Gold price today September 3, 2023, Gold price no longer has the momentum to penetrate the increasing zone, investors are wary of this, SJC gold inched up slightly

Gold price today September 3, 2023, gold price goes up, precious metal is still stuck at neutral level, not enough momentum to penetrate the bullish zone. Investors should not ignore the surprising strength. SJC gold price slightly increased.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 9/3 and EXCHANGE RATE TODAY 9/3

1. PNJ - Updated: September 3, 2023 10:00 - Time of website supply - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	56,300	57,500
HCMC - SJC	67,600	68,300
Hanoi - PNJ	56,300	57,500
Hanoi - SJC	67,600	68,300
Da Nang - PNJ	56,300	57,500
Da Nang - SJC	67,600	68,300
Western Region - PNJ	56,300	57,500
Western Region - SJC	67,750	68,250
Jewelry gold price - PNJ rings (24K)	56,300	57,400
Jewelry Gold Price - 24K Jewelry	56,200	57,000
Jewelry Gold Price - 18K Jewelry	41,500	42,900
Jewelry Gold Price - 14K Jewelry	32,100	33,500
Jewelry Gold Price - 10K Jewelry	22,460	23,860

Domestic gold prices increased slightly last week.

Opening the first trading session of the week on August 28, in the Hanoi market, the price of SJC gold was listed by Saigon Jewelry Company at 67.45 - 68.07 million VND/tael (buy - sell), an increase of 100 thousand VND/tael in the buying direction but unchanged in the selling direction compared to the previous closing session.

After two fluctuating mid-week sessions, by the morning session of August 31, in the Hanoi market, the price of SJC gold was listed by Saigon Jewelry Company at 67.55 - 68.17 million VND/tael (buy - sell), an increase of 50 thousand VND/tael in both buying and selling compared to the closing price yesterday.

At the end of the week on September 1, the price of SJC gold in the Hanoi market was listed by Saigon Jewelry Company at 67.55 - 68.25 million VND/tael (buy - sell).

The domestic market will suspend trading for 4 days on the occasion of the National Day holiday on September 2.

Thus, compared to the first session of the week on August 28 (at 67.45 - 68.07 million VND/tael), the price of SJC gold in the Hanoi market of Saigon Jewelry Company at the end of the week on September 1 increased by 100,000 VND/tael for buying and increased by 180,000 VND/tael for selling.

Gold price today September 3, 2023, Gold price lost momentum to penetrate the increasing zone, investors are wary of this, SJC gold increased. (Source: Kitco)

According to the World & Vietnam , the world gold price closed the trading week (September 1) on the Kitco floor at 1,940.6 USD/ounce.

Summary of SJC gold prices at major domestic trading brands at the closing time of September 1:

Saigon Jewelry Company listed the price of SJC gold at 67.55 - 68.25 million VND/tael.

Doji Group currently lists the price of SJC gold at: 67.6 - 68.3 million VND/tael.

PNJ system listed at: 67.6 - 68.3 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 67.65 - 68.25 million VND/tael; Rong Thang Long gold brand is traded at 56.37 - 57.22 million VND/tael; jewelry gold price is traded at 55.90 - 57.00 million VND/tael.

Converted according to the USD price at Vietcombank on September 2, 1 USD = 24,240 VND, the world gold price is equivalent to 56.67 million VND/tael, 11.58 million VND/tael lower than the selling price of SJC gold.

Gold stuck at neutral levels

World gold prices , according to analysts, the gold market appears to have encountered solid resistance over the weekend and price action on September 1st indicated a relatively quiet trading week.

Gold prices have seen a solid recovery from multi-month lows in August this week, but some analysts note that the precious metal lacks the momentum to break into bullish territory. With North American markets closed on Monday for the long weekend, analysts say a breakout is unlikely in the short term.

Last week saw December gold futures rise to a three-week high, briefly hitting $1,980.20 an ounce on Friday following a dismal nonfarm payrolls report. While the economy created more jobs than economists expected, wage growth was weaker than expected and the unemployment rate rose sharply.

However, the rally has cooled somewhat, with December gold futures last trading at $1,967.30 an ounce, up 1.4% from Friday's close.

Gold rose to a high after the jobs report showed 187,000 jobs were created in August, with consensus forecasts for growth of around 170,000 jobs.

“The easiest trade in global markets right now is to squeeze out the bond bears,” said Daniel Ghali, senior commodity strategist at TD Securities. “Higher bond yields and the dollar will continue to keep a lid on gold.”

While Ghali is relatively neutral on gold in the near term, he added that investors should not ignore the surprising strength in the market as prices hold their ground against higher bond yields and a strong US dollar.

“Gold prices have not fallen much despite the strong dollar. However, we need to see clear signs that the Federal Reserve is ready to cut interest rates and the economy is still not reaching the 2% inflation target,” Ghali said.

Phillip Streible , chief market strategist at Blue Line Futures, said that while gold has managed to invalidate the bearish bias, it still has some way to go before entering bear territory. He added that gold is still in no-man’s land as prices are stuck in a channel between resistance at $1,986 and support at $1,936 an ounce.

“I don’t see anything right now that can stop the rise in bond yields,” he said.

Meanwhile, James Stanley , senior market strategist at Forex.com , said that he also sees gold being choppy in the near term; however, the gold bulls may have the upper hand in the short term.

“The fact that the gold uptrend has held support even as the USD strength has returned over the past few days is quite a positive factor,” he said.

With little economic data expected next week, analysts say investors should keep an eye on the dollar and bond yields, with the greenback index still hovering near a three-month high above 104.

Meanwhile, the yield on the 10-year US Treasury note, while down from last week's 15-year high, remains above 4%. While the threat of further rate hikes from the Fed has eased following Friday's disappointing jobs data, analysts note that it has not completely disappeared.

According to the CME FedWatch Tool, markets see the US central bank keeping interest rates unchanged in September and they are also pricing in a 60% chance of no change in November.

While the data underscores slowing economic activity, some analysts say a more decisive trend is needed.

“We will need to keep a close eye on US data releases in the coming weeks, which could shed more light on what the Fed might do,” said Ewa Manthey , commodity strategist at ING. “We believe gold will remain volatile in the near term as the impact of persistent inflation uncertainty on the US economy and its trajectory will be influenced by US economic data in the coming weeks. We believe the threat of further action from the Fed will continue to keep gold in check for now.”

Commodity analysts at Commerzbank also noted that gold is likely to remain in neutral territory as “it remains unclear how US interest rate policy will develop.”

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