USD up, gold stuck

Domestic gold price

At the end of the trading session on September 11, the price of 9999 gold bars at SJC Ho Chi Minh City was 68.2 million VND/tael (buy) and 68.9 million VND/tael (sell). SJC Hanoi listed at 68.2 million VND/tael (buy) and 68.92 million VND/tael (sell).

Doji Hanoi listed at 68.1 million VND/tael (buy) and 68.9 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 68.15 million VND/tael and sold at 68.85 million VND/tael.

Gold remains in a downtrend. (Photo: Kitco)

International gold price

On the world market, the spot gold price on Kitco floor on September 11 (at 8:00 p.m., Vietnam time) was trading at 1,928 USD/ounce.

Although the USD turned down in the first session of the new week, experts affirmed that this does not indicate a new upward trend in gold prices.

Precious metals experts say gold is stuck in a downtrend. Edward Moya, senior market analyst at OANDA, said the continued strength of the US dollar is keeping gold stuck.

Colin Cieszynski, chief market strategist at SIA Wealth Management, said gold is unlikely to make a major move in the near term. Accordingly, gold is likely to rise slightly, but will remain stuck in the low price range.

The biggest impact on gold at the moment is the US consumer price index and producer price index for August, which will be released on September 13-14 (US time). In addition, investors also monitor US retail sales for August and the European Central Bank (ECB) interest rate.

Experts say that if the US CPI in August increases as predicted, the opportunity for gold will be worse. Because the US Federal Reserve (Fed) raising interest rates will support the USD to increase again, so the cost of trading and depositing gold is expensive, making precious metals less attractive to cash flow.

Gold Price Forecast

Marc Chandler, CEO of Bannockburn Global Forex, predicts that in the coming time, gold prices will be in the resistance zone of 1,935 - 1,940 USD/ounce. If gold breaks through that level, it could rise to 1,950 USD/ounce. On the other hand, if it cannot break through 1,915 USD/ounce, it could cause gold to return to 1,900 USD/ounce.

Daniel Pavilonis, senior commodities broker at RJO Futures, also said that bond yields remain the main driver of gold.

Gold will be stuck in the price range of $1,900/ounce to $2,000/ounce for quite some time.

Gold price today 11.9: Recovering, gold prices increase simultaneously Gold price today 11.9 on the world market recovered, increased slightly although investors predicted it could decrease until the end of the week. Domestic gold price also increased again.

Source: https://vietnamnet.vn/gia-vang-hom-nay-12-9-usd-tang-vang-mac-ket-2188327.html