Gold rings continue to surge in price.

Illustration photo: Phan Anh

Updated SJC gold prices

Domestic SJC gold prices closed on September 9, 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 gold rings at DOJI is listed at 77.35-78.50 million VND/ounce (buying price - selling price); an increase of 50,000 VND/ounce in both directions compared to the closing price of the previous trading session.

Saigon Jewelry Company listed the price of gold rings at 77.25 - 78.5 million VND/ounce (buying price - selling price); an increase of 100,000 VND/ounce for the buying price and an increase of 50,000 VND/ounce for the selling price compared to the closing price of the previous 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 5 PM, the world gold price listed on Kitco was at $2,506.2 per ounce, an increase of approximately $9 per ounce compared to the closing price of last week's trading session.

World gold price trends. Source: Kitco

Gold price forecast

World gold prices rose slightly amidst little change in the US dollar index. As of 5 PM on September 10th, the US Dollar Index, which measures the fluctuations of the greenback against six major currencies, stood at 101.5627 points (up 0.04%).

After a week dominated by employment data, inflation is once again the economic data receiving the most attention this week. The 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 consumer sentiment survey for September on Friday morning.

IG market strategist Yeap Jun Rong said: "The inflation data is expected to show further declines in inflation and provide a signal for the Federal Reserve to cut interest rates... Unless there are major surprises in the data, gold prices will remain well supported above $2,500 per ounce. We predict gold prices will reach over $2,660 in the coming months."

"If inflation figures are much lower than expected and fuel hopes of a 50 basis point rate cut, gold could reach an all-time high. But even if the consensus remains a 25 basis point cut, gold won't see a sharp price drop because the Fed will almost certainly cut interest rates," said Carlo Alberto De Casa, 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 interest rates next week. The market predicts a 71% chance of a 0.25 percentage point cut and a 29% chance of a 0.5 percentage point cut, according to CME's FedWatch tool.

In other precious metals markets, spot silver prices fell 0.2% to $28.29 per ounce, while platinum prices rose 0.3% to $940.77 per ounce.

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