Gold price plummets, precious metals under pressure, investors dump, SJC gold loses important milestone

Gold price today September 26, 2023, gold price decreased when the USD stood firm and the Fed warned of maintaining high interest rates for longer. Precious metals are in a consolidation phase and may be under further pressure. Investment funds have a move to sell off. SJC gold is on the decline.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 9/26 and EXCHANGE RATE TODAY 9/26

1. PNJ - Updated: September 26, 2023 01:30 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	57,100	58,100
HCMC - SJC	68,200	69,050
Hanoi - PNJ	57,100	58,100
Hanoi - SJC	68,200	69,050
Da Nang - PNJ	57,100	58,100
Da Nang - SJC	68,200	69,050
Western Region - PNJ	57,100	58,100
Western Region - SJC	68,450	68,950
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 price in the morning session of the first session of the week on September 25, Saigon Jewelry Company listed SJC gold price at 68.4 - 69.12 million VND/tael (buy - sell), down 50 thousand VND/tael in both buying and selling compared to the closing price yesterday.

DOJI Gold and Gemstone Group listed the price of SJC gold in Hanoi market at 68.3 - 69.2 million VND/tael (buy - sell), unchanged from yesterday's closing price.

Phu Quy Gold and Gemstone Group maintained the trading level compared to yesterday's closing price, listed at 68.35 - 69.05 million VND/tael (buy - sell).

Gold price today September 26, 2023: Gold price plummets, precious metals are under a lot of pressure, investors dump goods, SJC gold loses important milestone. (Source: Reuters)

Summary of SJC gold prices at major domestic trading brands at the closing time of September 26:

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: 68.2 - 69.05 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: 68.32 - 68.98 million VND/tael; Rong Thang Long gold brand is traded at 57.08 - 57.98 million VND/tael; jewelry gold price is traded at 56.75 - 57.85 million VND/tael.

Thus, compared to the early morning of September 26, the price of SJC gold in the Hanoi market listed by Saigon Jewelry Company decreased by 150,000 VND/tael for buying and 170,000 VND/tael for selling, officially losing the important milestone of 69 million VND/tael.

According to the World & Vietnam Newspaper , at 7:26 p.m. on September 25 (Vietnam time), the world gold price on Kitco was at 1,924.3 - 1,925.3 USD/ounce, down 0.5 USD/ounce compared to the previous trading session.

Converted according to the USD price at Vietcombank on September 25, 1 USD = 24,535 VND, the world gold price is equivalent to 56.91 million VND/tael, 12.04 million VND/tael lower than the selling price of SJC gold.

Gold falls as markets weigh Fed move

World gold prices fell in the first trading session of the week on September 25 as the USD stood firm after US Federal Reserve (Fed) officials warned that interest rates would remain high for longer, despite the context of investors expecting inflation data later this week.

Spot gold fell 0.1% to $1,923.94 an ounce at 1153 GMT, while US gold futures also fell 0.1% to $1,943.70.

Gold is in a consolidation phase after prices failed to hold above $1,930 an ounce last week, said Carlo Alberto De Casa , market analyst at Kinesis Money, according to Reuters .

In addition, the expert also added that gold bullion could be further pressured towards the important psychological level of $1,900 if the Fed raises interest rates.

Higher interest rates discourage buying gold, which does not yield interest and is priced in dollars.

Fed officials warned last week of further rate hikes even after voting to keep the benchmark interest rate steady on Sept. 20. Three policymakers said they were still unsure whether the inflation war was over.

The greenback hovered around its highest level in more than six months, while the yield on the 10-year Treasury note was near a 16-year high.

Investors are now looking ahead to the Fed's preferred measure of inflation, the personal consumption expenditures (PCE), due on September 29.

Reflecting investor sentiment, SPDR Gold Trust, the world's largest gold-backed ETF, said its holdings fell to their lowest since January 2020 late last week.

Among other metals, spot silver rose 0.2% to $23.57 an ounce, platinum fell 0.6% to $920.61 and palladium fell 0.4% to $1,244.22.

Meanwhile, according to Kitco News , gold and silver prices fell slightly in early trading on September 25 as US Treasury yields rose and reached multi-year highs, while the USD index neared a 6.5-month high.

Gold markets remained confident after last week’s hawkish Federal Open Market Committee (FOMC) meeting. December gold fell $1.90 to $1,943.70 and December silver fell $0.009 to $23.825.

Technically, gold futures have the overall near-term technical advantage. Prices are in a downtrend.

The bulls' next upside price objective is to produce a close for December futures above solid resistance at the September high of $1,980.20/ounce.

The bears’ next near-term downside price objective is pushing futures prices below solid technical support at the August low of $1,913.60/oz. First resistance is seen at $1,950/oz and then at last week’s high of $1,968.90/oz.

First support is seen at the overnight low of $1,940.10/ounce and then at last week's low of $1,933.10/ounce.

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