World continues to decline, SJC gold stops increasing

Domestic gold price today 9/9

Early morning of September 9 , SJC 9999 gold price today remained unchanged compared to yesterday's closing price.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:34 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:40 a.m. as follows:

	Buy	Sell
SJC Hanoi	68,050,000 VND/tael	68,770,000 VND/tael
SJC HCMC	68,050,000 VND/tael	68,750,000 VND/tael
SJC Danang	68,050,000 VND/tael	68,770,000 VND/tael
Doji Hanoi	68,050,000 VND/tael	68,850,000 VND/tael
Doji HCMC	68,100,000 VND/tael	68,800,000 VND/tael

SJC and DOJI gold price list updated early morning 9/9

At the end of the trading session on September 8, the price of 9999 gold bars at SJC Ho Chi Minh City was 68.05 million VND/tael (buy) and 68.75 million VND/tael (sell). SJC Hanoi listed at 68.05 million VND/tael (buy) and 68.77 million VND/tael (sell).

Doji Hanoi listed at 68.05 million VND/tael (buy) and 68.95 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.

The central exchange rate on September 8 announced by the State Bank is 23,993 VND/USD. The USD price at commercial banks this morning (September 9) was traded around 23,890 VND/USD (buy) and 24,260 VND/USD (sell).

International gold price today 9/9

At 9:45 a.m. today (September 9, Vietnam time) , the world spot gold price stood at around 1,918.7 USD/ounce, down 4.3 USD/ounce compared to last night. The price of gold futures for December delivery on the Comex New York floor was at 1,942.7 USD/ounce.

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

On the morning of September 9 , world gold converted to USD bank price was nearly 56.12 million VND/tael (excluding tax and fees), about 12.65 million VND/tael lower than domestic gold price.

On the world market, the spot gold price on Kitco floor on September 8 (at 8:00 p.m., Vietnam time) was trading at 1,923 USD/ounce.

According to the US Department of Commerce, increased imports caused the trade deficit to increase slightly in July 2023. The US trade deficit increased to $65 billion in July, compared to $63.7 billion in June. Strong consumer spending boosted US trade activity.

The dollar fell 0.1 percent, but was on track for its longest winning streak on a string of strong U.S. economic data. The Bloomberg Dollar Spot Index rose for an eighth straight week, the longest winning streak since January 2005.

Meanwhile, the US Federal Reserve (Fed) said the Fed may stop raising interest rates at its meeting this month, but needs to continue efforts to control inflation.

The yield on the 10-year US Treasury note is around 4.27%.

The market awaits the August consumer price index report next week.

Gold Price Forecast

According to CME's FedWatch tool, traders are now pricing in a 93% chance that the Fed will keep rates unchanged at its September meeting.

JPMorgan said the trend of central banks increasing their gold reserves from 2022 has led investors to allocate more capital to this safe-haven asset. Investment in gold has increased to the highest level since 2012.

According to experts, gold is in a short-term technical bearish situation. The upward trend of gold is weak and difficult to break out. The market is waiting for economic information and the Fed's developments on interest rates to have a strong direction in the near future.

Source