Gold price today: Investors still put their faith in gold

ANTD.VN - Although gold prices are stuck in neutral territory, the market is still showing signs of stability, despite the high interest rate environment.

Early this morning, September 25, the buying and selling prices of SJC gold were listed by Saigon Jewelry Company (SJC) at 68.40 - 69.12 million VND/tael, down slightly by 50 thousand VND/tael compared to the closing price at the end of last week.

Meanwhile, at most other businesses, gold prices have not fluctuated since the beginning of the week. Specifically, DOJI kept its listed price unchanged at VND68.25 - 69.15 million/tael (buy - sell). Phu Quy SJC VND69.35 - 69.05 million/tael; Bao Tin Minh Chau VND68.42 - 69.08 million/tael...

99.99 gold rings of all brands today also have a slight downward trend. SJC rings decreased by 50 thousand VND/tael in both buying and selling compared to yesterday's closing price, listed at 56.90 - 57.85 million VND/tael.

In the world, at 9:30 a.m. Vietnam time, the spot gold price stood at around 1,922.6 USD/ounce, down 2.2 USD/ounce compared to last weekend.

Converted according to the current bank USD price, the world gold price is fluctuating around 56.83 million VND/tael (excluding tax and fees, processing), about 12.3 million VND/tael lower than the domestic gold price.

Thị trường vàng vẫn giữ được sự trung lập, bất chấp áp lực lãi suất cao ảnh 1

Gold market remains neutral, despite high interest rate pressure

Although gold prices have been trading under pressure and seeming boring for a long time, as US interest rates remain high and threatening to rise, investors seem to be increasingly confident in the low-risk nature of this precious metal in an increasingly uncertain environment.

Kitco News' latest weekly gold survey shows that analysts are divided on where gold prices will go next, but are bullish and neutral.

However, retail investors are quite confident in the prospects of this precious metal, forecasting that gold prices will trade around $1,936/ounce, $12 higher than last week's forecast.

Many experts believe that investors have reason to expect gold prices to increase, because gold is not reacting too negatively, despite the US Federal Reserve (Fed) sending out more hawkish signals than expected in its meeting last week, and also due to the risk that the US economy could be in recession.

The gold market may not break out of neutral trading in the near term, but it is well positioned to benefit from a shift in sentiment, which could come sooner than many expect.

Yes, expectations that the United States can avoid a recession with a “soft landing” continue to rise; however, many analysts remain skeptical that this optimistic goal can be achieved. And the recent price action of gold suggests that investors are taking a more cautious stance to protect themselves against a downturn.

Specifically, last week, the Fed's stance pushed the 10-year bond yield to a 15-year high of 4.5%. At the same time, the US dollar index pushed above 105 points to its highest level since November 2022.

Despite all this, gold continues to hold around $1,925 – $1,950 an ounce, roughly where it was at the start of the year, when Fed rates were 1 percentage point lower than they are now.

Experts say gold remains an important portfolio diversifier as the Fed continues to put pressure on the economy to cool inflation.

Last week, State Street released an update to its gold investor survey, which found that 20% of respondents said they hold some gold. Digging deeper, the report found that about a third of investors do not invest in gold because they do not know enough about how to invest in the precious metal.

This shows that the future of gold investment seems safe.

Finally, let’s not forget that central bank demand continues to underpin the gold market. Analysts at the World Gold Council reported that the Russian central bank bought 3 tonnes of gold last month, and Russia’s gold reserves are now back at 2022 levels.

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