Gold reaches its highest level in 3 weeks.

Domestic gold prices today, September 2nd.

At the close of trading on September 1st, the price of 9999 gold bars at SJC Ho Chi Minh City was 67.55 million VND/ounce (buying price) and 68.25 million VND/ounce (selling price). SJC Hanoi listed the price at 67.55 million VND/ounce (buying price) and 67.27 million VND/ounce (selling price).

Doji Hanoi listed gold at 67.6 million VND/ounce (buying price) and 68.3 million VND/ounce (selling price). Doji Ho Chi Minh City bought SJC gold at 67.5 million VND/ounce and sold it at 68.2 million VND/ounce.

The central exchange rate announced by the State Bank of Vietnam on August 31st was 23,977 VND/USD. This morning (September 2nd), the USD price at commercial banks was trading around 23,870 VND/USD (buying) and 24,240 VND/USD (selling).

International gold prices today, September 2nd.

At 9:04 AM today (September 2nd, Vietnam time) , the spot price of gold in the world market stood around $1,939.6 per ounce, down $5.4 per ounce compared to last night. The December gold futures contract on the Comex New York exchange was at $1,967.1 per ounce.

On the morning of September 2nd , the world gold price, converted using the bank's USD exchange rate, was nearly 56.68 million VND/ounce (excluding taxes and fees), approximately 11.59 million VND/ounce lower than the domestic gold price.

International gold price fluctuations over the past 24 hours (Image: Kitco)

On the global market, the spot gold price on the Kitco exchange on September 1st (at 7 PM Vietnam time) was trading at $1,945 per ounce.

At current prices, the difference between the world gold price converted to VND (including taxes and processing fees) and the domestic SJC gold price is approximately 10.66 million VND per ounce.

Data released this week showed the US economy growing at a slower pace than initially projected for the second quarter of 2023. According to experts, a series of weak US economic figures reinforces the view that the Federal Reserve (Fed) may have to pause its interest rate hikes.

The US dollar index (DXY), a measure of the USD against six other major currencies, rose 0.2% to 103.58.

The yield on 10-year US government bonds also fell by 0.08 percentage points, to 4.13%.

Gold price forecast

Some economists predict the Fed will raise interest rates one last time this year at its November meeting, as stronger-than-expected growth in the U.S. economy continues to fuel price pressures.

Traders in the federal funds rate futures market are also betting that the Fed has completed its monetary tightening campaign.

Jose Torres, an expert at Interactive Brokers, said that optimistic market sentiment, suggesting a cooling labor market could ease inflationary pressures, could signal that monetary policy is about to enter an easing cycle.

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