SJC gold bar price
Price of 9999 gold rings
As of 6:00 AM, the price of 9999 Hung Thinh Vuong gold rings at DOJI was listed at 77.55 - 78.65 million VND/ounce (buying price - selling price), remaining unchanged.
Saigon Jewelry Company listed the price of gold rings at 77.4 - 78.65 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 2:00 AM on August 31st, the world gold price listed on Kitco was at $2,503.2 per ounce, a decrease of $19.3 per ounce.
Gold price forecast
Global gold prices plummeted amid a decline in the US dollar index. At 2:00 AM on August 31st, the US Dollar Index, which measures the fluctuations of the greenback against six major currencies, stood at 101.620 points (up 0.34%).
According to Kitco, gold prices are in a wait-and-see mode as employment data will determine the monetary policy of the US Federal Reserve (FED) next week.
Han Tan, chief market analyst at Exinity, noted that gold prices are moving in line with the Fed's strategy, as traders are now dependent on data.
“Gold prices have been constrained by persistent doubts about whether the Fed can actually deliver on the market’s anticipated 100 basis point interest rate cut by the end of 2024. While still trading near record highs, gold speculators are reluctant to pursue the next upward move at this time,” he said.
According to CME's FedWatch tool, the market fully expects the Fed to cut interest rates by 25 basis points at its September monetary policy meeting. At the same time, there is a 30.5% probability of a 50 basis point rate cut.
Analysts believe China is the main driving force behind the recent rise in gold prices, as the People's Bank of China (PBOC) has purchased a large amount of gold for 18 consecutive months.
Although the PBOC has recently stopped buying more gold, analysts at Capital Economics predict that this pause in gold accumulation is only temporary, and that China's demand for gold will increase further amid rising global tensions, economic instability, and efforts to shift away from the US dollar.
And it's not just the PBOC showing interest in gold; demand for physical gold in China has also surged to pre-pandemic levels. In addition, Capital Economics notes that a sharp increase in demand for "paper gold" assets such as gold exchange-traded funds (ETFs) and futures contracts is also fueling the gold rush in China.
Analysts at Capital Economics believe that with central bank gold purchases, strong demand for physical gold, and a significant increase in gold holdings by gold exchange-traded funds, China is the main driver of gold price surges this year.
Looking ahead, these experts predict: “China’s demand for gold will increase as the world’s second-largest economy slows down this decade. This will put upward pressure on gold prices and could cause greater volatility in the gold market in the coming years.”
Meanwhile, analysts at Wells Fargo Bank say that gold prices have risen 20% since the beginning of the year. The upward momentum for gold prices remains intact if we consider the situation from now until the end of the year.
"Gold prices are not trending downwards but are entering a sustained uptrend. In the next few years, gold prices could reach $3,000 per ounce," Wells Fargo predicts.
Capital Economics shared this view, stating that the rise in gold prices is unlikely to stop due to increasing global tensions, economic instability, ongoing efforts to move away from the US dollar, active gold purchases by central banks, and strong physical gold demand in China and India.
Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-sang-318-the-gioi-lao-doc-trong-nuoc-bat-dong-1387324.ldo
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