Gold bar price increased sharply

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 smooth gold rings at DOJI is listed at 76.40-77.65 million VND/tael (buy - sell).

Saigon Jewelry Company listed the price of gold rings at 76.2-77.55 million VND/tael (buy - sell).

Bao Tin Minh Chau listed the price of gold rings at 76.43-77.63 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 6 p.m. today, the world gold price listed on Kitco was at $2,434.1/ounce, up $66/ounce compared to the closing price of last week's trading session. However, the precious metal is showing a downward trend.

Gold Price Forecast

World gold prices fell slightly this afternoon amid an increase in the USD index. At 6 p.m., the US Dollar Index, which measures the greenback's fluctuations against six major currencies, stood at 104.130 points (up 0.26%).

Gold prices increased after a two-day policy meeting, the US Federal Reserve (FED) decided to maintain the reference interest rate at 5.25-5.5%, as expected by the market.

In addition, Fed Chairman Jerome Powell raised investors' hopes for a possible monetary policy pivot at the September meeting. He said policymakers are increasingly confident that inflation is moving toward the 2% target.

Jerome Powell said on July 31 that the Fed could cut interest rates in September if the US economy follows its expected path, bringing the central bank closer to the end of its two-year-long fight against inflation.

Mr. Peter Fung - trading director at Wing Fung Precious Metals, said that gold is still maintaining an upward trend and could reach $2,500/ounce this year, when the FED lowers interest rates.

RJO Futures senior market strategist Bob Haberkorn said the Fed rate cut coupled with geopolitical risks in the Middle East could push gold prices up to $2,700 an ounce.

Market focus is shifting to the US jobs report due on August 2.

In the market of other precious metals, spot silver price decreased 0.4% to 28.92 USD/ounce, while platinum price decreased 0.4% to 972.35 USD/ounce.