World gold prices hit rock bottom, domestic prices fell dramatically, investors still hold on to their goods when gold still has "backing"?

Gold price today, September 15, 2023, "struggled" to keep the price from continuing to plummet, when there was information that the US economy 's Consumer Price Index increased higher than expected last month. SJC gold price decreased for three consecutive sessions, "evaporating" about 300,000 - 400,000 thousand VND. What do experts say about market trends?

LIVE UPDATE TABLE OF GOLD PRICE TODAY 9/15 AND EXCHANGE RATE TODAY 9/15

1. PNJ - Updated: September 15, 2023 01:00 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	56,300	57,400
HCMC - SJC	67,900	68,600
Hanoi - PNJ	56,300	57,400
Hanoi - SJC	67,900	68,600
Da Nang - PNJ	56,300	57,400
Da Nang - SJC	67,900	68,600
Western Region - PNJ	56,300	57,400
Western Region - SJC	68,000	68,500
Jewelry gold price - PNJ rings (24K)	56,300	57,300
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 fell sharply following world gold prices, plunging below VND68.7 million/tael. Continuing the sharp decline from the previous two sessions, gold prices in the domestic market simultaneously fell quite sharply in some major brands such as Doji, SJC... by VND150,000/tael. The difference between buying and selling prices was about VND700,000 - VND800,000/tael.

After 3 sessions, the price of SJC gold bars has lost 400,000 VND/tael, while the price of Doji gold bars has evaporated 300,000 VND/tael in both directions.

In the Hanoi market, at the beginning of the afternoon trading session on September 14, the SJC gold price was listed by Saigon Jewelry Company at 67.80 - 68.52 million VND/tael (buy - sell). The Doji gold price was 67.800 million VND/tael for buying and 68.600 million VND/tael for selling. Bao Tin Minh Chau Company Limited traded at 68 million VND for buying and 68.63 million VND/tael for selling.

The price of 9999 gold fluctuates in contrast to the price of gold bars. The price of jewelry gold today continues to increase from yesterday, increasing from 50,000 - 70,000 VND/tael.

Gold prices remained near a three-week low as August inflation data from the US economy fueled speculation that the Federal Reserve will pause its interest rate hikes next week. This came after a series of US economic data showed a sharp increase in manufacturing inflation and retail sales - both reports that were bearish for the precious metal.

The world gold price traded on Kitco floor at 1,901.90 USD/ounce at 9:15 p.m. on September 14 (Vietnam time), continuing to decrease by 6 USD compared to the previous session, recorded by TG&VN. The last traded December gold price decreased by 8.90 USD to 1,923.60 USD/ounce.

The world gold price converted to the current USD exchange rate at Vietcombank is over VND56.02 million/tael (excluding taxes and fees). Thus, the price of SJC gold bars is about VND12.5 million/tael higher than the international gold price.

Giá vàng hôm nay 15/9/2023: Giá vàng. (Nguồn: Kitco)

Gold price today September 15, 2023: Gold price plunges to bottom, investors still hold goods, gold still has 'backers'? (Source: Kitco)

Summary of SJC gold prices at major domestic trading brands at the closing time of September 14:

Saigon Jewelry Company listed the price of SJC gold at 67.80 - 68.52 million VND/tael.

Doji Group currently lists the price of SJC gold at: 67.80 - 68.60 million VND/tael.

Phu Quy Company listed at: 67.85 - 68.55 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: 67.87 - 68.52 million VND/tael; Rong Thang Long gold brand is traded at 56.46 - 57.31 million VND/tael; jewelry gold price is traded at 56.00 - 57.10 million VND/tael.

Converting world gold price to USD exchange rate at Vietcombank: 1 USD = 24,225 VND, world gold price is equivalent to 56.18 million VND/tael, 12.72 million VND/tael lower than SJC gold selling price.

Gold Market Analysis and Price Forecast

The US dollar index and the 10-year US government bond yield fell after the US Labor Department announced on September 13 that the core consumer price index (CPI), which excludes volatile food and energy components, rose 4.3% in August compared to the same month last year, the smallest annual increase since September 2021. Given this data, the Fed is expected to keep interest rates unchanged next week.

“Gold investors are waiting for a clear signal that inflation is being quelled, so the talk of an imminent rate cut could really start, but the problem is we’re not there yet,” said Craig Erlam, senior market strategist at OANDA .

The US CPI rose the most in 14 months in August, but the annual increase in core inflation was the smallest in nearly two years, data showed.

The obvious concern is that the more resilient the economy, the longer interest rates will stay high, and the more negative the impact on the gold market over time, Erlam added. Higher interest rates reduce the appeal of non-interest-bearing gold and boost the yield on sovereign bonds, another safe-haven rival to gold.

However, there is a positive sign for the gold market as the World Gold Council (VGC)'s recent preliminary report shows that central bank gold demand continues to dominate the precious metal market. According to many analysts, this is one of the biggest factors supporting prices in a complex environment of rising bond yields and the persistent strength of the US dollar.

The latest gold data also shows investor holdings are at their highest since 2012, according to a report released by analysts at JP Morgan. A record run of central bank gold purchases starting in 2022 has also prompted investors to allocate the largest portion of their portfolios to the precious metal since 2012.

Investors are now concerned that persistently high inflation could force the Fed to extend its tightening of monetary policy, which is supporting the strength of the US dollar.

Market signals put the probability of the Fed keeping rates unchanged at its September meeting at 93%. However, the probability of a rate hike at its November meeting has risen to nearly 50%.

Preliminary data from VGC showed strong central bank demand in the third quarter of 2023, with Poland, India, Uzbekistan and the Czech Republic all increasing their gold reserves last month.

Preliminary data from the National Bank of Poland showed the country bought about 18 tonnes of gold in August, bringing its net purchases year-to-date to about 88 tonnes and total gold reserves to nearly 317 tonnes, said Krishan Gopaul, senior market analyst at the WGC.

Poland is one of the biggest gold buyers this year, behind Singapore, which bought 73.6 tonnes of gold as of July, and China, the world's leading gold buyer.

The People's Bank of China has bought 155 tonnes of gold so far this year, with August marking the 10th consecutive month of purchases.

Another major European buyer of gold is the Czech Republic. The Czech National Bank bought nearly 2 tons of gold in August, its sixth consecutive month of purchases, with net purchases of more than 11 tons year-to-date. Total gold reserves now stand at more than 23 tons, 94% higher than at the end of 2022.

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