World continues to decline, SJC gold stops increasing

Domestic gold prices today, September 9th.

Early this morning, September 9th , the price of 9999 gold from SJC remained unchanged compared to yesterday's closing price.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:34 AM, and the price of 9999 gold was listed by Doji Gold and Jewelry Group at 8:40 AM as follows:

	Buy	Sell
SJC Hanoi	68,050,000 VND/tael	68,770,000 VND/ounce
SJC Ho Chi Minh City	68,050,000 VND/tael	68,750,000 VND/tael
SJC Da Nang	68,050,000 VND/tael	68,770,000 VND/ounce
Doji Hanoi	68,050,000 VND/tael	68,850,000 VND/tael
Doji Ho Chi Minh City	68,100,000 VND/tael	68,800,000 VND/tael

Updated SJC and DOJI gold prices at the beginning of the morning on September 9th.

At the close of trading on September 8th, the price of 9999 gold bars at SJC Ho Chi Minh City was 68.05 million VND/ounce (buying price) and 68.75 million VND/ounce (selling price). SJC Hanoi listed the price at 68.05 million VND/ounce (buying price) and 68.77 million VND/ounce (selling price).

Doji Hanoi listed gold at 68.05 million VND/ounce (buying price) and 68.95 million VND/ounce (selling price). Doji Ho Chi Minh City bought SJC gold at 68.1 million VND/ounce and sold it at 68.8 million VND/ounce.

The central exchange rate for September 8th, announced by the State Bank of Vietnam, was 23,993 VND/USD. This morning (September 9th), the USD price at commercial banks was trading around 23,890 VND/USD (buying) and 24,260 VND/USD (selling).

International gold prices today, September 9th.

At 9:45 AM today (September 9th, Vietnam time) , the spot price of gold in the world market stood around $1,918.7 per ounce, down $4.3 per ounce compared to last night. The December gold futures contract on the Comex New York exchange was at $1,942.7 per ounce.

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

On the morning of September 9th , the world gold price, converted using the bank's USD exchange rate, was nearly 56.12 million VND/ounce (excluding taxes and fees), approximately 12.65 million VND/ounce lower than the domestic gold price.

On the global market, the spot gold price on the Kitco exchange on September 8th (at 8 PM, Vietnam time) was trading at $1,923 per ounce.

Domestic gold prices have risen sharply.

According to a report from the U.S. Department of Commerce, increased imports led to a slight widening of the trade deficit in July 2023. The U.S. trade deficit rose to $65 billion in July, compared with $63.7 billion in June. Strong consumer spending boosted U.S. trade activity.

The US dollar fell 0.1%, but is on track for its longest winning streak due to a series of strong US economic data. The Bloomberg Dollar Spot Index rose for the eighth consecutive week, its longest winning streak since January 2005.

Meanwhile, the US Federal Reserve (Fed) indicated it may halt interest rate hikes at this month's meeting, but needs to continue efforts to control inflation.

The yield on 10-year US Treasury bonds is around 4.27%.

The market is awaiting the August consumer price index report next week.

Gold price forecast

According to CME's FedWatch tool, traders are currently predicting a 93% probability that the Fed will keep interest rates unchanged at its September meeting.

JPMorgan Bank stated that the increasing trend of central banks stockpiling gold since 2022 has led investors to allocate more capital to this safe-haven asset. Investment in gold has risen to its highest level since 2012.

According to experts, gold is currently in a short-term technical downtrend. The upward trend in gold prices is weak and unlikely to break through. The market is awaiting economic data and the Fed's interest rate decisions to determine a strong direction in the coming period.

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