Gold ring price sets new record

Domestically, the price of gold rings also increased, setting a new record of over 80.5 million VND/tael (sold). Domestic gold ring prices this morning continued to increase rapidly following world prices, setting a new record.

Doji Gold and Gemstone Group increased the price of gold rings by 150,000 VND in both buying and selling compared to the end of yesterday's trading session, bringing the price of 9999 round gold rings to a record level of 79.4-80.55 million VND/tael (buying - selling).

Similarly, Saigon Jewelry Company (SJC) raised the price of 1-5 tael gold rings to 78.9-80.2 million VND/tael (buy - sell), an increase of 200,000 VND/tael in both directions compared to yesterday's closing price.

At the beginning of the trading session on September 21, the price of SJC 9999 gold remained unchanged compared to the closing session yesterday, at 82 million VND/tael (selling).

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:40 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:38 a.m. as follows:

The central exchange rate on September 20 announced by the State Bank was 24,148 VND/USD, down 19 VND compared to the previous trading session. The USD price at commercial banks this morning was commonly listed at 24,370 VND/USD (buy) and 24,740 VND/USD (sell).

At 8:46 a.m. today, the world spot gold price was at $2,621.4/ounce, up $18.4/ounce compared to last night. The gold futures price for December 2024 on the Comex New York floor was at $2,647.2/ounce.

The world gold price converted to the bank's USD price is nearly 79 million VND/tael, including taxes and fees, about 3 million VND/tael lower than the domestic gold price.

World gold price at 8:30 p.m. on September 20, Vietnam time was trading at 2,603 ​​USD/ounce, up 0.69% compared to the beginning of the session. Gold futures price for December 2024 was trading at 2,629 USD/ounce.

Gold prices rose sharply at the beginning of the US trading session. The gold market received positive news from the US Federal Reserve (Fed) in its decision to cut interest rates.

Gold prices hit a new record high above $2,600 an ounce after the Fed cut interest rates by 50 basis points. Historically, the precious metal has never set so many all-time high price records in such a short period of time.

Another important factor affecting gold prices is the situation in the Middle East. Escalating tensions in the Middle East have increased demand for safe havens.

The US Dollar Index (DXY), which measures the greenback's performance against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stood at 100.72 points.

The yield on the benchmark 10-year U.S. Treasury note is at 3.713%. Nymex crude oil prices are slightly lower, trading around $71.50 a barrel.

Meanwhile, the Bank of Japan kept its key interest rate unchanged at 0.25% as expected, leaving open the possibility of a rate hike in the future. China kept its key lending rate unchanged.

On September 20, the price of 9999 gold bars at SJC was 80 million VND/tael (buy) and 82 million VND/tael (sell). Doji listed it at 80 million VND/tael (buy) and 82 million VND/tael (sell).

Domestic gold ring price increased sharply by more than 1 million VND/tael, setting a new record of over 80 million VND/tael (selling).

Gold Price Forecast

George Milling-Stanley, head of gold strategy at State Street Global Advisors, said the current gold price action is a fitting reaction to the Fed's latest monetary policy decision.

The Fed’s monetary policy decisions will continue to support gold’s future price targets. In June, Milling-Stanley raised his gold price forecast to $2,200-$2,500 an ounce. He now sees gold trading in the $2,500-$2,700 an ounce range.