Domestic gold price
At the end of the trading session on September 23, the price of 9999 gold bars at SJC Ho Chi Minh City was VND68.45 million/tael (buy) and VND69.15 million/tael (sell). SJC Hanoi listed at VND68.45 million/tael (buy) and VND69.17 million/tael (sell).
Doji Hanoi listed at 68.25 million VND/tael (buy) and 69.15 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 68.3 million VND/tael and sold at 69.1 million VND/tael.
International gold price
On the world market, the spot gold price on Kitco closed the weekend trading session at 1,924 USD/ounce.
The focus of the gold market last week was the US Federal Reserve's decision to keep interest rates unchanged at this meeting, but still signaled that interest rates could increase one more time before the end of the year.
Chairman Jerome Powell's comments were not beyond analysts' expectations. Mr. Powell said that the Fed's monetary tightening moves are on the right track in the fight against inflation.
The DXY index (which measures the greenback's performance against six major world currencies) traded at 105.4 points. After the press conference, the price of gold turned sharply down to $1,926/ounce.
Other factors that affected gold included the Bank of England (BOE) deciding to keep its key interest rate unchanged. This move ended the BOE's streak of 14 consecutive rate hikes.
Chinese gold prices hit a record high last week, extending a months-long rally as consumers bought safe-haven assets to offset a weaker yuan.
Gold Price Forecast
Gold prices stabilized at the end of the week, but analysts said there would be fluctuations in the near future.
Spot gold may retreat within a narrow range of $1,917-$1,921 an ounce as the precious metal failed to break the resistance zone of $1,933-$1,935 an ounce, according to Reuters technical analyst Wang Tao.
According to Suki Cooper, an expert at Standard Chartered Bank, the precious metal is stuck. Gold prices will only increase again when interest rates in the US and globally will decrease and the USD will weaken.
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