Gold is about to enter an attractive cycle.

Domestic gold prices

At the close of trading last weekend, the price of 9999 gold bars at SJC Ho Chi Minh City was 68.25 million VND/ounce (buying price) and 68.95 million VND/ounce (selling price). SJC Hanoi listed the price at 68.25 million VND/ounce (buying price) and 68.97 million VND/ounce (selling price).

Doji Hanoi listed gold at 68.1 million VND/ounce (buying price) and 69 million VND/ounce (selling price). Doji Ho Chi Minh City bought SJC gold at 68.1 million VND/ounce and sold it at 68.8 million VND/ounce.

*Gold prices are expected to rise following the Fed's decision. (Image: Kitco)*

International gold prices

On the global market, the spot gold price on the Kitco exchange ended the week's trading session at $1,924 per ounce.

The direction of gold will become clearer this week after the US Federal Reserve (Fed) decides on its monetary policy at its meeting on September 20-21 (US time). Experts predict that the Fed is unlikely to raise interest rates, but will maintain them at their 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 that central banks around the world are sending a common message that the cycle of raising interest rates is nearing its end. This makes gold more attractive.

Although it may not yet be ready for a breakout, the dovish stance of central banks around the world continues to support gold prices.

Colin Cieszynski, chief market strategist at SIA Wealth Management, believes gold will rise but will struggle to surpass $1,980 per ounce before the Fed meeting.

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

Gold price forecast

According to a Kitco News Wall Street survey, 33% of experts predict a rise in gold prices, 33% predict a fall, and the remaining 33% predict a sideways movement.

Meanwhile, 415 people participated in an online poll. The results showed that 43% believed the price of gold would rise, 38% predicted a decrease, and 19% chose to remain unchanged.

Gold prices today, September 17, 2023: Domestic prices surge, reaching 69 million VND/ounce . Gold prices on the world market saw a slight increase at the end of the week, while domestic gold prices surged to 69 million VND/ounce.

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