World gold price reaches new high, USD leaves peak, SJC gold soars past year's record

Gold prices today, September 20, 2023, continued to increase sharply due to the great impact of the Fed not raising interest rates. However, any expectation of higher interest rates from the Fed compared to investors' bets could impact the gold market, pushing gold prices down. SJC gold prices and domestic gold ring prices set a "record of the year" surpassing the threshold of 69 million VND/tael.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 9/20 AND EXCHANGE RATE TODAY 9/20

1. PNJ - Updated: 09/20/2023 00:30 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	57,100	58,100
HCMC - SJC	68,600	69,300
Hanoi - PNJ	57,100	58,100
Hanoi - SJC	68,600	69,300
Da Nang - PNJ	57,100	58,100
Da Nang - SJC	68,600	69,300
Western Region - PNJ	57,100	58,100
Western Region - SJC	68,650	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 have continued to increase, recording the highest level in 2023, when they increased sharply on the morning of September 19, exceeding 69.2 million VND/tael.

Gold prices traded at major trading units such as Saigon Jewelry, Doji , and Phu Quy increased by about VND150,000/tael in both directions (buying and selling) compared to the closing price on the afternoon of September 18. After many sessions hovering close to the VND69 million/tael mark, the price of the precious metal has surpassed this peak.

The price of gold rings also jumped to a record high of 58 million VND/tael. On September 19, the price of gold rings continued to increase by about 300 thousand VND/tael compared to the end of yesterday. The selling price of this type of gold has now reached around 58 million VND/tael, a record so far.

Thus, compared to the end of August, the price of gold rings has increased by about VND1.2 million/tael, equivalent to an increase of 2.2%. Compared to the beginning of the year, the price of gold rings has increased by about VND4.5 million/tael, equivalent to an increase of 8.5%.

World gold prices are still fluctuating around the highest level in the past two weeks as the US dollar retreated from the "peak" of 6 months, making gold cheaper for foreign buyers. Many important meetings of the world's leading central banks will take place this week. The focus of attention for gold investors now is the US Federal Reserve (Fed) which is expected to make a monetary policy decision later on September 20, in which traders assess a 99% possibility that the Fed will maintain interest rates at a high level in the range of 5.25% to 5.5%. At that time, gold prices are forecast to tend to increase in the coming time.

Michael Langford, chief investment officer at Scorpion Minerals , said Fed Chairman Powell's speech may emphasize that inflation risks have not disappeared, but they are in a wait-and-see mode.

The world gold price traded on Kitco floor at 1,936.6 USD/ounce, up 2.1 USD compared to the previous session, recorded by TG&VN at 9:05 p.m. on September 19 (Vietnam time). The December gold futures price was last traded at 1,956.80 USD/ounce, up 0.17% during the day.

The USD exchange rate at commercial banks on September 19 was traded around 24,160 - 24,530 VND/USD (buy-sell). The world gold price converted to the bank USD price was nearly 57.15 million VND/tael (excluding taxes and fees), about 12.07 million VND/tael lower than the domestic gold price.

Giá vàng hôm nay 30/6/2023: Giá vàng thấp nhất hơn 3 tháng, lùi dần về 1.900 USD, (Nguồn: Kitco)

Gold price today September 20, 2023: Gold price reaches new high, USD leaves peak, SJC gold soars past year's record. (Source: Kitco)

Summary of SJC gold prices at major domestic trading brands at the closing time of September 19:

Saigon Jewelry Company listed the price of SJC gold at 68.45 - 69.17 million VND/tael.

Doji Group currently lists the price of SJC gold at: 68.55 - 69.40 million VND/tael.

Phu Quy Group currently lists the price of SJC gold at: 68.55 - 69.30 million VND/tael.

PNJ system listed at: 68.60 - 69.30 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 68.60 - 69.28 million VND/tael; Rong Thang Long gold brand is traded at 57.29 - 58.19 million VND/tael; jewelry gold price is traded at 56.85 - 57.95 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.

How do experts predict gold prices?

Last week, the European Central Bank (ECB) raised the Euro interest rate by 0.25% to an all-time high of 4%/year. This week, in addition to the Fed meeting to make monetary policy decisions, the Bank of England (BoE), Japan (BoJ) and China (PBoC) will also decide on new interest rates at the end of the week.

The Bank of England is expected to raise interest rates by 25 basis points to 5.5% on September 21. The Bank of Japan meets on September 22, with investors looking for further clues on the outlook from Governor Kazuo Ueda after recent comments about ending negative interest rates.

Edward Moya, senior market analyst at OANDA , said central banks around the world are signaling the end of their rate-hike cycle. That makes gold more attractive.

In the short term, Marc Chandler, CEO at Bannockburn Global Forex, said that gold prices could still rise because the Fed will not raise interest rates, at which point it has the potential to return to $1,950/ounce.

However, with high energy prices and low global reserves, this will be a major short-term risk to inflation targets, said Scorpion Minerals' chief investment officer. Gold's appeal could be reduced if the Fed unexpectedly decides to raise interest rates further to control inflation.

Looking at the long term, analysts at Capital Economics recently predicted that gold will likely fall to $1,800/ounce by the end of the year as the US economy continues to grow and inflationary pressures ease.

Any expectation of higher interest rates from the Fed than investors are betting on could weigh on the gold market, pushing prices lower, said Edward Gardner, commodities economist at Capital Economics. Faster growth, subdued inflation and a strong job market have set the stage for updated forecasts from Fed officials, likely reflecting their growing confidence in the prospects for a soft landing while maintaining another rate hike.

Meanwhile, the World Gold Council said global gold demand fell about 5% year-on-year in the first half of this year while supply increased slightly.

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