Neo is high, should I buy?

Gold price update, morning of August 4th: Still high, should you buy? — Illustration photo: Phan Anh

SJC gold bar price

Price of 9999 gold rings

As of 6:00 AM, the price of 9999 Hung Thinh Vuong plain gold rings at DOJI was listed at 76.40-77.55 million VND/ounce (buying price - selling price), remaining unchanged for the buying price and decreasing by 100,000 VND/ounce for the selling price.

Saigon Jewelry Company listed the price of gold rings at 76.15-77.55 million VND/ounce (buying price - selling price); a decrease of 200,000 VND/ounce in the buying price and a decrease of 100,000 VND/ounce in the selling price.

Bao Tin Minh Chau listed the price of gold rings at 76.32-77.52 million VND/ounce (buying price - selling price), a decrease of 110,000 VND/ounce in both buying and selling prices.

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 6:00 AM on August 4th, the world gold price listed on Kitco was at $2,443.1 USD/ounce.

World gold price trends. Chart: Khuong Duy

Gold price forecast

Global gold prices remained high as the US dollar index declined. At 6:00 AM on August 4th, the US Dollar Index, which measures the fluctuations of the greenback against six major currencies, stood at 102.999 points (down 1.16%).

The global gold market recorded one of its strongest price surges of the year this week, supported by gloomy US data and a more dovish stance from the Federal Reserve (FED). Concerns about escalating geopolitical tensions also provided a strong impetus for the precious metal.

Although gold subsequently fell sharply, this did not seem to dampen the optimism of experts and retail investors. Kitco News' latest weekly gold survey shows that a majority of investors expect the precious metal to continue rising in price next week. Meanwhile, experts also believe in gold's upward trajectory.

This week, 14 analysts participated in Kitco News' Gold Survey. Wall Street optimism about gold surged after stocks fluctuated amid economic and geopolitical threats.

Eleven experts predict that gold prices will rise further next week. Meanwhile, only one predicts a decrease. The remaining two analysts predict that gold prices will remain stable next week.

Meanwhile, 191 votes were cast in Kitco's online poll. 140 investors expect gold prices to rise next week. 28 others predict gold prices will fall. Only 23 forecast gold prices to remain unchanged.

Adrian Day, president of Adrian Day Asset Management, predicts gold prices will rise higher next week amid a weakening US economy and an increased likelihood of interest rate cuts. Speaking at a press conference this week, Federal Reserve Chairman Jerome Powell expressed eagerness to cut interest rates. Day said that recent data releases have given the US central bank further reason to pivot its policy.

Sharing the same view, senior commodities broker Bob Haberkorn of RJO Futures believes gold will rise higher next week. He explained that the gold sell-off this week was short-lived. Fears of recession and weak job figures have pushed gold higher, and prices will continue to rise next week, potentially surpassing $2,500 per ounce once again.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-sang-48-neo-cao-co-nen-mua-vao-1375647.ldo