Continue to break out, not stopping the increase

Update SJC gold price

Domestic SJC gold price closed on September 16, 2024.

SJC gold price movements last month. Source: Rong Viet Online Services JSC VDOS.

Price of round gold ring 9999

As of 5:00 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 78 - 79.2 million VND/tael (buy - sell); an increase of 100,000 VND/tael for both buying and selling.

Saigon Jewelry Company listed the price of gold rings at 77.9 - 79.2 million VND/tael (buy - sell); an increase of 100,000 VND/tael for both buying and selling compared to the closing price of the previous trading session.

Bao Tin Minh Chau listed the price of gold rings at 77.98 - 79.18 million VND/tael (buy - sell); an increase of 450,000 VND/tael for both buying and selling compared to the closing price of the previous trading session.

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

World gold price

As of 4:50 p.m., the world gold price listed on Kitco was at 2,584.5 USD/ounce, up 7.5 USD/ounce compared to the close of last week's trading session.

World gold price developments. Source: Kitco

Gold price forecast

World gold prices increased in the context of the USD index tending to decrease. Recorded at 4:50 p.m. on September 16, the US Dollar Index measuring the fluctuations of the greenback against 6 key currencies was at 100,370 points (down 0.41%).

The US Federal Reserve's interest rate decision will be the main focus of the market this week. The speech of FED Chairman Jerome Powell at the Jackson Hole Conference held at the end of August reinforced the fact that the FED will make a decision to lower interest rates at the next meeting on September 18.

The US central bank has kept its key lending rate at its highest level in two decades, from 5.25% to 5.5% for the past 14 months.

Not only the FED, the Bank of England and the Bank of Japan will also announce their monetary policy decisions this week.

Marc Chandler, CEO of Bannockburn Global Forex, said there was speculation about a 50 basis point cut by the Fed. "Gold is hitting a new record high, seemingly supported by the possibility of lower interest rates and the dollar per ounce," he said.

Chandler added that gold is in new price discovery territory and resistance is negligible. "Psychologically, $2,600 an ounce is attractive," he added.

Adam Button, head of currency strategy at Forexlive, is also optimistic. "There's no reason to fight this rally," he said. A 25 basis point cut by the Fed could trigger some reflexive selling, but there will be buyers as prices retreat to $2,500 an ounce, he said.

According to Mark Leibovit - expert of VR Metals/Resource Letter, gold is expected to peak around the time of the FED meeting. Similarly, Darin Newsom - senior market analyst at Barchart said that the precious metal will increase in price as investment money continues to flow into the last session of the week.

Thirteen analysts participated in the Kitco News gold survey this week. The majority of experts remain bullish on gold. Eight experts expect gold prices to rise next week. Meanwhile, three analysts believe gold will trade lower next week. Two experts predict the precious metal will trade sideways.

Meanwhile, 189 votes were cast in Kitco's online poll. 107 traders expect gold prices to rise next week. 47 expect the precious metal to fall. The remaining 35 predict gold prices will be flat next week.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-chot-phien-169-tiep-tuc-but-pha-chua-dung-da-tang-1394674.ldo