Gold price developments today show that domestic gold rings this morning increased sharply following world gold prices.

Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 77.8-79.1 million VND/tael (buy - sell), an increase of 500 thousand VND/tael in both buying and selling compared to the end of yesterday's trading session.

Similarly, Doji Gold and Gemstone Group also increased the price of gold rings by 400,000 VND/tael for buying and 450,000 VND/tael for selling at the end of yesterday's trading session, listing the price of 9999 round gold rings at 77.9-79.1 million VND/tael (buy - sell).

At the beginning of the trading session on September 13 , the price of SJC 9999 gold remained unchanged compared to the closing price of yesterday's trading session, at VND 80.5 million/tael (selling price).

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:31 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:43 a.m. as follows:

Buy Sell
SJC HCMC 78,500,000 VND/tael 80,500,000 VND/tael
Doji Hanoi 78,500,000 VND/tael 80,500,000 VND/tael
Doji HCMC 78,500,000 VND/tael 80,500,000 VND/tael

                              SJC and Doji gold price list updated early morning September 13

The central exchange rate on September 13, 2024 announced by the State Bank is 24,172 VND/USD, down 15 VND compared to the previous trading session. The USD price at commercial banks this morning (September 13) was commonly listed at 24,330 VND/USD (buy) and 24,700 VND/USD (sell).

At 8:36 a.m. today (September 13, Vietnam time) , the world spot gold price was at 2,563.3 USD/ounce, up 14.5 USD/ounce compared to last night. The price of gold futures for December 2024 on the Comex New York floor was at 2,589.3 USD/ounce.

On the morning of September 13 , the world gold price converted to USD bank price was nearly 77.1 million VND/tael, including tax and fees, about 3.4 million VND/tael lower than the domestic gold price.

The price of gold on the Kitco floor at 9:00 p.m. (September 12, Vietnam time) was trading at $2,548.8/ounce, up 1.46% from the beginning of the session. The price of gold futures for delivery in December 2024 on the Comex New York floor was trading at $2,553.8/ounce.

At the beginning of the trading session on September 12 (US time), the world gold price increased sharply, at one point reaching 2,555.1 USD/ounce, surpassing the previous record of 2,531.06 USD/ounce on August 20.

Thus, this is a new record high price that the precious metal has just set.

World gold prices increased sharply due to the pressure being removed when the European Central Bank (ECB) continued its monetary policy easing cycle, cutting interest rates by 25 basis points to 3.5%. At the same time, the refinancing rate and marginal lending rate decreased to 3.65% and 3.9%, respectively.

Screenshot 2024 09 12 212224.png
World gold sets new record. Photo: Hoang Ha

Gold had been under pressure earlier as expectations of a 50 basis point interest rate cut by the US Federal Reserve (Fed) at its policy meeting next week cooled after a report of an increase in August consumer prices.

According to the latest report, the US CPI in August increased by 2.5% compared to the same period, lower than the forecast of 2.6% and significantly lower than the 2.9% in July.

According to experts, the August CPI report shows that core US inflation remains high, not enough to make the Fed decide to cut interest rates by 50 basis points.

Bob Haberkorn, senior market strategist at RJO Futures, said that inflation has not fallen as expected, and if the Fed cuts 50 basis points next week, it will mean the US central bank is surrendering to inflation.

A Reuters poll found that a majority of economists surveyed expected the Fed to cut rates by 25 basis points. Only nine of 101 economists predicted a 50 basis point cut.

In the domestic market, at the end of the session on September 12, the price of 9999 gold bars at SJC was 78.5 million VND/tael (buy) and 80.5 million VND/tael (sell). SJC listed the price of gold rings at 77.3-78.6 million VND/tael (buy - sell).

Doji Hanoi and Ho Chi Minh City both listed gold bar prices at 78.5 million VND/tael (buy) and 80.5 million VND/tael (sell).

Gold Price Forecast

The increase in core CPI has more or less reinforced the possibility that the Fed will cut by 25 basis points next week, said Tai Wong, an independent metals trader.

Central bank demand for gold is a key catalyst for the gold rally, said Roukaya Ibrahim, a strategist at BCA Research. She said gold continues to outperform other commodities as demand for the precious metal increases, especially from central banks in emerging markets.

Ms. Ibrahim commented that the role of precious metals as a natural hedge against inflation and currency devaluation. At the same time, in an environment of geopolitical tension, gold remains the top choice.

Global gold exchange-traded funds – “sharks” in the market – continue to buy gold as gold prices are forecast to continue to increase in the near future.