SJC gold continues to 'climb', up to over 68.5 million VND

Domestic gold price today 7/9

Early afternoon of September 7 , today's price of 9999 SJC gold increased by 150 thousand VND/tael in both buying and selling compared to the morning.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 13:50 and the price of 9999 gold was listed by Doji Jewelry Group at 14:09 as follows:

	Buy	Sell
SJC Hanoi	67,900,000 VND/tael	68,520,000 VND/tael
SJC HCMC	67,900,000 VND/tael	68,500,000 VND/tael
SJC Danang	67,900,000 VND/tael	68,520,000 VND/tael
Doji Hanoi	67,850,000 VND/tael	68,600,000 VND/tael
Doji HCMC	67,700,000 VND/tael	68,400,000 VND/tael

SJC and DOJI gold price list updated early afternoon September 7

Early morning of September 7 , SJC gold price 9999 today decreased by 50 thousand VND/tael in both buying and selling compared to the closing price yesterday.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:27 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:34 a.m. as follows:

	Buy	Sell
SJC Hanoi	67,750,000 VND/tael	68,370,000 VND/tael
SJC HCMC	67,750,000 VND/tael	68,350,000 VND/tael
SJC Danang	67,750,000 VND/tael	68,370,000 VND/tael
Doji Hanoi	67,700,000 VND/tael	68,450,000 VND/tael
Doji HCMC	67,650,000 VND/tael	68,350,000 VND/tael

SJC and DOJI gold price list updated early morning September 7

At the end of the trading session on September 6, the domestic 9999 gold price was listed by SJC and Doji Gold and Gemstone Group in the following order of buying and selling:

SJC Hanoi: 67,800,000 VND/tael - 68,420,000 VND/tael
Doji Hanoi: 67,700,000 VND/tael - 68,450,000 VND/tael
SJC HCMC: 67,800,000 VND/tael - 68,400,000 VND/tael
Doji HCMC: 67,650,000 VND/tael - 68,350,000 VND/tael

The central exchange rate on September 7 announced by the State Bank is 23,979 VND/USD, down 12 VND compared to yesterday. The USD price at commercial banks this morning (September 7) was traded around 23,850 VND/USD (buy) and 24,220 VND/USD (sell).

International gold price today 7/9

At 9:15 a.m. today (September 7, Vietnam time), the world spot gold price stood at around 1,918.1 USD/ounce, down 6.9 USD/ounce compared to last night. The price of gold futures for December delivery on the Comex New York floor was at 1,942.8 USD/ounce.

Fluctuations in international gold prices in the past 24 hours (Photo: Kitco)

On the night of September 6 (Vietnam time), the world spot gold price stood at around 1,925 USD/ounce. Gold for December delivery on the Comex New York floor was at 1,959 USD/ounce.

The world gold price on the night of September 6 was about 5.5% higher (101 USD/ounce) than at the beginning of 2023. World gold converted to the bank USD price was 56.7 million VND/tael, including taxes and fees, about 11.5 million VND/tael lower than the domestic gold price as of the end of the afternoon session on September 6.

*Gold prices today continue to decrease in the international market and increase in Vietnam. (Photo: HH)*

World gold is under pressure to decrease in the context of the DXY index (measuring the fluctuations of the USD against 6 key currencies in the world) remaining high, around 104.7 points.

Investors choose USD when the US stock market in September often has negative developments.

Technical analysis signals also show that gold is on a short-term downtrend due to the lack of new supporting factors.

Currently, the US Federal Reserve (Fed) is following a hawkish, tightening monetary policy, maintaining interest rates at record highs for decades for a long time. This is a factor supporting the USD, thereby negatively affecting gold.

Gold Price Forecast

According to the CME FedWatch tool, the market is pricing in a 93% chance that the Fed will pause its rate hikes at its September meeting. However, there is a 40% chance of a rate hike in November or December.

In the short term, gold continues to be under downward pressure. However, gold is strongly supported at the 200-day moving average price, around $1,920/ounce.

Selling pressure on precious metals will ease by the end of the year or early next year. The US dollar is expected to weaken following signals of gradual easing of monetary policy by the Fed.

Besides, the gold consumption season at the end of the year can also provide more positive support for this item.

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