid a rise in the US dollar index. At 5:30 PM on September 2nd, the US Dollar Index, which measures the dollar's fluctuations against six major currencies, stood at 101.790 points (up 0.16%).

The US dollar remains near its highest level in two weeks. Experts believe that a strong dollar makes gold less attractive to holders of other currencies.

Phillip Streible, Head of Market Strategy at Blue Line Futures, believes that the weakening gold price presents a significant opportunity for investors to buy at lower prices, as gold remains in an upward trend.

Nevertheless, the precious metal continues to receive positive assessments from experts. "Gold cannot regain its record highs due to a lack of new catalysts. If US economic data shows a weak economy and the Federal Reserve (FED) makes a sharp interest rate cut, then gold will rise," said Kelvin Wong, senior market analyst at OANDA in Asia Pacific.

Kelvin Wong also predicted that the price of gold could rise to $2,640 per ounce this year, and this level is likely to be reached as the Fed confirms that it is initiating a long-term interest rate cutting cycle.

Naeem Aslam, investment director at Zaye Capital Market, said that investors' overly optimistic expectations of a 50-basis-point interest rate cut by the Fed were detrimental to the market.

Currently, traders see a 31% chance that the Fed will cut interest rates by 50 basis points at its policy meeting on September 17-18, and a 69% chance that the Fed will cut rates by 25 basis points.

Investors will also be focusing on the US jobs report for August 2024, scheduled for release on Friday (September 6). Economists surveyed by Reuters expect an additional 165,000 jobs to be added in the US.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-chot-phien-39-kho-but-pha-co-nen-mua-vao-1388858.ldo