World gold prices have continuously set records recently - Photo: QUANG DINH
So what is the forecast for gold price trend next week?
The price difference between gold rings and gold bars is decreasing.
At the current price, converted according to the listed exchange rate at the bank, the world gold price is equivalent to 76.85 million VND/tael.
SJC Company and banks in the Big4 group still maintain the selling price of SJC gold bars at 80.5 million VND/tael. The buying price of gold bars at SJC Company also remains the same at 78.5 million VND/tael.
However, the price of gold rings has been pushed up quite strongly and is at an all-time high.
At SJC Company, the selling price of gold rings is 79.1 million VND/tael, buying price is 77.8 million VND/tael.
Bao Tin Minh Chau Company listed the selling price of 9999 gold rings at 79.08 million VND/tael, and the buying price at 77.88 million VND/tael.
Meanwhile, DOJI Company listed the selling price of gold rings at 79.1 million VND/tael, buying at 77.9 million VND/tael.
Compared to the converted world gold price, the price of SJC gold bars is 3.65 million VND/tael higher while the price of 9999 gold rings is 2.25 million VND/tael higher.
The difference between the price of SJC gold bars and the price of 9999 gold rings has gradually narrowed and is now only 1.4 million VND/tael.
Big profit taking pressure
Market records show that the difference between the selling price of SJC gold bars at SJC Company and banks and the free market is still very narrow: 900,000 VND/tael for selling. For buying, the buying price is about 2 million VND/tael higher than the listed price at SJC Company.
Although the world gold price has continuously set new records, according to records, the gold market has been very quiet recently. The owner of a gold shop in Ho Chi Minh City said that transactions are much slower than before, and speculation is also more difficult than before.
According to experts, the record world gold price is due to the reaction to the European Central Bank (ECB) lowering interest rates by 0.25% and weakening US inflation. The sharp depreciation of the USD is also the driving force for gold prices to break out to a new record.
With the current data, the market is betting on a 100% chance that the US Federal Reserve (Fed) will cut interest rates at its meeting on September 17 and 18. The market predicts that the reduction could be up to 0.5% instead of 0.25% as previously forecast.
Regarding the gold price trend next week, experts predict that next week the gold price will likely have a strong adjustment, possibly around more than 100 USD/ounce, bringing the world gold price to around 2,450 USD/ounce.
Currently, the world gold price is in the overbought zone, so it will be under strong profit-taking pressure. The decrease will be even stronger if the US Federal Reserve (FED) cuts interest rates lower than the market's expectations.
The market is expecting the FED to cut interest rates by 0.5% next week. If this happens, the world gold price is likely to exceed the threshold of 2,600 USD/ounce.
However, the FED's interest rate cut of 0.25% is more likely to happen, so profit-taking pressure at this price range will be very large.
Please read the updated gold price developments HERE.
Source: https://tuoitre.vn/gia-vang-tuan-toi-se-ra-sao-sau-ky-luc-2-577-7-usd-ounce-2024091512575113.htm
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