SJC gold bar price

9999 gold ring price

As of 6:00 a.m., the price of 9999 Hung Thinh Vuong round gold rings at DOJI was listed at 76.10-77.30 million VND/tael (buy - sell); an increase of 350,000 VND/tael for buying and an increase of 300,000 VND/tael for selling.

Saigon Jewelry Company listed the price of gold rings at 75.95-77.3 million VND/tael (buy - sell); a sharp increase of 350,000 VND/tael for buying and an increase of 300,000 VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 76.28-77.28 million VND/tael (buy - sell); increased by 450,000 VND/tael for buying and increased by 250,000 VND/tael for selling.

In recent sessions, the price of gold rings has often fluctuated in the same direction as the world market. In the context of the world gold price skyrocketing early this morning, the price of gold rings may increase sharply in today's trading session, August 1.

World gold price

As of 6:00 a.m. on August 1, the world gold price listed on Kitco was at 2,434 USD/ounce, a sharp increase of 26 USD/ounce compared to the beginning of the session yesterday morning.

Gold Price Forecast

World gold prices surged amid a decline in the USD index. Recorded at 2:00 a.m. on August 1, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, stood at 103.847 points (down 0.44%).

Gold prices rose after the announcement of the US monetary policy decision from the Federal Open Market Committee (FOMC). As expected by many experts, this unit kept the federal funds rate unchanged in the range of 5.25% to 5.50%.

Elsewhere, the Bank of Japan raised its key interest rate to 0.25% from zero on Wednesday. The BOJ also said it would halve its purchases of government bonds. The news sent the yen higher against the dollar.

Tighter monetary policy in Japan, combined with the possibility of an upcoming US interest rate cut this year, has shifted investment flows, putting pressure on the US dollar, thereby supporting gold prices.

Precious metals also benefit from safe-haven buying as geopolitical tensions tend to escalate.

Besides, Ole Hansen - Head of Commodity Strategy at Saxo Bank commented that even if gold loses all its gains in 2024, the precious metal will continue to shine because ETF investors are showing new interest in gold.