LIVE UPDATE TABLE OF GOLD PRICE TODAY 9/16 and EXCHANGE RATE TODAY 9/16
[WIDGET_GOLD_RATE:::PNJ:]
Domestic gold prices increased in the trading session on September 15. Specifically: DOJI gold in Hanoi and Ho Chi Minh City was 67.9 million VND/tael for buying (an increase of 100 thousand VND/tael compared to yesterday's price); 68.8 million VND/tael for selling (an increase of 200 thousand VND/tael compared to yesterday's price).
The price of SJC gold in Hanoi market was listed by Saigon Jewelry Company at 68.00 - 68.72 million VND/tael (buy - sell), an increase of 200 thousand VND/tael in both directions compared to yesterday.
Gold prices also rose as the US dollar weakened against the Chinese yuan. This came as promising economic data from China fueled hopes of a recovery in the world’s second-largest economy – although the possibility of further US interest rate hikes still worried investors.
According to TG&VN at 7:00 p.m. on September 15, the world gold price on the Kitco exchange was at 1,919 - 1,920 USD/ounce, up 8.4 USD compared to the previous trading session.
The yuan hit a two-week high against the dollar after data showed China’s industrial output and retail sales in August beat analysts’ forecasts.
A weaker greenback makes gold, which is priced in "greenbacks," more attractive to foreign buyers.
Despite the increase in this session, gold prices still tended to decrease slightly last week, after falling to nearly 1,900 USD/ounce - the lowest level since August 23.
China's industrial output accelerated and retail sales also gained momentum in August 2023, the government said, suggesting the country's economy may be gradually recovering from the turmoil caused by the pandemic.
However, despite the uptick in activity at restaurants and shops, the figures showed continued weakness in the property sector, which is vital to the economy.
Property developers in the world’s second-largest economy continue to struggle to repay huge debts amid a slump in demand. Investment in Chinese real estate fell 8.8% in August 2023 from a year earlier.
To maintain the recovery momentum, the People's Bank of China (PBoC, the central bank) announced on September 14 that it would lower the reserve requirement ratio for the second time this year to increase liquidity for banks.
Earlier in the day, the PBoC also rolled over maturing medium-term policy loans to inject more liquidity into the financial system, while keeping interest rates unchanged.
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| Gold price today September 16, 2023: Gold price is strengthened, still facing 'headwinds', large ETF funds net sell. (Source: CNBC) |
Summary of SJC gold prices at major domestic trading brands at the closing time of September 15:
Saigon Jewelry Company listed the price of SJC gold at 68.00 - 68.72 million VND/tael.
Doji Group currently lists the price of SJC gold at: 67.90 - 68.80 million VND/tael.
Phu Quy Company listed at: 68.00 - 68.70 million VND/tael.
PNJ system listed at: 67.90 - 68.60 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 68.05 - 68.72 million VND/tael; Rong Thang Long gold brand is traded at 56.66 - 57.51 million VND/tael; jewelry gold price is traded at 56.20 - 57.30 million VND/tael.
Gold Price Forecast
Despite a slight recovery thanks to new information from the Chinese economy, the world gold price is still near a 3-month low. The pressure on the precious metal market comes from the prospect of higher interest rates for longer in the US, combined with the upward trend of the USD exchange rate and US Treasury bond yields.
According to David Meger of High Ridge Futures, some inflation reports in the US - the world's "locomotive" - are still higher than expected, so US Treasury bond yields are rising and continue to put downward pressure on gold prices. In addition, there are still concerns in the market that the US Federal Reserve (Fed) may continue to raise interest rates or bond yields will increase. All of these are not beneficial for gold.
The gold market is struggling to find a foothold as inflationary pressures continue to rise.
Forecasting the direction of the precious metal in the coming time, analysts said that gold continues to face significant "headwinds" because the threat of inflation will continue to support the Fed's active monetary policies.
Gold is one of the least correlated assets with traditional investments like stocks and bonds, which gives it some unique advantages, said Nitesh Shah, Head of Macroeconomic and Commodity Research at WisdomTree Europe.
“Precious metals have strong defensive characteristics. Gold is a good candidate to protect a portfolio against sudden market downturns. Gold prices tend to rise during financial crises, recessions and geopolitical shocks, and it also performs well during stock market crises,” he said.
The world's largest gold ETF, SPDR Gold Trust, continued to sell off heavily, reflecting investors' pessimism in the international market about the prospect of rising prices for this precious metal. On September 14, the fund sold off 2.3 tons of gold, leaving it with 879.7 tons of gold. In two consecutive days, the fund sold off 5.2 tons of gold, equivalent to about 0.6% of its holdings.
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