World gold price and SJC both plummet, waiting for "flight to safety"

Gold price today, September 14, 2023, in the world market has reached a 3-week low, while SJC gold continues to decline. Experts see that spot gold may test the support level of 1,905 USD/ounce, then potentially "penetrate" below this level and fall to 1,898 USD/ounce.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 9/14 AND EXCHANGE RATE TODAY 9/14

1. PNJ - Updated: September 14, 2023 01:00 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	56,300	57,400
HCMC - SJC	68,000	68,700
Hanoi - PNJ	56,300	57,400
Hanoi - SJC	68,000	68,700
Da Nang - PNJ	56,300	57,400
Da Nang - SJC	68,000	68,700
Western Region - PNJ	56,300	57,400
Western Region - SJC	68,150	68,650
Jewelry gold price - PNJ rings (24K)	56,300	57,300
Jewelry Gold Price - 24K Jewelry	56,200	57,000
Jewelry Gold Price - 18K Jewelry	41,500	42,900
Jewelry Gold Price - 14K Jewelry	32,100	33,500
Jewelry Gold Price - 10K Jewelry	22,460	23,860

Domestic gold prices fell in the afternoon trading session on September 13. Compared to yesterday's closing session, DOJI gold in Hanoi and Ho Chi Minh City both bought at VND67.95 million/tael; sold at the listed price of VND68.75 million/tael. Both directions decreased by VND100,000 - 150,000/tael compared to yesterday's closing session.

SJC gold in Hanoi and Da Nang also decreased by 100,000 VND/tael in both directions compared to yesterday's closing price. Buying price is 67,950 million VND/tael; selling price is 68,670 million VND/tael.

World gold prices hit a three-week low after bearish technical indicators sparked a mild sell-off.

According to TG&VN at 7:00 p.m. on September 13, the world gold price on Kitco was at 1,911 - 1,912 USD/ounce, down 1.8 USD/ounce compared to the previous trading session.

Gold remains under pressure, but its ability to hold key support levels suggests investors may be worried that hawkish monetary policies around the world are on the right track, even as inflation remains high, experts say.

Higher interest rates have dimmed the appeal of non-interest-bearing assets like gold, with traders betting on a roughly 47% chance of a rate hike in November - after the US Federal Reserve is widely expected to pause tightening, according to the CME FedWatch tool.

Gold price today September 14, 2023: World gold price and SJC both plummeted, waiting for 'flight to safety'. (Source: Insider)

Summary of SJC gold prices at major domestic trading brands at the closing time of September 13:

Saigon Jewelry Company listed the price of SJC gold at 67.95 - 68.67 million VND/tael.

Doji Group currently lists the price of SJC gold at: 67.95 - 68.75 million VND/tael.

PNJ system listed at: 68.00 - 68.70 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 68.00 - 68.63 million VND/tael; Rong Thang Long gold brand is traded at 56.48 - 57.33 million VND/tael; jewelry gold price is traded at 56.00 - 57.10 million VND/tael.

Gold prices remain at psychological levels

Chantelle Schieven, head of research at Capitalight Research, noted that while the Fed remains hawkish, there are signs that the European Central Bank (ECB) may be ready to shift to a more neutral stance on monetary policy and potentially adjust its inflation target.

The ECB is expected to keep interest rates at 4.75%. Many economists predict that the bank will have difficulty raising interest rates further as the region's economy continues to slow.

Mr. Chantelle Schieven emphasized that investors may have to wait until the second quarter of next year for gold to really increase in price. Forecasts show that the precious metal may reach around 2,100 USD.

Spot gold may test support at $1,905 an ounce, then potentially “break” below this level and fall to $1,898 an ounce, according to Reuters technical analyst Wang Tao.

In the long term, gold is expected to increase, even increase sharply. On Kitco , Mr. Michael Lee, founder of Michael Lee Strategy, said that gold prices could skyrocket and reach $5,000/ounce in the next 3 years.

This expert emphasized: "The price of precious metals below 2,000 USD/ounce is considered a psychological level."

Gold prices are likely to break higher amid the economic downturn, with China and Europe being the first two drivers of the rally, added Michael Lee Strategy founder.

“At some point, there will be a flight to safety,” he asserted. “If there is another breakout event, like SVB, then all of a sudden, gold will be above $2,000 and really start moving.

Although the gold market is currently unclear ahead of the Fed's September monetary policy meeting, gold prices could hit $5,000 an ounce within the next three years.

Source