Difficult to break out, should I buy?

Illustration: Phan Anh

Update SJC gold price

Domestic SJC gold price closed on September 3, 2024.

SJC gold price movements last month. Source: Rong Viet Online Services JSC VDOS.

Price of 9999 round gold ring

As of 6:00 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 77.5 - 78.6 million VND/tael (buy - sell); unchanged.

Saigon Jewelry Company listed the price of gold rings at 77.3 - 78.6 million VND/tael (buy - sell); unchanged.

Bao Tin Minh Chau listed the price of gold rings at 77.43 - 78.63 million VND/tael (buy - sell); unchanged.

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 5:30 p.m., the world gold price listed on Kitco was at $2,497.8/ounce.

World gold price developments. Source: Kitco

Gold price forecast

World gold prices fell slightly amid an increase in the USD index. Recorded at 5:30 p.m. on September 2, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, stood at 101,790 points (up 0.16%).

The dollar remained near a two-week high, with experts saying a stronger dollar makes gold less attractive to holders of other currencies.

Phillip Streible - Chief Market Strategist at Blue Line Futures, the weak gold price is an important opportunity for investors to buy at low prices as the gold price is still in an uptrend.

However, the precious metal still receives positive comments from experts. "Gold cannot regain its record high due to lack of new catalysts. If the US economic data shows the economy is weak and the US Federal Reserve (FED) cuts interest rates sharply, gold will increase in price" - Kelvin Wong, senior market analyst at OANDA in Asia - Pacific said.

Kelvin Wong also commented that gold prices could rise to $2,640 an ounce this year and have the potential to reach this level when the FED confirmed that it is starting a long-term interest rate cutting cycle.

Naeem Aslam, chief investment officer at Zaye Capital Market, said that investors' expectations of a 50 basis point rate cut by the Fed were too far-fetched, which was bad for the market.

Traders now see a 31% chance the Fed will cut rates by 50 basis points at its September 17-18 policy meeting and a 69% chance it will cut rates by 25 basis points.

Investors will also focus on the US jobs report for August 2024, due on Friday (September 6). Economists surveyed by Reuters expect 165,000 jobs to be added in the US.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-chot-phien-39-kho-but-pha-co-nen-mua-vao-1388858.ldo