Recovering after a sharp sell-off.

Domestic gold prices today, September 23rd

Early this morning, September 23rd , the price of 9999 gold from SJC increased by 100,000 VND/ounce for both buying and selling compared to the closing price yesterday.

The price of 9999 gold, as updated by Saigon Jewelry Company Limited (SJC) at 8:34 AM, is as follows:

	Buy	Sell
SJC Hanoi	68,450,000 VND/ounce	69,170,000 VND/ounce
SJC Ho Chi Minh City	68,450,000 VND/ounce	69,150,000 VND/ounce
SJC Da Nang	68,450,000 VND/ounce	69,170,000 VND/ounce

SJC gold price chart updated at the beginning of the morning of September 23rd.

At the close of trading on September 22, the price of 9999 gold bars at SJC Ho Chi Minh City was 68.35 million VND/ounce (buying price) and 69.05 million VND/ounce (selling price). SJC Hanoi listed the price at 68.35 million VND/ounce (buying price) and 69.07 million VND/ounce (selling price).

Doji Hanoi listed gold at 68.25 million VND/ounce (buying price) and 69.15 million VND/ounce (selling price). Doji Ho Chi Minh City bought SJC gold at 68.3 million VND/ounce and sold it at 69.1 million VND/ounce.

The central exchange rate announced by the State Bank of Vietnam on September 22nd was 24,060 VND/USD. This morning (September 23rd), the USD price at commercial banks was trading around 24,160 VND/USD (buying) and 24,530 VND/USD (selling).

International gold prices today, September 23rd

At 10:09 AM today (September 23rd, Vietnam time), the spot price of gold in the world market stood around $1,924.8 per ounce, down $0.2 per ounce compared to last night. The price of December gold futures on the Comex New York exchange was $1,945.6 per ounce.

On the morning of September 23rd , the world gold price, converted using the bank's USD exchange rate, was 56.92 million VND/ounce (excluding taxes and fees), approximately 12.25 million VND/ounce lower than the domestic gold price.

International gold price fluctuations over the past 24 hours (Image: Kitco)

On the global market, the spot gold price on the Kitco exchange (at 8:30 PM, Vietnam time) was trading at $1,925 per ounce.

Gold prices edged higher again after strong selling pressure this week. The gold market remains negatively impacted by the monetary policy of the US Federal Reserve (Fed). This week, the Fed decided to keep interest rates at 5.25-5.5%.

At the press conference following the meeting, Fed Chairman Jerome Powell said that a soft landing could be affected by factors beyond the Fed's control.

Officials expect fewer interest rate cuts in 2024 than previously estimated. Investors are concerned that interest rates could remain higher for a longer period.

The DXY index (which measures the fluctuations of the US dollar against six major world currencies) is trading at 105.5 points.

Gold price forecast

The Fed's continued interest rate hikes are unfavorable for gold prices. Higher interest rates reduce the attractiveness of gold, increasing the opportunity cost of holding a non-yielding asset.

George Milling Stanley, chief strategist at State Street Global Advisors, believes that despite a lack of momentum, gold is likely to hold firm above the $1,900/ounce support level. The investment potential in gold remains good.

Axel Merk, President of Merk Investments, believes a rate cut early next year is not out of the question. Gold prices will react to the Fed's comments with a new surge.

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