ANTD.VN - Although the world gold price has plummeted, falling far below the threshold of 1,900 USD/ounce, the domestic SJC gold price remains "inactive", only the gold rings of businesses have decreased quite sharply.
In the trading session on September 27 in the US market (last night, Vietnam time), the spot gold price dropped sharply by 25.4 USD per ounce, closing at 1,875 USD/ounce.
Thus, after a long time holding above the threshold of 1,900 USD/ounce, today's gold price has "slipped away" as pressure is increasing.
However, domestic gold prices did not react significantly to this development. This morning, Saigon Jewelry Company (SJC) listed the price of SJC gold bars unchanged from yesterday's closing price, at 68.10 - 68.82 million VND/tael.
At DOJI , the national gold brand, the price was only slightly adjusted down by VND50,000 per tael, to VND68.00 - 68.80 million/tael; Phu Quy VND68.00 - 68.75 million/tael...
Gold rings of various brands recorded a sharper decrease, about 300 thousand VND per tael. Accordingly, SJC 99.99 rings are listed at 56.40 - 57.35 million VND/tael; PNJ rings are 56.50 - 57.50 million VND/tael...
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Domestic gold prices fluctuate little, despite world gold plummeting |
The gold market appears to have tired of dealing with the overwhelming headwinds of the persistent strength of the US dollar and the 10-year bond yield above 4.5%. Gold prices have thus fallen to their lowest level since March.
According to some analysts, the gold price decline could push the price to a 2023 low of $1,810 in the spot market as its decline has been very rapid since the FOMC interest rate decision.
The sell-off intensified on Tuesday after prices broke below the August low of $1,885. While the March low may now be a target, some experts see some initial resistance around $1,850 an ounce.
The gold sell-off came after the Federal Reserve signaled it expects to maintain its restrictive monetary policy for the foreseeable future even as its tightening cycle ends. The U.S. central bank’s aggressive stance has pushed bond yields to fresh 16-year highs and the U.S. dollar to its highest since November.
In addition, the weakening European economy is also an important factor causing the US dollar index to rise above 106 points, because the US economy is still reasonably resilient compared to other countries.
Although gold remains under pressure in the short term, some analysts maintain a bullish long-term outlook for the precious metal unless prices break above $1,800 an ounce.
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