Strong increase, should buy?

Gold prices increased sharply in today's trading session. Illustration photo: Phan Anh

SJC gold bar price

Recorded at 9:00 a.m., DOJI Group listed the price of SJC gold at 77-79 million VND/tael (buy - sell).

Compared to the beginning of the previous trading session, gold prices at DOJI remained unchanged in both buying and selling directions.

The difference between the buying and selling price of SJC gold at DOJI is at 2 million VND/tael. This threshold is quite high, causing investors to face the risk of loss.

Price of SJC gold bars. Unit: Million VND/tael. Chart: Khuong Duy

Meanwhile, Saigon Jewelry Company listed the price of SJC gold at 77-79 million VND/tael (buy - sell).

Compared to the beginning of the previous trading session, gold price at Saigon Jewelry Company SJC remained unchanged in both buying and selling directions.

The difference between buying and selling price of SJC gold at Saigon Jewelry Company is at 2 million VND/tael.

Currently, it is very difficult to buy gold bars at stores in Hanoi . Most stores have announced that they have not had SJC gold bars for nearly 2 months.

An employee at a gold shop on Cau Giay Street (Hanoi) said: "SJC gold bars have stopped selling for nearly 2 months now. As for 9999 round gold rings, our staff cannot know the exact opening time of the day. We only know that when the shop is still open, it will open for sale to customers."

Ms. Cao Ha My (an employee at a gold shop on Cau Giay Street - Hanoi) said: "Through inquiring, I know that Bao Tin Minh Chau usually opens for sale gold rings at 10am and 3pm, and each time they open for sale, they sell out very quickly. However, for the past 2 days, I have been passing by and received notices that gold rings are not for sale."

9999 gold ring price

As of 9:00 a.m., the price of 9999 Hung Thinh Vuong round gold rings at DOJI Gold and Gemstone Group was listed at 76.00-77.20 million VND/tael (buy - sell); an increase of 250,000 VND/tael for buying and an increase of 200,000 VND/tael for selling.

Saigon Jewelry Company listed the price of gold rings at 75.8-77.2 million VND/tael (buy - sell); an increase of 250,000 VND/tael for buying and an increase of 550,000 VND/tael for selling.

Bao Tin Minh Chau listed the price of gold rings at 75.83-77.03 million VND/tael (buy - sell); unchanged in both directions.

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 an investment decision.

World gold price

As of 9:00 a.m., the world gold price listed on Kitco was at 2,408.5 USD/ounce; an increase of 29.2 USD/ounce compared to the beginning of yesterday's trading session.

Gold price forecast

World gold prices increased sharply when the USD index decreased. Recorded at 9:00 a.m. on July 31, the US Dollar Index, which measures the greenback's fluctuations against 6 major currencies, was at 104.177 points (down 0.06%).

Gold prices rose partly due to the US Federal Reserve (FED) holding a monetary policy meeting. Accordingly, investors expect that after the meeting ends in the early morning of July 1, the FED may give clues about lowering interest rates in September 2024.

Phillip Streible, an analyst at Blue Line Futures, said the EU economy is showing some cracks, which could prompt the European Central Bank (ECB) to cut interest rates in September. The US is also expected to cut interest rates like the ECB.

Markets are also awaiting a slew of US jobs data due this week, including the key non-farm payrolls report due on Friday.

UBS analyst Giovanni Staunovo predicts that the labor market is likely to slow down, which will be a catalyst for the Fed to be more certain about its policy decision. The policy pivot will support investment demand in the near term.

In the medium term, India’s gold tax cut and rising Chinese demand boost the outlook for gold prices, while Western investment demand is gradually re-emerging in the gold market amid expectations of an early Fed rate cut.

Source: https://laodong.vn/tien-te-dau-tu/gia-vang-hom-nay-317-tang-manh-co-nen-mua-vao-1373869.ldo