Gold prices are fueled in the race with the powerful USD thanks to this move by the Fed

Gold price today September 5, 2023, gold price increased, boosted by a slight decline in the USD. The Fed may have completed raising interest rates, precious metals received positive support.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 9/5 and EXCHANGE RATE TODAY 9/5

1. PNJ - Updated: September 5, 2023 02:00 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	56,300	57,500
HCMC - SJC	67,600	68,300
Hanoi - PNJ	56,300	57,500
Hanoi - SJC	67,600	68,300
Da Nang - PNJ	56,300	57,500
Da Nang - SJC	67,600	68,300
Western Region - PNJ	56,300	57,500
Western Region - SJC	67,750	68,250
Jewelry gold price - PNJ rings (24K)	56,300	57,400
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 price , September 4, the market is still suspended during the 4-day National Day holiday (September 1-4).

Summary of SJC gold prices at major domestic trading brands at the closing time of September 4:

Saigon Jewelry Company listed the price of SJC gold at 67.55 - 68.25 million VND/tael.

Doji Group currently lists the price of SJC gold at: 67.6 - 68.3 million VND/tael.

PNJ system listed at: 67.6 - 68.3 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 67.65 - 68.25 million VND/tael; Rong Thang Long gold brand is traded at 56.37 - 57.22 million VND/tael; jewelry gold price is traded at 55.90 - 57.00 million VND/tael.

Gold price today June 4, 2023. (Source: Shutterstock)

In the Asian market, gold prices increased in the afternoon trading session on September 4 and approached the highest level in the past month recorded in the previous session, thanks to the slight decrease of the USD and the prospect that the US Federal Reserve (Fed) will stop raising interest rates this year.

At 14:24 Vietnam time, spot gold price increased 0.3% to 1,943.65 USD/ounce, while gold futures price increased 0.2% to 1,970 USD/ounce.

According to The Gioi & Viet Nam Newspaper , at 7:40 p.m. on September 4 (Vietnam time), the world gold price on Kitco floor was at 1,940.3 - 1,941.3 USD/ounce, up 0.7 USD/ounce compared to the previous trading session.

Converted according to the USD price at Vietcombank on September 4, 1 USD = 24,240 VND, the world gold price is equivalent to 56.7 million VND/tael, 11.55 million VND/tael lower than the selling price of SJC gold.

Gold has bullish momentum

World gold prices increased in the first trading session of the week, September 4, boosted by a slight decline in the USD as market participants became more confident that the Fed may have completed its interest rate hike.

Spot gold rose 0.1% to $1,940.80 an ounce at 12:00 GMT. U.S. gold futures for December delivery rose 0.03% to $1,967.50 an ounce.

US gold futures were steady at $1,967.50, with trading expected to be thin as US markets are closed for the Labor Day holiday.

The Fed may be done raising interest rates, traders bet on Friday after a jump in US unemployment and modest wage growth suggested labour market conditions were easing.

The US dollar fell 0.2%, making greenback-denominated bullion more attractive to holders of other currencies.

“More influential for gold going forward are changing expectations for the first rate cut from the Fed, as well as the pace of subsequent rate cuts,” said Craig Erlam , senior market analyst at OANDA.

“September is pretty much over at this point,” Erlam added, referring to the Fed’s upcoming monetary policy meeting on September 19-20, when markets largely expect interest rates to remain unchanged.

Data since the last policy meeting has added to the impression that the US economy is cooling without cracking, strengthening the argument against further rate hikes and thus supporting zero-interest-bearing gold.

“Precious metals will depend on what happens to Treasury yields ahead of the September FOMC meeting. If we see yields fall on interest rate expectations, that would be a positive development for gold,” said Tim Waterer , chief market analyst at KCM Trade.

At least seven Fed officials will speak this week.

Earlier, data released on September 1 showed that US job growth accelerated in August, but the unemployment rate rose to 3.8% and wage growth slowed. This data reinforced the possibility that the Fed would stop raising interest rates this month, a factor that weighed on the USD.

Kelvin Wong , senior market analyst for Asia Pacific at brokerage OANDA, said the Fed’s current rate hike cycle is showing signs of starting to loosen the US labor market, which could reduce inflation expectations.

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

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