Gold price movements today show that domestic gold rings this morning were adjusted to increase sharply, many brands exceeded 81 million VND/tael (sold).

At 9:56 a.m., Doji Gold and Gemstone Group raised the price of 9999 plain round gold rings to 79.95-81.1 million VND/tael (buy - sell), an increase of 550 thousand VND/tael in both buying and selling compared to the end of last week. This is the highest price ever for plain round gold rings in the country.

Similarly, Bao Tin Minh Chau Company also increased the price of Thang Long Dragon gold rings to 79.98-81.08 million VND/tael (buy - sell), an increase of 590 thousand VND/tael for buying and 540 thousand VND/tael for selling compared to the closing price last week.

Phu Nhuan Jewelry Company (PNJ) also raised the price of gold rings to 79.9-81.1 million VND/tael, an increase of 400 thousand VND/tael in buying price and 550 thousand VND/tael more expensive in selling price compared to the closing price of last weekend's trading session.

Saigon Jewelry Company (SJC) raised the price of 1-5 chi gold rings to 79.5-80.8 million VND/tael (buy - sell), an increase of 600 thousand VND/tael in both directions compared to the closing price last weekend.

At the beginning of the trading session on September 23 , the price of SJC 9999 gold remained unchanged compared to the closing session last weekend, at 82 million VND/tael (selling).

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:29 am and the price of 9999 gold was listed by Doji Jewelry Group at 9:05 am as follows:

Buy Sell
SJC HCMC 80,000,000 VND/tael 82,000,000 VND/tael
Doji Hanoi 80,000,000 VND/tael 82,000,000 VND/tael
Doji HCMC 80,000,000 VND/tael 82,000,000 VND/tael

                      SJC and Doji gold price list updated early morning September 23

The central exchange rate on September 23, 2024 announced by the State Bank is 24,126 VND/USD, down 22 VND compared to the previous trading session. The USD price at commercial banks this morning (September 23) was commonly listed at 24,390 VND/USD (buy) and 24,760 VND/USD (sell).

At 8:33 a.m. today (September 23, Vietnam time) , the world spot gold price was at 2,618.7 USD/ounce, down 2.3 USD/ounce compared to the close last week. The gold futures price for December 2024 on the Comex New York floor was at 2,644 USD/ounce.

On the morning of September 23 , the world gold price converted to USD bank price was nearly 79 million VND/tael, including tax and fees, about 3 million VND/tael lower than the domestic gold price.

Last week, the world gold price continuously set new records after the decision of the US Federal Reserve (Fed) to reduce interest rates by 50 basis points. The world gold price surpassed the 2,600 USD mark and is heading towards new records.

At the end of the week, the world gold price traded at 2,621 USD/ounce. The December 2024 gold futures price traded at 2,647 USD/ounce.

Gold prices ended the week up 1.3%, said Alex Kuptsikevich, senior market analyst at FxPro.

Monetary policy was looser than economists expected and expectations of further cuts boosted demand for gold, a safe-haven asset. However, rising yields on 10-year U.S. government bonds kept the gold market cautious.

gold (44).jpg
Gold prices are expected to continue to increase. Photo: Chi Hung

Kuptsikevich analyzed that normally government bond yields fall, increasing investment demand for gold. However, the situation this week is different, gold prices and yields increase at the same time.

“If this is not a sign of investors fleeing US dollar assets, gold prices could very well be nearing a peak,” he said.

Forced liquidation of short positions could push gold prices to new record highs, he added.

Meanwhile, Peter A. Grant, an expert at Zaner Metals, said that the shooting of former US President Donald Trump and the US election situation also had a strong impact on gold prices.

In addition, the trend of easing monetary policy and gold buying activities by central banks, along with geopolitical tensions, have boosted the price of this precious metal.

The main event this week that will have a strong impact on gold prices is the US core personal consumption expenditure (PCE) index for August, which is an important inflation measure of the Fed.

gold price .jpg
Kitco's gold price forecast. Photo: Kitco

On September 20, the price of 9999 gold bars at SJC was VND80 million/tael (buy) and VND82 million/tael (sell). Doji listed it at VND80 million/tael (buy) and VND82 million/tael (sell).

Gold Price Forecast

The latest Kitco News weekly gold survey shows that retail investors are bullish on gold’s potential upside, while industry experts are evenly split between bullish and bearish views in the short term.

Marc Chandler, CEO of Bannockburn Global Forex, predicts that gold prices will trend sideways this week. Gold prices have reached the target of $ 2,600 / ounce after the Fed cut interest rates. The gold market will be less active as investors take profits.

Investors will continue to keep a close eye on economic data. The Fed released a monetary policy roadmap through mid-2026, with analysts noting the actual direction will be determined by the health of the economy.