Gold price today September 3, 2023, Gold price lost momentum to enter the increasing zone, investors are wary of this, SJC gold edged up slightly

Gold price today September 3, 2023, gold price increased, precious metal is still stuck at neutral level, not enough momentum to penetrate the bullish zone. Investors should not ignore the surprising strength. SJC gold price increased slightly.

LIVE UPDATE TABLE OF GOLD PRICES AND EXCHANGE RATES TODAY, SEPTEMBER 3rd

1. PNJ - Updated: September 2, 2023 11:30 PM - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
Ho Chi Minh City - PNJ	56,300	57,500
Ho Chi Minh City - SJC	67,600	68,300
Hanoi - PNJ	56,300	57,500
Hanoi - SJC	67,600	68,300
Da Nang - PNJ	56,300	57,500
Da Nang - SJC	67,600	68,300
Western Region - PNJ	56,300	57,500
Western Region - SJC	67,750	68,250
Prices of gold jewelry - PNJ rings (24K)	56,300	57,400
Gold jewelry prices - 24K jewelry	56,200	57,000
Gold jewelry prices - 18K jewelry	41,500	42,900
Gold jewelry prices - 14K jewelry	32,100	33,500
Gold jewelry prices - 10K jewelry	22,460	23,860

Domestic gold prices rose slightly last week.

At the opening of trading on Monday, August 28th, in the Hanoi market, the price of SJC gold was listed by Saigon Jewelry Company at 67.45 - 68.07 million VND/ounce (buy - sell), an increase of 100,000 VND/ounce in the buying price but unchanged in the selling price compared to the closing price of the previous session.

After two volatile trading sessions mid-week, on the morning of August 31st, in the Hanoi market, the price of SJC gold was listed by Saigon Jewelry Company at 67.55 - 68.17 million VND/ounce (buying price - selling price), an increase of 50,000 VND/ounce in both buying and selling prices compared to the closing price of the previous day.

On the weekend of September 1st, the price of SJC gold in the Hanoi market was listed by Saigon Jewelry Company at 67.55 – 68.25 million VND/ounce (buying price - selling price).

The domestic market will suspend trading for four days to celebrate the National Day holiday on September 2nd.

Thus, compared to the beginning of the week on August 28th (at 67.45 - 68.07 million VND/ounce), the price of SJC gold in the Hanoi market of Saigon Jewelry Company on the last trading day of the week on September 1st increased by 100,000 VND/ounce in the buying price and increased by 180,000 VND/ounce in the selling price.

Gold prices today, September 3, 2023: Gold loses momentum to enter upward territory; investors should be cautious. SJC gold price increases. (Source: Kitco)

According to World & Vietnam , the world gold price closed the trading week (September 1st) on the Kitco exchange at 1,940.6 USD/ounce.

Summary of SJC gold prices at major domestic retailers at the close of trading on September 1st:

Saigon Jewelry Company listed the price of SJC gold at 67.55 - 68.25 million VND/ounce.

Doji Group currently lists the price of SJC gold at: 67.6 - 68.3 million VND/ounce.

PNJ's listed price is: 67.6 - 68.3 million VND/ounce.

The price of SJC gold at Bao Tin Minh Chau is listed at: 67.65 – 68.25 million VND/ounce; the Thang Long Dragon gold brand is trading at 56.37 – 57.22 million VND/ounce; and the price of gold jewelry is trading at 55.90 – 57.00 million VND/ounce.

Based on the USD exchange rate at Vietcombank on September 2nd, 1 USD = 24,240 VND, the world gold price is equivalent to 56.67 million VND/ounce, which is 11.58 million VND/ounce lower than the selling price of SJC gold.

Gold is stuck at a neutral level.

According to analysts, the global gold market appears to have encountered strong resistance at the end of the week, and the price action on September 1st indicates a relatively quiet trading week.

Gold prices have seen a solid recovery from their multi-month lows in August this week, but some analysts note that the precious metal lacks the momentum to break into bullish territory. With North American markets closed on Monday for the long weekend, analysts believe a breakout is unlikely in the short term.

This past week saw December gold futures rise to a three-week high, quickly touching $1,980.20 per ounce on Friday following a lackluster non-farm payrolls report. While the economy created more jobs than economists had anticipated, wage growth was weaker than expected and the unemployment rate rose sharply.

However, the upward momentum has cooled somewhat, with December gold futures last trading at $1,967.30 per ounce, up 1.4% from Friday's close.

Gold rose to a high after the jobs report showed 187,000 jobs were created in August, with consensus forecasts predicting growth of around 170,000 jobs.

Daniel Ghali, senior commodity strategist at TD Securities, said: “Right now, the easiest trade in the global market is to squeeze out the bears in the bond market. Rising bond yields and a stronger dollar will continue to restrain gold prices.”

Although Ghali is relatively neutral on gold in the near future, he added that investors should not overlook the surprising strength in the market as prices hold firm against higher bond yields and a strong US dollar.

Ghali said: “Gold prices haven’t fallen much despite the strong USD. However, we need to see clear signs that the Federal Reserve is ready to cut interest rates and that the economy has yet to reach its 2% inflation target.”

Phillip Streible , market strategist at Blue Line Futures, said that while gold has managed to neutralize the bearish trend, it still needs to do some work before entering downside territory. He added that gold remains in uncharted territory as the price is stuck in a channel between the $1,986 resistance level and the $1,936 support level per ounce.

He said, "Right now I don't see anything that could stop the upward trend in bond yields."

Meanwhile, James Stanley , senior market strategist at Forex.com , said he also sees gold to be volatile in the near future; however, the bullish trend in gold prices may have the advantage in the short term.

He said, "The fact that the upward trend in gold prices has held support even as the strength of the USD has returned in the past few days is quite a positive sign."

With very little economic data expected to be released next week, analysts suggest investors should pay attention to the US dollar and bond yields. The greenback index remains at a near three-month high above 104 points.

Meanwhile, the yield on 10-year US Treasury bonds, while down from last week's 15-year high, remains above 4%. Although the threat of further interest rate hikes from the Fed has eased following Friday's disappointing jobs data, analysts note that it has not completely disappeared.

According to the CME FedWatch Tool, markets expect the US central bank to keep interest rates unchanged in September, and they are also pricing in a 60% chance of no change in interest rates in November.

While the data underscores slowing economic activity, some analysts argue that a more definitive trend is needed.

Ewa Manthey , commodity strategist at ING, said: “We will need to closely monitor US data releases in the coming weeks, which could shed more light on what the Fed might do. We believe gold will remain volatile in the near future due to the impact of persistent inflation uncertainty on the US economy, and its trajectory will be influenced by US economic data in the coming weeks. We believe the threat of further action from the Fed will continue to control gold prices for the time being.”

Commodity analysts at Commerzbank also noted that gold could remain in neutral territory because "it is still unclear how US interest rate policy will evolve."

Source