Gold price movements today show that domestic gold rings fluctuated little this morning.

Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 77.4-78.65 million VND/tael (buy - sell), unchanged compared to the end of yesterday's trading session.

Similarly, Doji Gold and Gemstone Group also kept the price of gold rings unchanged at the closing price of yesterday's trading session, listing the price of 9999 smooth round gold rings at 77.5-78.65 million VND/tael (buy - sell).

At the beginning of the trading session on September 12 , the price of SJC 9999 gold remained unchanged compared to the closing session yesterday, at 80.5 million VND/tael (selling).

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:31 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:44 a.m. as follows:

Buy Sell
SJC HCMC 78,500,000 VND/tael 80,500,000 VND/tael
Doji Hanoi 78,500,000 VND/tael 80,500,000 VND/tael
Doji HCMC 78,500,000 VND/tael 80,500,000 VND/tael

                          SJC and Doji gold price list updated early morning September 12

The central exchange rate on September 12, 2024 announced by the State Bank is 24,187 VND/USD, down 25 VND compared to the previous trading session. The USD price at commercial banks this morning (September 12) was commonly listed at 24,350 VND/USD (buy) and 24,720 VND/USD (sell).

At 8:32 a.m. today (September 12, Vietnam time) , the world spot gold price was at 2,514.1 USD/ounce, up 4.1 USD/ounce compared to last night. The price of gold futures for December 2024 on the Comex New York floor was at 2,541.9 USD/ounce.

On the morning of September 12 , the world gold price converted to USD bank price was over 75.6 million VND/tael, including tax and fees, about 4.9 million VND/tael lower than the domestic gold price.

As of 8:00 p.m. on September 11 (Vietnam time), the spot gold price today on the world market was at 2,510 USD/ounce. Gold for December 2024 delivery on the Comex New York floor was at 2,539 USD/ounce.

The world gold price on the night of September 11 was about 21.6% higher (446 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was 76.4 million VND/tael, including taxes and fees, about 4.1 million VND/tael lower than the domestic gold price as of the end of the afternoon session on September 11.

Spot gold prices in the international market fell mainly because investors took advantage of the opportunity to sell to take profits after gold reached a record high. Specifically, the price of gold on the New York floor in the previous session reached nearly 2,530 USD/ounce, just a few dollars lower than the historical peak recorded in the last week of August.

World gold prices fell at the beginning of the session on September 11 on the New York Stock Exchange (September 11 evening, Vietnam time) even though the US announced that inflation continued to decline.

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SJC gold bar price remains stable, gold ring price increases sharply. Photo: MH

In addition, the news that China stopped buying gold for the fourth consecutive month in August is also a factor for investors to take profits and wait for further developments in the US economy as well as the geopolitical situation in many regions around the world.

In August, according to the World Gold Council (WGC), China's foreign exchange reserves remained unchanged at 2,264.3 tons of gold.

According to the latest report, the US consumer price index (CPI) in August increased by 2.5% compared to the same period last year, lower than the forecast of 2.6% and down significantly from the 2.9% in July.

This information is the basis for the US Federal Reserve (Fed) to cut interest rates at its meeting on September 18. The market currently expects the Fed to reduce interest rates by 50 basis points, from the current 5.25-5.5% to 4.75-5%/year.

At the end of the trading session on September 11, the domestic 9999 gold price was listed by SJC and Doji Gold and Gemstone Group in the following order of buying and selling:

Doji Hanoi: 78,500,000 VND/tael - 80,500,000 VND/tael
SJC HCMC: 78,500,000 VND/tael - 80,500,000 VND/tael
Doji HCMC: 78,500,000 VND/tael - 80,500,000 VND/tael

Gold Price Forecast

Lower interest rates will pull the USD down, thereby causing USD-denominated commodities, including gold, to increase in price.

Previously, many forecasts said gold would reach $2,500-2,600/ounce by the end of 2024 and could rise to $2,700/ounce and then $3,000 when the Fed implements a series of interest rate cuts to support the economy.

The Fed will certainly cut interest rates. However, how much is the concern of many people. If interest rates go too low, inflation could return. What the Fed fears is a recession in the US economy.

However, many recent forecasts suggest that the US economy is weakening, the labor market continues to decline but not too badly. The unemployment rate in the US is still maintained at a low level. The income of the American people is still growing.

However, consumer demand is showing signs of weakening. Many experts are waiting for a boost from the new White House owner - Donald Trump or Kamala Harris - to support the economy.

If the new US president pushes ahead with spending or tax cuts, the US economy will be more positive. The Fed is unlikely to cut interest rates too quickly and strongly. The US dollar will fall less and gold will not have a chance to break out too quickly.

Domestically, at the end of the trading session on September 11, the domestic price of 9999 gold was listed by SJC and Doji Gold and Gemstone Group in Hanoi and Ho Chi Minh City at 78.5-80.5 million VND/tael (buy - sell).

The domestic price of gold rings on September 11 increased quite strongly, by about 150,000 VND compared to the previous session and reached nearly the record high set in April, at nearly 79 million VND/tael. Compared to the beginning of the year, the price of gold has increased by about 15 million VND/tael.