A week of significant volatility has ended.

Domestic gold prices

At the close of trading on September 23, the price of 9999 gold bars at SJC Ho Chi Minh City was 68.45 million VND/ounce (buying price) and 69.15 million VND/ounce (selling price). SJC Hanoi listed the price at 68.45 million VND/ounce (buying price) and 69.17 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.

Gold prices rose slightly at the end of the week. (Photo: Kitco)

International gold prices

On the global market, the spot gold price on the Kitco exchange closed the week's trading session at $1,924 per ounce.

The focus of the gold market last week was the US Federal Reserve's decision to keep interest rates unchanged at this meeting, but still signaling the possibility of another rate hike before the end of the year.

Chairman Jerome Powell's statements were not unexpected by analysts. Powell stated that the Fed's monetary tightening measures are on the right track in the fight against inflation.

The DXY index (measuring the fluctuations of the US dollar against six major world currencies) traded at 105.4 points. Following the press conference, the price of gold reversed sharply, falling to $1,926 per ounce.

Several other factors influenced gold, such as the Bank of England's (BOE) decision to keep its benchmark interest rate unchanged. This move ended the BOE's streak of 14 consecutive interest rate hikes.

Gold prices in China hit a record high last week, extending months of gains as consumers bought the safe-haven asset to offset the depreciation of the yuan.

Gold price forecast

Gold prices stabilized at the end of the week, but analysts predict further volatility in the near future.

According to Reuters technical analyst Wang Tao, spot gold prices could retreat within a narrow range of $1,917-$1,921 per ounce as the precious metal has failed to break through the $1,933-$1,935 per ounce resistance zone.

According to Suki Cooper, an expert at Standard Chartered Bank, the precious metal is currently stuck. Gold prices will only rebound when interest rates in the US and globally fall and the USD weakens.

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