USD rises, gold gets stuck.

Domestic gold prices

At the close of trading on September 11th, the price of 9999 gold bars at SJC Ho Chi Minh City was 68.2 million VND/ounce (buying price) and 68.9 million VND/ounce (selling price). SJC Hanoi listed the price at 68.2 million VND/ounce (buying price) and 68.92 million VND/ounce (selling price).

Doji Hanoi listed gold at 68.1 million VND/ounce (buying price) and 68.9 million VND/ounce (selling price). Doji Ho Chi Minh City bought SJC gold at 68.15 million VND/ounce and sold it at 68.85 million VND/ounce.

*Gold continues its downward trend. (Image: Kitco)*

International gold prices

On the global market, the spot gold price on the Kitco exchange on September 11th (at 8 PM, Vietnam time) was trading at $1,928 per ounce.

Although the US dollar reversed its upward trend and fell in the first trading session of the new week, experts assert that this does not yet indicate a new upward trend for gold prices.

Precious metals experts believe gold is stuck in a downtrend. Edward Moya, senior market analyst at OANDA, said the continued appreciation of the US dollar remains the reason gold is stuck.

Colin Cieszynski, market strategist at SIA Wealth Management, said that gold is unlikely to see a major shift in the near future. He believes gold is likely to rise slightly, but will remain stuck in low price ranges.

The biggest factors impacting gold at the moment are the release of the US August consumer price index and producer price index on September 13-14 (US time). Additionally, investors are also monitoring US retail sales for August and the interest rate of the European Central Bank (ECB).

Experts believe that if the US CPI for August rises as predicted, the opportunities for gold will diminish. This is because a US Federal Reserve (Fed) interest rate hike will support a rebound in the US dollar, thus increasing gold transaction and storage costs, making the precious metal less attractive to investors.

Gold price forecast

Marc Chandler, CEO of Bannockburn Global Forex, predicts that gold prices will soon be in the resistance zone of $1,935 - $1,940 per ounce. If gold breaks through that level, it could reach $1,950 per ounce. On the other hand, if it fails to break through $1,915 per ounce, gold could fall back to $1,900 per ounce.

Daniel Pavilonis, a senior commodities broker at RJO Futures, also believes that bond yields remain the primary driver of gold prices.

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

Gold prices today, September 11th: Recovering, gold prices rise across the board . Gold prices on the world market recovered today, September 11th, rising slightly despite investors predicting a possible decline until the end of the week. Domestic gold prices also increased again.

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