End of the week down, will go down next week

Domestic gold price

At the end of the trading session on September 9, the price of 9999 gold bars at SJC Ho Chi Minh City was 68.1 million VND/tael (buy) and 68.8 million VND/tael (sell). SJC Hanoi listed at 68.1 million VND/tael (buy) and 68.82 million VND/tael (sell).

Doji Hanoi listed at 68.05 million VND/tael (buy) and 68.85 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.

World gold prices are expected to decrease next week. (Photo: KT)

International gold price

On the world market, the spot gold price on Kitco closed the weekend trading session at 1,918 USD/ounce.

Gold prices ended the week lower amid positive economic data from the US released this week. Accordingly, the US service sector improved in August. The number of unemployment claims unexpectedly fell last week, to the lowest level since February 2023.

This could make the US Federal Reserve (Fed) think carefully about whether to loosen or tighten its monetary policy.

The Fed has raised interest rates 11 times, bringing US interest rates to their highest level in 22 years to curb inflation, which is still above its 2% target.

The market sees a 93% chance the Fed will keep rates unchanged at its September 19-20 meeting, but a 42% chance of one more rate hike this year.

Gold Price Forecast

The latest Kitco News weekly gold survey found that a majority of investors are bearish on gold next week.

Expert Carlo Alberto De Casa at Kinesis Money said that the strength of the USD, along with the recovery of US Treasury bond yields put pressure on gold.

James Stanley, market strategist at Forex, said that the US consumer price index (CPI) and producer price index (PPI) data for August will be the decisive factor for gold prices next week.

Source: https://vietnamnet.vn/gia-vang-hom-nay-10-9-ket-thuc-tuan-giam-gia-se-con-di-xuong-vao-tuan-toi-2187562.html