Gold hits 3-week high

Domestic gold price today September 2

At the end of the trading session on September 1, the price of 9999 gold bars at SJC Ho Chi Minh City was 67.55 million VND/tael (buy) and 68.25 million VND/tael (sell). SJC Hanoi listed at 67.55 million VND/tael (buy) and 67.27 million VND/tael (sell).

Doji Hanoi listed at 67.6 million VND/tael (buy) and 68.3 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 67.5 million VND/tael and sold at 68.2 million VND/tael.

The central exchange rate on August 31 announced by the State Bank is 23,977 VND/USD. The USD price at commercial banks this morning (September 2) was traded around 23,870 VND/USD (buy) and 24,240 VND/USD (sell).

International gold price today September 2

At 9:04 a.m. today (September 2, Vietnam time) , the world spot gold price stood at around 1,939.6 USD/ounce, down 5.4 USD/ounce compared to last night. The price of gold futures for December delivery on the Comex New York floor was at 1,967.1 USD/ounce.

On the morning of September 2 , world gold converted to USD bank price was nearly 56.68 million VND/tael (excluding tax and fees), about 11.59 million VND/tael lower than domestic gold price.

Fluctuations in international gold prices in the past 24 hours (Photo: Kitco)

On the world market, the spot gold price on Kitco floor on September 1 (at 7:00 p.m., Vietnam time) was trading at 1,945 USD/ounce.

At the current price, the world gold price converted to VND (including tax and processing fees) the difference between the domestic SJC gold price is about 10.66 million VND/tael.

Data released this week showed the US economy grew at a slower pace than initially thought in the second quarter of 2023. A series of weak US economic data reinforced the view that the US Federal Reserve (Fed) may have to pause its interest rate hikes, according to experts.

The dollar index (DXY), which measures the greenback against six other major currencies, rose 0.2% to 103.58.

The yield on 10-year US government bonds also fell 0.08 percentage point to 4.13%.

Gold price forecast

Some economists forecast the Fed will raise interest rates for the last time this year at its meeting in November, as stronger-than-expected growth in the US economy continues to fuel price pressures.

Traders in the federal funds rate futures market are also betting that the Fed has completed its monetary tightening campaign.

Jose Torres of Interactive Brokers said the upbeat market sentiment suggests that a cooling labor market could ease inflationary pressures, which could signal the start of a monetary easing cycle.

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