Updated as of September 21, gold ring prices continue their upward trend. Notably, there is a significant price gap between major brands and smaller shops for this type of gold.
Specifically, SJC Company increased their prices by an additional 100,000 VND per tael compared to this morning, reaching 78.9-80.3 million VND per tael. Bao Tin Minh Chau raised their prices to 79.39-80.54 million VND per tael, while DOJI also increased by 150,000 VND per tael to 79.4-80.55 million VND per tael.
Meanwhile, some small gold shops have pushed their selling prices above 81 million VND per tael, with some even reaching 81.5 million VND per tael.
Regarding international gold prices, many short-term forecasts remain optimistic. This week, 19 analysts participated in Kitco News’ Gold Survey. Specifically, nine experts, equivalent to 47%, expected gold prices to rise next week, while eight others, accounting for 42%, predicted prices to hold steady. Only two analysts, or 11%, believed gold would trade lower in the week ahead.
On the other hand, 189 votes were cast in the online survey by Kitco, with most Main Street investors holding a bullish outlook. 129 traders, or 68%, anticipated higher gold prices for the following week, whereas 29, or 15%, predicted lower prices for the yellow metal. The remaining 31 respondents, accounting for 17%, expected prices to stabilize in the upcoming week.
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At the beginning of the day, SJC gold prices remained unchanged at 80.0-82.0 million VND per tael.
The price of 9999 pure gold rings has been maintaining its record high. Specifically, at SJC Company, this type of gold is currently listed at 78.7-80.1 million VND per tael. Other prominent brands such as DOJI, PNJ, and Bao Tin Minh Chau have also raised their buying prices to around 79.3 million VND per tael, with selling prices hovering at approximately 80.4 million VND per tael.
Over the past year, gold ring prices have surged by approximately 36-40%.
In the international market, the spot gold price on September 20 continued its upward trajectory, reaching a new peak. The precious yellow metal climbed to $2,626 per ounce, the highest in history. Meanwhile, the price of gold futures for December delivery surged to $2,643 per ounce.
When converted at the current VND/USD exchange rate, the world gold price is equivalent to approximately 78.5 million VND per tael, excluding taxes and fees.
According to Kitco News, the Federal Reserve’s decision to cut interest rates triggered a wave of US dollar sell-off, causing the DXY index (measuring the strength of the USD against major currencies) to plunge to 100.5 points. Although the dollar index recovered slightly afterward.
Not only gold but the Fed’s rate cut also boosted the US stock market, pushing it to record highs.
(World gold prices have been surging in the past week)
George Milling-Stanley, head of gold strategy at State Street Global Advisors, stated that the current gold movement is a reasonable reaction to the Federal Reserve’s latest monetary policy decision. In June, Milling-Stanley raised his gold price forecast to range from $2,500 to $2,700 per ounce. Regarding predictions that gold will reach $3,000 per ounce, he believes it is unlikely to happen in the next 3-4 months but could be possible by early next year. Milling-Stanley sees solid potential for gold to climb to $2,700 per ounce by the end of this year.
Additionally, safe-haven demand has been driving gold prices to repeatedly break records. Tensions remain high in the Middle East, especially after the mass text message blasts in Lebanon on Tuesday. If conflicts in the region escalate further, gold and silver prices may continue to rise.
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Anticipating Fed’s Move, Gold Prices Surge
The global gold price soared to a record high on September 16, propelled by a weakened US dollar and expectations of a significant Fed rate cut this week.
