Domestic gold price
Closing the September 11.9 trading session, 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 dong/tael (buy in) and 68,92 million dong/tael (sold out).
Doji Hanoi listed at 68,1 million dong/tael (buy in) and 68,9 million dong/tael (sold out). Doji Ho Chi Minh City bought SJC gold at 68,15 million dong/tael, sold at 68,85 million dong/tael.
International gold price
On the world market, the spot price of gold on Kitco on September 11.9 (at 20:1.928 p.m., Vietnam time) traded at XNUMX 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 that the USD's continued appreciation is still the reason why gold is stuck.
Colin Cieszynski, chief market strategist at SIA Wealth Management, said that gold will not be able to create a major change in the near future. Accordingly, gold is likely to increase slightly, but will still be stuck in the low price range.
The biggest impacts on gold at the moment are the US consumer price index and producer price index for August, which will be announced on September 8-13 (US time). In addition, investors also monitor US retail sales in August and interest rates of the European Central Bank (ECB).
Experts say that if the US CPI in August increases as predicted, the opportunity for gold will decrease. Because the US Federal Reserve (Fed) increases interest rates, it will support the USD to increase again, so gold transaction and deposit costs are expensive, precious metals are less attractive to cash flow.
Gold price forecast
Marc Chandler, CEO of Bannockburn Global Forex, predicts that in the near future, gold prices will be in the resistance zone from 1.935 - 1.940 USD/ounce. If gold surpasses that level, it could rise to 1.950 USD/ounce. On the other hand, failure to surpass $1.915/ounce could cause gold to return to $1.900/ounce.
Daniel Pavilonis, senior commodities broker at RJO Futures, also believes that bond yields are still the main driving force affecting gold.
Gold will be stuck in the price range of $1.900/ounce to $2.000/ounce for quite some time.