Gold price today September 17, 2023, SJC gold price sets a record, Asian investors 'crazy buying', money flows into precious metals

Gold price today September 17, 2023, world gold price remains neutral. The Fed's move may cause gold to be tightly controlled, but monetary policy is gradually losing its effectiveness, there will be factors that promote gold prices. The long-term price increase prospect of precious metals remains intact. SJC gold skyrocketed.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 9/17 and EXCHANGE RATE TODAY 9/17

[WIDGET_GOLD_RATE:::PNJ:]

Domestic gold prices increased sharply last week.

Domestic gold prices hit VND69 million/tael in the last trading session of the week (September 16). Thus, gold prices have conquered the highest level since the beginning of the year.

Some experts believe that if the US Federal Reserve (Fed) loosens interest rates a little more next week, it will help the gold market continue to rise.

Since the beginning of the week, domestic gold prices have shown signs of increasing, with two consecutive increases in the morning trading of September 11-12, then slightly decreasing following the trend with world gold prices in the morning of September 13-14, and leveling off on the morning of September 15, before rebounding at the end of the week.

At the end of the weekend trading session (September 16), the price of SJC gold was also adjusted by Saigon Jewelry Company to increase by 200,000 VND/tael in both buying and selling compared to yesterday's closing price, listed at 68.25 - 68.95 million VND/tael (buy - sell).

At this price, the domestic gold price increased by 150 thousand VND/tael, equivalent to 0.21% in value last week. At the same time, the world gold price increased by 0.3% for the whole week.

Gold price today September 17, 2023, SJC gold price sets a record, Asian investors 'crazy buy', money flows into precious metals. (Source: Shutterstock)

According to the World & Vietnam Newspaper, the world gold price closed the trading week (September 15) on the Kitco floor at 1,925.1 USD/ounce.

Summary of SJC gold prices at major domestic trading brands at the closing time of September 16:

Saigon Jewelry Company listed the price of SJC gold at 68.25 - 68.95 million VND/tael.

Doji Group currently lists the price of SJC gold at: 68.1 - 69.0 million VND/tael.

PNJ system listed at: 68.0 - 68.8 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 68.3 - 68.95 million VND/tael; Rong Thang Long gold brand is traded at 56.83 - 57.68 million VND/tael; jewelry gold price is traded at 56.35 - 57.45 million VND/tael.

Converted according to the USD price at Vietcombank on September 16, 1 USD = 24,435 VND, the world gold price is equivalent to 57.47 million VND/tael, 11.48 million VND/tael lower than the selling price of SJC gold.

Still should invest in gold

Global gold prices remained neutral as the tug-of-war between the Fed's hawkish monetary policy and the potential risk of a recession continued to dominate the market.

While gold has some technical momentum behind it, analysts say it does not have enough strength to break above significant resistance at $1,980 an ounce.

Heading into the weekend, December gold futures were last trading at $1,945.60 an ounce, almost unchanged from Friday’s close. This is the fourth consecutive week that gold has ended Friday just below initial resistance near $1,950 an ounce, showing how balanced the market is now, according to some analysts.

The gold market’s momentum will be on full display next week when the Fed releases its latest monetary policy decision and updated economic projections. The US central bank is not expected to raise interest rates next week; however, Fed Chairman Jerome Powell is expected to maintain a hawkish stance on monetary policy.

The CME FedWatchTool shows that markets are currently pricing in about a 60% chance of no change in interest rates for the rest of the year. However, these market expectations are quite volatile and can change quickly.

While Powell's upcoming remarks could keep gold in check, analysts note that monetary policy is losing its effectiveness.

“The general message among global central banks is that rate hikes are coming to an end and that is bullish for gold,” said Edward Moya , senior market analyst at OANDA.

Gold will struggle to break above $1,980 an ounce ahead of the Fed meeting, said Colin Cieszynski , chief market strategist at SIA Wealth Management.

While gold is expected to be stuck in the near term, Cieszynski said the long-term bullish outlook for the precious metal remains intact. “Central banks are having trouble. Wage inflation continues to rise. The inflation problem is not going away and that is bullish for gold,” he said.

Meanwhile, Everett Millman , precious metals expert at Gainesville Coins, said that gold's recovery strength shows its potential. He noted that with the Fed's monetary policy and the current US dollar, gold prices should be at least below $1,900 an ounce.

“The weak health of the global economy continues to support gold prices. There are some factors to keep gold prices above $1,900, but not enough to push gold prices higher,” he said.

While the Fed will attract most of the attention next week, markets will also get monetary policy decisions from the Bank of England, Bank of Japan and Swiss National Bank.

Investors are paying attention to gold demand in Japan as a weak yen has fueled record domestic demand for gold. Gold is currently trading near record highs against the yen while premiums for physical bullion are also holding near all-time highs.

Even after briefly falling below $1,900 an ounce amid rising Treasury yields and a six-month high in the US dollar index, gold has recovered well, which bodes well for the precious metal's price trajectory as demand improves, according to analysts at ANZ Research .

Analysts said they also expect investment flows to improve: “Gold’s investment appeal will increase as macroeconomic uncertainty increases and expectations of further monetary easing in 2024 grow.”

ANZ points out that “investors have liquidated 130 tonnes of gold so far this year,” with Europe and North America seeing the most sales due to tighter monetary policy. It notes that Asia has seen 9.1 tonnes of purchases this year, including 6 tonnes in August alone.

“A weaker yuan and lower consumer confidence are driving flows into gold,” they said.

Looking at futures and options, ANZ analysts say net long positions are at a six-month low, but this could actually be a positive signal for future prices.

They also expect the recent trend of central bank gold purchases to continue. “Geopolitical tensions are driving a structural shift in central bank purchases. We expect demand to rise to 750 tonnes in 2023 but not as much as the record 1,080 tonnes in 2022,” they said.

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