Gold is about to enter an attractive cycle

Domestic gold price

At the end of last week's trading session, the price of 9999 gold bars at SJC Ho Chi Minh City was 68.25 million VND/tael (buy) and 68.95 million VND/tael (sell). SJC Hanoi listed at 68.25 million VND/tael (buy) and 68.97 million VND/tael (sell).

Doji Hanoi listed at 68.1 million VND/tael (buy) and 69 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 68.1 million VND/tael and sold at 68.8 million VND/tael.

Gold prices are expected to rise after the Fed's decision. (Photo: Kitco)

International gold price

On the world market, the spot gold price on Kitco ended the weekend trading session at 1,924 USD/ounce.

The direction of gold will be clearer this week after the US Federal Reserve (Fed) decides on monetary policy at its meeting on September 20-21 (US time). Experts predict that the Fed will most likely not raise interest rates, but will maintain them at current high levels.

According to the CME FedWatchTool, there is a 60% chance that interest rates will remain unchanged between now and the end of the year.

Edward Moya, senior market analyst at OANDA, said central banks are signaling the end of their rate-hike cycle, which makes gold more attractive.

Although it still seems not ready to break out, the dovish stance of the world's central banks continues to support gold prices.

Colin Cieszynski, chief market strategist at SIA Wealth Management, said gold will rise but will have difficulty breaking above $1,980 an ounce ahead of the Fed meeting.

While caught between inflation and recession, Cieszynski said the long-term outlook for gold is bullish.

Gold Price Forecast

According to Kitco News' Wall Street survey, 33% of experts predict gold prices will increase, 33% predict a decrease and the remaining 33% predict a sideways trend.

Meanwhile, 415 people participated in an online poll. The results showed that 43% said that gold prices would increase, 38% predicted a decrease, and 19% chose to stay the same.

Gold price today September 17, 2023: Domestic gold price jumped, reaching 69 million VND/tael. Gold price today September 17 on the world market increased slightly at the end of the week, while domestic gold jumped to 69 million VND/tael.

Source: https://vietnamnet.vn/gia-vang-hom-nay-18-9-2023-vang-sap-buoc-vao-chu-ky-hap-dan-2190704.html