Update SJC gold price

Price of round gold ring 9999

As of 6:00 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 76.05-77.25 million VND/tael (buy - sell).

Saigon Jewelry Company listed the price of gold rings at 75.9-77.4 million VND/tael (buy - sell).

Bao Tin Minh Chau listed the price of gold rings at 76.08 - 77.52 million VND/tael (buy - sell).

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 8:00 p.m. today, the world gold price listed on Kitco was at 2,400.8 USD/ounce.

Gold Price Forecast

World gold prices fell as the USD index increased. Recorded at 7:30 p.m. on August 7, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 102.997 points (up 0.23%).

According to some experts, gold prices fell partly due to concerns about the possibility of a US economic recession and fluctuations in Treasury yields. The latest jobs report showed that the US unemployment rate rose to 4.3%, the highest level since October 2021, increasing concerns about the health of the economy.

Meanwhile, the yield on the 2-year Treasury note rose 7.9 basis points to 4.016%, while the yield on the 10-year Treasury note rose 11 basis points to 3.908%. These changes in bond yields, along with a slight increase in the USD index (up 0.15% to 102.685), contributed to the downward pressure on gold prices.

Despite the decline, gold prices have seen some solid support. Gold ETFs have been ramping up their purchases of the precious metal recently, and other major players, such as central banks, continue to increase their gold reserves.

Economic uncertainty has led to increased speculation about the Federal Reserve's upcoming monetary policy decisions. The likelihood of a more aggressive interest rate cut at the Federal Open Market Committee (FOMC) meeting in September has increased significantly.

According to CME's FedWatch tool, which analyzes interest rate futures to predict changes in monetary policy, there is now a 100% chance of a rate cut next month.

Moreover, the USD is in the early stages of a prolonged weakening cycle ahead of the Fed's rate-cutting cycle and the rising efforts of China, India and many other countries, especially the BRICS group.