Gold rings continue to rise

Illustration: Phan Anh

Update SJC gold price

Domestic SJC gold price closed on September 9, 2024.

SJC gold price developments last month. Source: Rong Viet Online Service Joint Stock Company 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 77.35-78.50 million VND/tael (buy - sell); an increase of 50,000 VND/tael in both directions compared to the close of the previous trading session.

Saigon Jewelry Company listed the price of gold rings at 77.25 - 78.5 million VND/tael (buy - sell); an increase of 100,000 VND/tael for buying and 50,000 VND/tael for selling compared to 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 investment decisions.

World gold price

As of 5:00 p.m., the world gold price listed on Kitco was at 2,506.2 USD/ounce, up about 9 USD/ounce compared to the closing price of last week's trading session.

World gold price developments. Source: Kitco

Gold Price Forecast

World gold prices increased slightly in the context of the USD index not having much change. Recorded at 5:00 p.m. on September 10, the US Dollar Index measuring the fluctuations of the greenback against 6 major currencies was at 101.5627 points (up 0.04%).

After a week dominated by jobs data, inflation is once again the economic data to watch this week. Highlights include the release of the US CPI for August on Wednesday morning and the ECB's interest rate decision on Thursday morning.

Thursday will also see the release of the US PPI for August, along with weekly jobless claims. Next week concludes with the release of the University of Michigan's preliminary survey of consumer sentiment for September on Friday morning.

"The inflation data is expected to show further easing in inflation and provide a signal for the Federal Reserve to cut interest rates... Barring any major surprises in the data, gold prices will remain well supported above $2,500 an ounce. We expect gold prices to touch over $2,660 in the coming months," said Yeap Jun Rong, market strategist at IG.

"If inflation figures come in much lower than expected and raise hopes for a 50 basis point cut, gold could hit all-time highs. But even if the consensus is still for a 25 basis point cut, gold will not see a big drop as the Fed is certain to cut rates," said Carlo Alberto De Casa, a currency market analyst at Kinesis.

Lower interest rates reduce the opportunity cost of holding non-interest-bearing precious metals like gold. The Fed is almost certain to cut rates next week. Markets are pricing in a 71% chance of a 25 basis point cut and a 29% chance of a 50 basis point cut, according to the CME FedWatch tool.

In the market of other precious metals, spot silver price decreased 0.2% to 28.29 USD/ounce, while platinum price increased 0.3% to 940.77 USD/ounce.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-chot-phien-109-vang-nhan-tiep-tuc-bat-tang-1391779.ldo