LIVE UPDATE TABLE OF GOLD PRICE TODAY 9/30 AND EXCHANGE RATE TODAY 9/30
| 1. PNJ - Updated: September 29, 2023 11:00 PM - Website supply time - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 56,300 ▼200K | 57,300 ▼200K |
| HCMC - SJC | 68,100 | 68,800 |
| Hanoi - PNJ | 56,300 ▼200K | 57,300 ▼200K |
| Hanoi - SJC | 68,100 | 68,800 |
| Da Nang - PNJ | 56,300 ▼200K | 57,300 ▼200K |
| Da Nang - SJC | 68,100 | 68,800 |
| Western Region - PNJ | 56,300 ▼200K | 57,300 ▼200K |
| Western Region - SJC | 68,300 ▲50K | 68,900 ▲50K |
| Jewelry gold price - PNJ rings (24K) | 56,300 ▼200K | 57,250 ▼250K |
| Jewelry Gold Price - 24K Jewelry | 56,200 ▼200K | 57,000 ▼200K |
| Jewelry Gold Price - 18K Jewelry | 41,500 ▼150K | 42,900 ▼150K |
| Jewelry Gold Price - 14K Jewelry | 32,100 ▼110K | 33,500 ▼110K |
| Jewelry Gold Price - 10K Jewelry | 22,460 ▼90K | 23,860 ▼90K |
Domestic gold prices suddenly increased by about 50,000 - 150,000 VND/tael in both buying and selling directions at most gold trading stores.
At the end of the session on September 29, Saigon Jewelry Company listed the price of SJC gold at 68.20 - 68.92 million VND/tael (buy - sell).
Doji Group implemented an increase of 100,000 VND/tael in both buying and selling directions, up to 68.15 million VND/tael and 68.95 million VND/tael, respectively.
Phu Quy Group is buying SJC gold at 68.1 million VND/tael - an increase of 150,000 VND/tael and selling at 68.85 million VND/tael - an increase of 100,000 VND/tael.
After rising to a record of 57.2-58.2 million VND/tael (buy - sell) at the end of last week, plain round gold rings have turned around and plummeted. If investors bought gold rings at the end of last week and sold them at this time, the loss could be up to 2 million VND/tael due to the large difference between the buying and selling prices (always maintained at 1 million VND/tael).
World gold prices rose slightly in the trading session on September 29 but are heading for a second consecutive quarter of decline due to the prospect of long-term US interest rate increases.
The US dollar fell back from a 10-month high and the US 10-year Treasury yield also fell from a 16-year peak, raising the appeal of gold.
According to TG&VN at 7:20 p.m. on September 29, the world gold price on the Kitco exchange was at 1,869.8 - 1,870.8 USD/ounce, up 5.5 USD compared to the previous trading session.
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| Gold price today September 30, 2023: Gold price slightly recovered after the 'storm', buying gold rings caused heavy losses, when will it return to 2,000 USD/ounce? (Source: Getty Images) |
Summary of SJC gold prices at major domestic trading brands at the closing time of September 29:
Saigon Jewelry Company listed the price of SJC gold at 68.20 - 68.92 million VND/tael.
Doji Group currently lists the price of SJC gold at: 68.15 - 68.95 million VND/tael.
Phu Quy Group listed gold price at 68.10 - 68.85 million VND/tael.
PNJ system listed at: 68.10 - 68.80 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 68.25 - 68.90 million VND/tael; Rong Thang Long gold brand is traded at 56.36 - 57.26 million VND/tael; jewelry gold price is traded at 55.95 - 56.95 million VND/tael.
Gold Price Forecast
On Reuters , senior strategist Daniel Pavilonis of RJO Futures company commented that high interest rates are making gold lose its attractiveness and the price of this precious metal could fall to $1,800/ounce.
The number of initial jobless claims fell less than expected last week, a sign that the labor market remains tight after the Federal Reserve raised interest rates 11 times, sending the federal funds rate to a 22-year high, a weekly report from the Labor Department showed.
With the 10-year bond yield currently trading near a fresh 16-year high of 4.6% and the US Dollar Index holding near a one-year high (above 106), the gold sell-off should have happened sooner, said Ole Hansen, commodity strategist at Saxo Bank.
According to this expert, the recent weakness in gold is reasonable when the Fed still maintains its tightening trend. Last week, the Fed kept interest rates unchanged but signaled that it would keep them in a limited range for the foreseeable future to bring inflation down to its 2% target.
Jamie Dimon, CEO of JP Morgan, noted that the market needs to prepare for the scenario of interest rates continuing to rise in the coming months. Because the base interest rate in the US is currently at 5.25% -5.5%. If the US continues to raise interest rates, the USD will continue to increase in value in the coming time, creating pressure on gold prices.
In the long term, the bullish view on gold remains intact. In its recent outlook report, French bank Société Générale said it remains positive on the precious metal as inflation remains high amid the Fed’s plans to end its tightening cycle.
Despite gold's lackluster performance throughout the summer, SocGen remains optimistic that prices could return to $2,000 an ounce.
The banking expert also predicted that gold prices could rise to $2,200 an ounce by the end of 2024 as investors realize how difficult it will be for central banks to bring core inflation down to the 2% target.
Source
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