Domestic gold increased by 69 million VND/tael

Domestic gold price

At the end of the trading session on September 16, the price of 9999 gold bars at SJC Ho Chi Minh City was 68.25 million VND/tael (buy) and 68.95 million VND/tael (sell). SJC Hanoi listed at 68.25 million VND/tael (buy) and 68.97 million VND/tael (sell).

Doji Hanoi listed at 68.1 million VND/tael (buy) and 69 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 68.1 million VND/tael and sold at 68.8 million VND/tael.

International gold price

On the world market, the spot gold price on Kitco ended the weekend trading session at 1,924 USD/ounce.

During the week, US economic data showed that producer inflation and retail sales increased sharply. Inflation continued to decline but decreased slowly and was still much higher than the US Federal Reserve's (Fed) target.

According to the CME FedWatch tool, traders predict a 93% chance that the Fed will keep interest rates unchanged at its September 19-20 policy meeting.

In such a context, determining the Fed's interest rate path becomes somewhat more difficult for investors.

The yield on the benchmark 10-year US Treasury note is around 4.3%.

The US dollar fell 0.2%, making gold more attractive. World gold prices rose 0.3% this week.

In another development, China's central bank eased monetary policy once again, this time by cutting the reserve requirement ratio for banks to 0.25%.

The European Central Bank (ECB) raised interest rates by 25 basis points, bringing the deposit rate to 4%.

Gold Price Forecast

If the Fed eases rates a little more next week, that would help the gold market, said senior market analyst Jim Wyckoff.

After briefly falling below $1,900 an ounce, gold prices have rebounded despite rising US Treasury yields and the US dollar hitting a six-month high, suggesting that gold prices are still on an upward trend, according to analysts at ANZ Research.

The strength of the USD may weaken in 2024. ANZ Research believes that the USD will increase in value until the end of the year and then decrease due to lower interest rates and slower economic growth. This will have a positive impact on gold prices in the long term.

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