to 14-month high

Each tael of gold today increased by 250,000 VND compared to the weekend, exceeding 69 million VND, the highest level in 14 months.

Gold bar trading points simultaneously adjusted the gold price list on the morning of September 18, bringing each tael sold for over 69 million VND. At 1 p.m., SJC Jewelry Company listed the buying and selling price of gold bars at 68.5 - 69.2 million VND per tael, with a difference of 700,000 VND per tael. The price of gold bars at DOJI Jewelry Group was 68.4 - 69.25 million VND. At Phu Nhuan Jewelry Company (PNJ), the listed price was 68.7 - 69.2 million.

Gold rings fluctuated between 56.7 - 57.7 million VND per tael, an increase of 200,000 VND compared to the weekend.

From March to August, domestic gold prices remained stable despite fluctuations in the world market , reaching nearly $2,000 an ounce at times. However, in the past two months, gold bar prices have been on an upward trend and have increased by VND2 million per tael, equivalent to an increase of about 3%.

The world spot gold price is currently trading below 1,930 USD per ounce, equivalent to 56.8 million VND per tael. If converted according to Vietcombank 's selling rate, each tael of international gold is 12.3 million VND lower than the domestic price.

This week, the US Federal Reserve (Fed) will begin its sixth policy meeting of the year, voting on changes related to monetary policy, including raising, holding or cutting interest rates. Economists and the financial industry expect the Fed to not raise interest rates after 11 hikes since March 2022. The reference interest rate in the US is currently at a 22-year high, after the last hike in July. Accordingly, the scenario that the Fed will stop raising interest rates is expected to trigger further increases in gold prices.

A Bloomberg survey of investors including sovereign wealth managers and hedge funds showed that they did not reduce their gold holdings but planned to maintain or increase them over the next 12 months.

In recent days, the USD on the international market has weakened somewhat but is still at its highest price in six months. Domestically, the bank and free exchange rates are at their highest in the past nine months.

The bank USD price today increased slightly compared to the weekend, trading around 24,060 - 24,430 VND. In the free market, some foreign exchange points adjusted the USD buying price to 24,220 VND and selling price to 24,280 VND per USD.

Quynh Trang

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