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

Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 77.9-79.2 million VND/tael (buy - sell), an increase of 100 thousand VND/tael in both buying and selling compared to the closing price of the trading session last weekend.

Similarly, Doji Gold and Gemstone Group also increased the price of gold rings by 100,000 VND/tael in both buying and selling compared to the closing price of the last trading session of the week, listing the price of 9999 round gold rings at 78-79.2 million VND/tael (buy - sell).

Opening the trading session on September 16 , the price of SJC 9999 gold remained unchanged compared to the closing session last weekend, at 80.5 million VND/tael (selling).

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:23 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:39 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 16

The central exchange rate on September 16, 2024 announced by the State Bank is 24,137 VND/USD, down 35 VND compared to the previous trading session. The USD price at commercial banks this morning (September 16) was commonly listed at 24,350 VND/USD (buy) and 24,720 VND/USD (sell).

At 8:33 a.m. today (September 16, Vietnam time) , the world spot gold price was at 2,581.8 USD/ounce, up 4.8 USD/ounce compared to the close last week. The gold futures price for December 2024 on the Comex New York floor was at 2,608 USD/ounce.

On the morning of September 16 , the world gold price converted to USD bank price was nearly 77.7 million VND/tael, including tax and fees, about 2.8 million VND/tael lower than the domestic gold price.

The world gold price closed the trading week at 2,577 USD/ounce. The December 2024 gold futures price traded at 2,606 USD/ounce.

The US Federal Reserve’s interest rate decision will be the main focus of the market this week. Fed Chairman Jerome Powell’s speech at the Jackson Hole Conference in late August reinforced the likelihood that the Fed will make a decision to cut interest rates at its next meeting on September 18.

The US central bank has kept its key lending rate at a two-decade high of 5.25-5.5% for the past 14 months.

With the labor market cooling and the U.S. economy continuing to grow, policymakers have decided it is time to cut interest rates. Markets are pricing in a 55% chance of a 25 basis point cut in U.S. interest rates and a 45% chance of a 50 basis point cut in the next few days, experts say.

Not only the Fed, the Bank of England and the Bank of Japan will also announce monetary policy decisions this week.

gold and silver, hcmc, T5-2024-5.jpg
Gold prices are expected to continue to increase. Photo: Chi Hung

On September 14, the price of 9999 gold bars at SJC was 78.5 million VND/tael (buy) and 80.5 million VND/tael (sell). Doji listed it at 78.5 million VND/tael (buy) and 80.5 million VND/tael (sell).

Gold Price Forecast

The latest Kitco News weekly gold survey shows that industry experts and retail investors are bullish on gold's potential for higher prices.

According to a Kitco News survey, 62% of Wall Street analysts predict gold prices will increase, 23% see gold prices falling, and 15% see gold prices moving sideways. An online survey found that 57% of respondents see gold prices rising, 25% see gold prices falling, and the rest see gold prices moving sideways.

Gold is hitting a new record high, supported by falling interest rates and the dollar, said Marc Chandler, CEO of Bannockburn Global Forex. The rally is being fueled by monetary easing from major central banks and the looming US presidential election.

Analysts say the next price range for gold could be up to $2,600/ounce.