Gold price follows the Fed's "melody", investors are less pessimistic, the market leans towards the "bears"

Gold prices today, September 18, 2023, are expected to increase as pessimism about precious metals has eased. Experts believe that precious metals will increase in price after a week dominated by central bank interest rate announcements.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 9/17 and EXCHANGE RATE TODAY 9/17

1. PNJ - Updated: September 18, 2023 01:00 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	56,600	57,600
HCMC - SJC	68,000	68,800
Hanoi - PNJ	56,600	57,600
Hanoi - SJC	68,000	68,800
Da Nang - PNJ	56,600	57,600
Da Nang - SJC	68,000	68,800
Western Region - PNJ	56,600	57,600
Western Region - SJC	68,450	68,950
Jewelry gold price - PNJ rings (24K)	56,600	57,500
Jewelry Gold Price - 24K Jewelry	56,500	57,300
Jewelry Gold Price - 18K Jewelry	41,730	43,130
Jewelry Gold Price - 14K Jewelry	32,270	33,670
Jewelry Gold Price - 10K Jewelry	22,590	23,990

Domestic gold prices recorded a strong increase last week. Specifically, the SJC gold price was also adjusted by Saigon Jewelry Company to increase by VND200,000/tael in both buying and selling compared to yesterday's closing price, listed at VND68.25-68.95 million/tael (buying - selling).

At this price, the domestic gold price increased by 150 thousand VND/tael, equivalent to 0.21% in value last week. At the same time, the world gold price increased by 0.3% for the whole week.

Summary of SJC gold prices at major domestic trading brands at the closing time of September 17:

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: 68.1 - 69.0 million VND/tael.

PNJ system listed at: 68.0 - 68.8 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 68.3 - 68.95 million VND/tael; Rong Thang Long gold brand is traded at 56.83 - 57.68 million VND/tael; jewelry gold price is traded at 56.35 - 57.45 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.

World gold price on Kitco floor at 1,925.1 USD/ounce - recorded at the closing session last week (September 16).

Gold price today September 18, 2023: Gold price follows the Fed's 'melody', investors are less pessimistic, the market leans towards the 'bears'. (Source: Kitco News)

Gold will increase this week

The latest Kitco News weekly gold survey shows that bearish sentiment on the precious metal has eased as retail investors bet on gold rising this week. Meanwhile, market analysts have turned cautious.

Mark Leibovit, publisher of VR Metals/Resource Letter, said he is bullish on gold this week and will be watching the greenback closely for gold's near-term direction.

“Waiting for confirmation whether the USD has peaked or not,” he said.

“I remain mildly bullish,” said James Stanley, senior market strategist at Forex.com. “Last week was one of those weeks where the bears had ample opportunity to push spot gold below $1,900, but they were unable to do so, even as U.S. data showed significant strength.”

This week sees the release of key US housing data, but all eyes will be on the Federal Reserve’s interest rate decision, with markets almost fully pricing in a rate cut.

Marc Chandler, CEO at Bannockburn Global Forex, expects gold to rise in a week dominated by central bank interest rate announcements.

“I like gold next week and the fact that it has successfully tested $1,900 an ounce, the market potential is going to be $1,950 an ounce,” he said.

Twelve Wall Street analysts participated in the Kitco News gold survey last week, and their forecasts were evenly split. Four experts, or 33%, expected gold prices to rise, fall, or remain unchanged for the week ending September 22.

Meanwhile, 415 votes were cast in an online Main Street poll, with 180 respondents, or 43 percent, saying gold will rise next week. Another 156, or 38 percent, said the precious metal will be lower, and 79, or 19 percent, were neutral.

Daniel Pavilonis, Senior Commodity Broker at RJO Futures sees the yellow metal weakening in the coming days.

“I think we’re going to see a bearish week,” he said. “The market is range-bound. Gold can’t break above $2,000 an ounce and can’t break below $1,900 an ounce. The market is literally neutral.”

Adam Button, chief currency analyst at Forexlive.com, agrees, saying that gold is likely to fall this week. “It’s a tough time of year and the pullback in risk assets will drag gold lower,” he said.

And Kitco senior analyst Jim Wyckoff also sees gold trending lower. “The chart is still tilted to the bears,” he said.

The latest survey showed that retail investors expect the precious metal to trade around $1,924 an ounce this week.

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