SJC gold increased by 100 thousand VND/tael

Domestic gold price today 22/9

Early morning 22/9, the price of gold 9999 of SJC today increased by 100 thousand dong/tael in both buying and selling direction compared to the end of yesterday session.

Gold price 9999 is updated by Saigon Jewelry Company Limited (SJC) at 8:34 and gold price 9999 is listed by Doji Jewelry Group at 8:46 as follows:

                             SJC and DOJI gold price list updated early in the morning of June 22

Closing session 21/9, gold price 9999 pieces at SJC HCMC are 68,35 million VND/tael (buy in) and 69,05 million VND/tael (sold out). SJC Hanoi listed at 68,35 million dong/tael (buy in) and 69,07 million dong/tael (sold out). 

Doji Hanoi listed at 68,4 million dong/tael (buy in) and 69,3 million dong/tael (sold out). Doji Ho Chi Minh City bought SJC gold at 68,45 million dong/tael, sold at 69,15 million dong/tael. 

Central exchange rate on 22/9 announced by the State Bank is 24.060 VND/USD, down 3 VND compared to yesterday. USD price at commercial banks this morning (July 22) was trading around 9 VND/USD (buying in) and 24.100 VND/USD (selling out).

International gold price today 22/9

At 9:30 am today (July 22, Vietnam time), world spot gold price stood around the threshold of 1.924 USD/ounce, up 8 USD/ounce compared to last night. Gold futures for August delivery on Comex New York were at $12 per ounce.

Morning 22/9, world gold converted at the bank's USD price is 56,76 million dong/tael (excluding taxes and fees), about 12,41 million dong/tael lower than the domestic gold price.

On the world market, the spot price of gold on Kitco (at 20:30 p.m., Vietnam time) traded at 1.916 USD/ounce. 

Gold prices traded at low levels after the US employment report was released. The country's Ministry of Labor said the number of weekly applications for unemployment benefits decreased by 20.000 to 201.000. Unemployment claims fell to their lowest level since mid-March.

US job growth slows but remains solid. The US economy is growing strongly and inflation remains high.

The Federal Reserve just decided to keep interest rates unchanged between 5,25% and 5,5%. Immediately after the Fed's decision, the market lowered expectations for interest rate cuts next year. 

The DXY index (which measures the greenback's fluctuations against 6 major world currencies) traded at 105,4 points.

Meanwhile, US 10-year government bond yields increased after the Fed's decision.

Gold price forecast

Edward Moya, senior market analyst at OANDA, said the Fed kept interest rates high for an extended period of time, lifting 10-year US bond yields to a 16-year high. Thereby reducing the attractiveness of gold.

The World Gold Council (WGC) said that global gold demand has decreased by 5% since the beginning of the year, also contributing to the weakening of gold prices.

According to Capital Economics, gold prices could fall to 1.800 USD/ounce by the end of this year when the US economy begins to grow again and inflationary pressures have eased.