Domestic gold price on September 11 broke out, world "plummeted" last week, market still gloomy this week?

Gold prices today, September 11, started this week amid waning market optimism, with analysts and retail investors predicting a very limited upside potential. But it is likely that a bottom-fishing trend will take place and the gold market will recover from here.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 9/11 AND EXCHANGE RATE TODAY 9/11

1. PNJ - Updated: 09/11/2023 01:30 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell out
HCMC - PNJ	56,350	57,350
HCMC - SJC	68,100	68,850
Hanoi - PNJ	56,350	57,350
Hanoi - SJC	68,100	68,850
Da Nang - PNJ	56,350	57,350
Da Nang - SJC	68,100	68,850
Western Region - PNJ	56,350	57,350
Western Region - SJC	68,350	68,750
Jewelry gold price - PNJ rings (24K)	56,350	57,300
Jewelry gold price - 24K jewelry	56,200	57,000
Jewelry gold price - 18K jewelry	41,500	42,900
Jewelry Gold Price - 14K Jewelry	32,100	33,500
Jewelry gold price - 10K jewelry	22,460	23,860

Domestic gold prices have had a breakthrough week, staying at a high level after a week of strong increases. Currently, SJC gold price is close to reaching 69 million VND/tael in the selling direction.

Last weekend session (September 9) in Hanoi, SJC gold price is currently listed at 68,100 - 68,820 million VND/tael, the difference between buying and selling price is 720,000 VND/tael. Doji gold price is listed at 68,050 million - 68,850 million VND/tael (buy-sell), the difference between buying and selling price is 800,000 VND/tael.

Compared to the first session of the week (September 5) at 67.55 - 68.17 million VND/tael, SJC gold price in Hanoi market increased by 550 thousand VND/tael for buying and increased by 630 thousand VND/tael for selling.

The world gold price at the close of last week (September 8) traded on Kitco floor at 1,919.7 USD/ounce, according to TG&VN.

Giá vàng hôm nay 11/9/2023: Giá vàng 11/9 trong nước tăng mạnh, thế giới 'tụt dốc' tuần qua, dự báo giá còn giảm trong tuần này?

Gold price today September 11, 2023: Domestic gold price on September 11 increased sharply, world price 'plummeted' last week, market is still gloomy this week?

Summary of SJC gold prices at major domestic trading brands at the closing time of September 9:

Saigon Jewelry Company listed the price of SJC gold at 68.1 - 68.8 million VND/tael.

Kitco News Gold Survey Results for the Week Ending September 15 :

Of the 13 Wall Street analysts participating in the Kitco News Gold Survey, four (31%) see higher prices next week; five (38%) see lower prices; and the remaining four (31%) see sideways prices.

Of the 474 votes cast in online polls, 222 people (47%) forecast prices to rise next week; 169 people (36%) predict lower; 83 people (17%) are neutral.

Doji Group currently lists SJC gold price at: 68.05 - 68.85 million VND/tael.

PNJ system listed at: 68.1 - 68.85 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 68.15 - 68.78 million VND/tael; Rong Thang Long gold brand is traded at 56.31 - 57.16 million VND/tael; jewelry gold price is traded at 55.85 - 56.95 million VND/tael.

Converted according to the USD exchange rate at Vietcombank on September 9, 1 USD = 24,260 VND, the world gold price is equivalent to 56.11 million VND/tael, 12.69 million VND/tael lower than the selling price of SJC gold.

World gold prices trended down last week, with prices down about 1%, in what was seen as a slow week for economic data and market-moving events.

The latest Kitco News weekly gold survey shows that last week’s optimism has faded from the precious metals market, as less than half of retail investors expect gold prices to rise next week, while most market analysts have turned bearish.

Gold price forecast this week?

Sean Lusk, co-director of commercial hedging at Walsh Trading , said gold’s performance remains dependent on the US dollar and he doesn’t see the greenback weakening anytime soon. “While you’re feeling a little uneasy about equities, the US dollar has really taken the lead here, with the DXY index back up to 105.”

“Technically, I am bullish long term, but short term, this looks bad. The charts are showing us that the short-term rallies have been sold off and I suspect that will be the case next week. We should see more buying coming into the market.”

But on the other hand, Colin Cieszynski, chief market strategist at SIA Wealth Management, likes what the market is doing. “I am bullish on gold next week. Technical indicators like the 20-day moving average and bullish oscillators suggest that gold could rebound in the near term.”

The latest survey showed that retail investors expect gold prices to trade around $1,933 an ounce next week.

The most important economic data for gold traders next week will be the US CPI and PPI for August, due on Wednesday and Thursday, respectively. Market participants will also be watching US retail sales for August and the ECB interest rate decision, both scheduled for release on Thursday morning.

James Stanley, senior market strategist at Forex.com , believes that CPI and the ECB “will likely be the deciding factor” for gold next week. “I am entering the week with a bullish bias as spot prices have held above support at 1903-1910. “In that case, the big question is whether gold can hold $1,900 an ounce ahead of the Fed rate decision next week.”

Marc Chandler, CEO of Bannockburn Global Forex , believes gold prices could break out next week. He said: “I thought gold was poised to rise last week as it approached the $1,950 area a week ago. However, a strong US dollar and high rates have put pressure on the precious metal and pushed it back to around $1,915...

The nearest resistance could be at $1,935-$1,940, and a break above that could trigger another rally towards $1,950. On the other hand, a break below $1,915 could push gold towards $1,900 and possibly retest the August low near $1,885.”

Adam Button, chief currency analyst at Forexlive.com , argued that bond yields are a key gauge for both gold and stocks right now and he sees limited upside for the precious metal until late autumn. "I think interest rates were artificially pushed up at the start of the month by corporate interest-loss selling and that will ease as corporate debt is issued and yields fall, which will send gold higher."

“I wasn't a gold supporter until about mid-November,” said Button.

For his part, Daniel Pavilonis, Senior Commodity Broker at RJO Futures , believes that interest rates remain the main driver of gold prices and will continue to hold back prices for now. Longer-dated yields will start to move higher, suggesting that inflation will last much longer than initially expected.”

“I think we’re going to see more of this range of $1,900 to $2,000 for gold next week,” he said. “It can’t break below that level and if it does, it’s going to be very brief and then it’s going to start moving higher again. I think gold is just stuck in a range and I think it’s going to last for quite a while.”

Adrian Day, chairman of Adrian Day Asset Management , said that gold prices will rise next week. This expert said: "The sell-off has been excessive, even affecting the strength of the US dollar."

Kitco’s Jim Wyckoff sees downside risk for precious metals next week. “Steadily lower,” Wyckoff said.

Source