Continuing its breakout, the upward trend shows no signs of stopping.

Updated SJC gold prices

Domestic SJC gold prices closed on September 16, 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 5:00 PM today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 78 - 79.2 million VND/ounce (buying price - selling price); an increase of 100,000 VND/ounce in both buying and selling prices.

Saigon Jewelry Company listed the price of gold rings at 77.9 - 79.2 million VND/ounce (buying price - selling price); an increase of 100,000 VND/ounce in both buying and selling prices compared to the closing price of last week's trading session.

Bao Tin Minh Chau listed the price of gold rings at 77.98 - 79.18 million VND/ounce (buying price - selling price); an increase of 450,000 VND/ounce in both buying and selling prices compared to the closing price of last week's trading session.

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 4:50 PM, the world gold price listed on Kitco was at $2,584.5 per ounce, an increase of $7.5 per ounce compared to the closing price of last week's trading session.

World gold price trends. Source: Kitco

Gold price forecast

Global gold prices rose amidst a downward trend in the US dollar index. At 4:50 PM on September 16th, the US Dollar Index, which measures the fluctuations of the greenback against six major currencies, stood at 100.370 points (down 0.41%).

The Federal Reserve's (FED) interest rate decision will be the main focus of the market this week. FED Chairman Jerome Powell's speech at the Jackson Hole conference at the end of August reinforced the likelihood that the FED will decide to lower interest rates at its next meeting on September 18th.

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

Not only the FED, but 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 is speculation about the Fed cutting interest rates by 50 basis points. "Gold is reaching new record highs, seemingly supported by the possibility of a rate cut and the USD/ounce," he said.

Chandler added that gold is in a new price discovery zone and has negligible resistance. "Psychologically, the $2,600/ounce level is attractive," the expert added.

Adam Button, Director of Currency Strategy at Forexlive, is also optimistic. "There's no reason to resist this upward momentum," he said. According to the expert, if the Fed only cuts by 25 basis points, it could lead to some reflexive sell-offs, but there will be buyers when prices retreat to the $2,500/ounce mark.

According to Mark Leibovit, an expert at VR Metals/Resource Letter, gold is expected to peak around the time of the Fed meeting. Similarly, Darin Newsom, a senior market analyst at Barchart, believes the precious metal will continue to rise in price as investment continues to flow in through the end of last week.

This week, 13 analysts participated in Kitco News' gold survey. The majority of experts remain positive about gold prices. Eight experts expect gold prices to rise next week. Meanwhile, three other analysts believe gold will trade lower next week. The remaining two experts predict the price of the precious metal will remain stable.

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 remain unchanged 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