SJC gold suddenly increased dramatically

Domestic gold prices today, September 16th.

Early this morning, September 16th, the price of 9999 gold from SJC increased by 250,000 VND/ounce for both buying and selling compared to the closing price yesterday.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:32 AM and the price of 9999 gold was listed by Doji Gold and Jewelry Group at 8:33 AM as follows:

	Buy	Sell
SJC Hanoi	68,250,000 VND/ounce	68,970,000 VND/ounce
SJC Ho Chi Minh City	68,250,000 VND/ounce	68,950,000 VND/ounce
SJC Da Nang	68,250,000 VND/ounce	68,970,000 VND/ounce
Doji Hanoi	67,900,000 VND/tael	68,800,000 VND/tael
Doji Ho Chi Minh City	68,100,000 VND/tael	68,800,000 VND/tael

Updated gold prices for SJC and DOJI at the beginning of the morning on September 16th.

At the close of trading on September 15th, the price of 9999 gold bars at SJC Ho Chi Minh City was 68 million VND/ounce (buying price) and 68.7 million VND/ounce (selling price). SJC Hanoi listed the price at 68 million VND/ounce (buying price) and 68.72 million VND/ounce (selling price).

Doji Hanoi listed gold at 67.9 million VND/ounce (buying price) and 68.8 million VND/ounce (selling price). Doji Ho Chi Minh City bought SJC gold at 68 million VND/ounce and sold it at 68.7 million VND/ounce.

The central exchange rate announced by the State Bank of Vietnam on September 15th was 24,036 VND/USD. This morning (September 16th), the USD price at commercial banks was trading around 24,055 VND/USD (buying) and 24,425 VND/USD (selling).

International gold prices today, September 16th

At 9:11 AM today (September 16th, Vietnam time) , the spot price of gold in the world market stood around $1,924.1 per ounce, down $2.9 per ounce compared to last night. The December gold futures contract on the Comex New York exchange was at $1,946.2 per ounce.

On the morning of September 16th, the world gold price, converted using the bank's USD exchange rate, was nearly 56.66 million VND/ounce (excluding taxes and fees), approximately 12.31 million VND/ounce lower than the domestic gold price.

International gold price fluctuations over the past 24 hours (Image: Kitco)

On the global market, the spot gold price on the Kitco exchange on September 15th (at 9 PM, Vietnam time) was trading at $1,927 per ounce.

Gold prices are testing resistance around $1,950 per ounce amid negative consumer sentiment and easing inflationary pressures. According to released data, the consumer sentiment index fell to 67.7 from 69.5 in August.

According to the U.S. Department of Commerce, retail sales in the country increased by 0.6% in August 2023, higher than the expected 0.1%.

The US producer price index (PRI) rose 0.7% seasonally adjusted in August 2023, higher than the expected 0.4% and the largest monthly increase since June 2022.

The department also reported that the number of US unemployment benefit claims increased by 3,000 to 220,000 in the week ending September 9.

A slight increase in core inflation could encourage the US Federal Reserve (Fed) to keep interest rates unchanged.

The Chinese yuan reached a two-week high against the US dollar after data showed China's industrial production and retail sales in August exceeded analysts' forecasts, positively impacting gold prices.

Gold price forecast

David Meger, director of High Ridge Futures, a metals trading center, said there are concerns that the Fed is likely to continue raising interest rates, and that would put some pressure on the gold market.

According to Reuters technical analyst Wang Tao, spot gold could test the $1,950/ounce support level.

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