Gold price today September 24, 2023, Gold price stands firm against headwinds, will increase 'very quickly', SJC gold has its own direction

Gold price today September 24, 2023, gold price is supported by economic risks. The gold market remains stable in the neutral zone. However, the precious metal has long-term price increase potential and will bounce back very quickly. SJC gold price increases.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 9/24 and EXCHANGE RATE TODAY 9/24

1. PNJ - Updated: September 24, 2023 00:00 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	57,100	58,100
HCMC - SJC	68,400	69,150
Hanoi - PNJ	57,100	58,100
Hanoi - SJC	68,400	69,150
Da Nang - PNJ	57,100	58,100
Da Nang - SJC	68,400	69,150
Western Region - PNJ	57,100	58,100
Western Region - SJC	68,750	69,150
Jewelry gold price - PNJ rings (24K)	57,100	58,000
Jewelry Gold Price - 24K Jewelry	56,900	57,700
Jewelry Gold Price - 18K Jewelry	42,030	43,430
Jewelry Gold Price - 14K Jewelry	32,510	33,910
Jewelry Gold Price - 10K Jewelry	22,750	24,150

Domestic gold prices increased sharply last week.

At the opening of the first trading session of the week (September 18), the gold price was traded at 69 million VND/tael. In the Hanoi market, the SJC gold price was increased by 50 thousand VND/tael in both buying and selling compared to the closing session last weekend, listed at 68.3 - 69.02 million VND/tael (buying - selling).

After 3 fluctuating mid-week sessions, on the morning of September 22, DOJI Gold and Gemstone Group listed the price of SJC gold in the Hanoi market at 68.3 - 69.2 million VND/tael (buy - sell), unchanged from the closing price yesterday.

At the end of the weekend trading session (September 23), in the Hanoi market, the price of SJC gold was listed by Saigon Jewelry Company at 68.45 - 69.15 million VND/tael (buy - sell).

Thus, compared to the first trading session of the week on September 18 (at 68.3 - 69.02 million VND/tael (buy - sell)), the price of SJC gold in the Hanoi market increased by 150 thousand VND/tael for buying and increased by 130 thousand VND/tael for selling.

Gold price today September 24, 2023, Gold price stands firm against headwinds, will increase 'very quickly', SJC gold has its own direction. (Source: Shutterstock)

According to the World & Vietnam Newspaper, the world gold price closed the trading week (September 22) on the Kitco floor at 1,925.8 USD/ounce.

Summary of SJC gold prices at major domestic trading brands at the closing time of September 23:

Saigon Jewelry Company listed the price of SJC gold at 68.45 - 69.15 million VND/tael.

Doji Group currently lists the price of SJC gold at: 68.25 - 69.15 million VND/tael.

PNJ system listed at: 68.4 - 69.15 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 68.36 - 69.03 million VND/tael; Rong Thang Long gold brand is traded at 57.08 - 57.98 million VND/tael; jewelry gold price is traded at 56.70 - 57.80 million VND/tael.

Converted according to the USD price at Vietcombank on September 23, 1 USD = 24,530 VND, the world gold price is equivalent to 56.92 million VND/tael, 12.23 million VND/tael lower than the selling price of SJC gold.

Federal Reserve Chairman Jerome Powell remained hawkish this week, saying interest rates will have to remain limited for the foreseeable future; however, the gold market remains firmly in neutral territory as uncertainty supports the precious metal.

Some analysts say gold could withstand the Fed's move as risks to the global economy increase.

“Consumers are spending the last of their savings and higher interest rates will start to take their toll,” said Ed Moya , senior market analyst at OANDA. “We think it’s only a matter of time before we see a weaker economy and that would not be good news for the dollar.”

Heading into the weekend, December gold was last trading at $1,944.90 an ounce, almost unchanged from Friday. While gold has been stuck in a tight trading range, it has held up well against major headwinds as the 10-year Treasury yield pushed to a fresh 16-year high of 4.5%. Meanwhile, the US dollar is ending the week at its highest level since November 2022.

Economic uncertainty continues to support gold as a safe-haven asset, Ole Hansen , head of commodity strategy at Saxo Bank, said in his weekly commentary.

“We conclude that the breakdown of conventional correlations may be due to the market looking for a hedge against the Federal Open Market Committee (FOMC) failing to deliver a hard or soft landing, or even stalling,” he said.

Although gold is holding its ground, analysts say it will be difficult for the price of the precious metal to increase in the current context.

Carsten Fritsch , precious metals analyst at Commerzbank, noted that the rise in U.S. bond yields has pushed real yields 50 basis points higher over the past month. This is hurting investment demand as investors liquidate positions in gold-backed exchange-traded products, he added.

“Last week alone, they sold a total of 16 tonnes. Meanwhile, holdings in the world’s largest and most liquid gold ETF have fallen to their lowest level since January 2020,” he said.

However, Fritsch also sees long-term upside potential for the precious metal as sentiment begins to shift.

“The net long position has fallen by nearly 75% in the past four weeks. In that context, gold will certainly have a hard time breaking out of its defensive position in the near future. That said, gold prices may have fallen to the point where it won’t take long to bounce back,” he said.

As for what could spark a new rally in gold, Daniel Ghali, senior commodity strategist at TD Securities, said investors should pay close attention to economic data. He added that disappointing GDP data would raise concerns that the U.S. economy could be in trouble.

The market will also be sensitive to further inflation data as the Personal Consumption Expenditures Index is due for release on September 29.

Along with the economic data, some analysts said gold could attract some safe-haven demand as the US government faces a possible shutdown due to Congress' failure to approve funding for the fiscal year starting October 1.

While the shutdown will not affect the national debt, it will affect the way businesses operate domestically. Government employees will be laid off.

The market could be affected as the Securities and Exchange Commission and the Commodity Futures Trading Commission will have to furlough most of their employees.

National parks and museums will also be closed during the shutdown.

Kristina Hooper , chief investment officer at Invesco, said that while economic growth may not be affected by the shutdown in the short term, it increases uncertainty.

She added that it also drew attention to America's growing debt problem. The country's deficit exceeded $1.5 trillion in the 12 months to October this year.

“Any concerns about the government’s ability to handle the growing deficit are positive for gold,” she said.

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