Gold price increases while 'watching' Fed's move, precious metal price in China hits record, SJC follows suit

Gold price today September 19, 2023, gold price increased slightly before the Fed's policy decision. It is likely that the Fed will maintain high interest rates for a long time and this is negative for gold. Chinese gold price hits record high. SJC gold skyrocketed.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 9/19 and EXCHANGE RATE TODAY 9/19

1. PNJ - Updated: September 18, 2023 22:30 - Time of website supply - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	56,700 ▲100K	57,700 ▲100K
HCMC - SJC	68,500 ▲500K	69,250 ▲450K
Hanoi - PNJ	56,700 ▲100K	57,700 ▲100K
Hanoi - SJC	68,500 ▲500K	69,250 ▲450K
Da Nang - PNJ	56,700 ▲100K	57,700 ▲100K
Da Nang - SJC	68,500 ▲500K	69,250 ▲450K
Western Region - PNJ	56,700 ▲100K	57,700 ▲100K
Western Region - SJC	68,450	69,050 ▲100K
Jewelry gold price - PNJ rings (24K)	56,700 ▲100K	57,600 ▲100K
Jewelry Gold Price - 24K Jewelry	56,600 ▲100K	57,400 ▲100K
Jewelry Gold Price - 18K Jewelry	41,800 ▲70K	43,200 ▲70K
Jewelry Gold Price - 14K Jewelry	32,330 ▲60K	33,730 ▲60K
Jewelry Gold Price - 10K Jewelry	22,630 ▲40K	24,030 ▲40K

Domestic gold price in the morning session of the first week of September 18, in Hanoi market, SJC gold price was increased by 50 thousand VND/tael in buying and selling compared to the closing session of last weekend, listed at 68.3 - 69.02 million VND/tael (buying - selling).

DOJI Gold and Gemstone Group listed the price of SJC gold in the Hanoi market at 68.1-69 million VND/tael (buy - sell), unchanged from the closing price last weekend.

Gold price today September 19, 2023: Gold price increased while 'watching' the Fed's move, precious metal price in China hit a record, SJC followed suit. (Source: Reuters)

Gold prices in the Asian market were little changed in the morning session of September 18, as investors continued to consider the possibility that the US Federal Reserve (Fed) would stop raising interest rates at this week's meeting.

Accordingly, spot gold price was flat at $1,924.29/ounce, while gold futures price was stable at $1,946.10/ounce.

Summary of SJC gold prices at major domestic trading brands at the closing time of September 18:

Saigon Jewelry Company listed the price of SJC gold at 68.35 - 69.05 million VND/tael.

Doji Group currently lists the price of SJC gold at: 68.4 - 69.25 million VND/tael.

PNJ system listed at: 68.5 - 69.25 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 68.4 - 69.08 million VND/tael; Rong Thang Long gold brand is traded at 57.08 - 57.98 million VND/tael; jewelry gold price is traded at 56.65 - 57.75 million VND/tael.

Thus, compared to the early morning of September 18, the price of SJC gold in Hanoi market listed by Saigon Jewelry Company increased by 50 thousand VND/tael for buying and increased by 30 thousand VND/tael for selling.

According to the World & Vietnam Newspaper , at 7:52 p.m. on September 18 (Vietnam time), the world gold price on Kitco was at 1,924.0 - 1,925.0 USD/ounce, down 0.1 USD/ounce compared to the previous trading session.

Converted according to the USD price at Vietcombank on September 18, 1 USD = 24,530 VND, the world gold price is equivalent to 56.89 million VND/tael, 12.16 million VND/tael lower than the selling price of SJC gold.

Markets focus on Fed policy meeting

World gold prices increased slightly in the trading session on September 18 before the Fed's policy decision this week, where people expect a lot that the US central bank will keep interest rates stable.

Spot gold rose 0.1% to $1,925.50 an ounce at 12:23 GMT. U.S. gold futures were up 0.1% at $1,948.

This week, investors will look to policy decisions from the Fed on September 20, the Bank of England on September 21 and the Bank of Japan on September 22.

“So far, given the resilience of the US economy and high inflation, investors are still not sure that the Fed has reached its peak interest rate,” said Carlo Alberto De Casa , market analyst at Kinesis Money.

“There is a high likelihood that interest rates will remain high for a long time and this is negative for gold,” he said, adding that only a break above $1,950-$1,952 an ounce would give the precious metal the strength to continue rising.

Non-yielding gold tends to fall out of favor with investors when interest rates rise.

Traders have priced in a 99% chance the Fed will keep rates unchanged on September 20, but there is a roughly 31% chance the central bank will raise rates in November, according to the CME FedWatch Tool.

Chinese gold prices hit a record high last week, extending a multi-month rally as consumers bought safe-haven assets to offset a weaker yuan. Physical gold premiums also surged to new highs. Physical gold prices also surged due to a lack of new import quotas.

In the previous session, the amount of gold held by the world's largest gold-backed exchange-traded fund SPDR Gold Trust rose 0.1% to 880.27 tonnes.

“While developments in China are worth watching, we do not believe this will change the outlook for the gold market at this time,” said Julius Baer analyst Carsten Menke .

In other precious metals, spot silver rose 0.4% to $23.09 an ounce, platinum rose 0.7% to $931.44 and palladium fell 0.6% to $1,240.70.

Investors will be closely watching central bank meetings this week for clues on the outlook for global interest rates, with Fed officials increasingly confident of a soft landing for the U.S. economy.

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