SJC gold continues to 'climb', reaching over 68.5 million VND.

VietNamNet•07/09/2023

Domestic gold prices today, September 7th

In the early afternoon of September 7th , the price of 9999 gold from SJC increased by 150,000 VND/ounce for both buying and selling compared to the morning.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 13:50 and the price of 9999 gold was listed by Doji Gold and Jewelry Group at 14:09 as follows:

	Buy	Sell
SJC Hanoi	67,900,000 VND/ounce	68,520,000 VND/ounce
SJC Ho Chi Minh City	67,900,000 VND/ounce	68,500,000 VND/ounce
SJC Da Nang	67,900,000 VND/ounce	68,520,000 VND/ounce
Doji Hanoi	67,850,000 VND/ounce	68,600,000 VND/ounce
Doji Ho Chi Minh City	67,700,000 VND/ounce	68,400,000 VND/ounce

Gold price chart for SJC and DOJI updated early afternoon, September 7th.

Early this morning, September 7th , the price of 9999 gold from SJC decreased by 50,000 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 8:27 AM and the price of 9999 gold was listed by Doji Gold and Jewelry Group at 8:34 AM as follows:

	Buy	Sell
SJC Hanoi	67,750,000 VND/ounce	68,370,000 VND/ounce
SJC Ho Chi Minh City	67,750,000 VND/ounce	68,350,000 VND/ounce
SJC Da Nang	67,750,000 VND/ounce	68,370,000 VND/ounce
Doji Hanoi	67,700,000 VND/ounce	68,450,000 VND/ounce
Doji Ho Chi Minh City	67,650,000 VND/ounce	68,350,000 VND/ounce

Updated SJC and DOJI gold prices at the beginning of the morning on September 7th.

At the close of trading on September 6th, the domestic price of 9999 gold was listed by SJC and Doji Gold and Gemstone Group in the following order for buying and selling:

SJC Hanoi: 67,800,000 VND/ounce - 68,420,000 VND/ounce
Doji Hanoi: 67,700,000 VND/ounce - 68,450,000 VND/ounce
SJC Ho Chi Minh City: 67,800,000 VND/ounce - 68,400,000 VND/ounce
Doji Ho Chi Minh City: 67,650,000 VND/ounce - 68,350,000 VND/ounce

The central exchange rate for September 7th , announced by the State Bank of Vietnam, is 23,979 VND/USD, a decrease of 12 VND compared to yesterday. The USD price at commercial banks this morning (September 7th) is trading around 23,850 VND/USD (buying) and 24,220 VND/USD (selling).

International gold prices today, September 7th

At 9:15 AM today (September 7th, Vietnam time), the spot price of gold in the world market stood around $1,918.1 per ounce, down $6.9 per ounce compared to last night. The price of December gold futures on the Comex New York exchange was $1,942.8 per ounce.

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

On the night of September 6th (Vietnam time), the spot price of gold in the world market stood around $1,925 per ounce. Gold futures for December delivery on the Comex New York exchange were at $1,959 per ounce.

World gold prices on the night of September 6th were approximately 5.5% higher (US$101/ounce) than at the beginning of 2023. Converted using the bank's USD exchange rate, world gold was priced at VND 56.7 million/ounce, including taxes and fees, which is about VND 11.5 million/ounce lower than domestic gold prices as of the end of the trading session on September 6th.

*Gold prices continued to fall in international markets today but rose in Vietnam. (Photo: HH)*

Global gold prices are under downward pressure as the DXY index (which measures the fluctuations of the US dollar against six major world currencies) remains high, around 104.7 points.

Investors choose the USD when the US stock market typically performs poorly in September.

Technical analysis signals also indicate that gold is trending downward in the short term due to a lack of new supporting factors.

Currently, the US Federal Reserve (Fed) is taking a hawkish stance, tightening monetary policy and maintaining interest rates at record highs for decades. This supports the US dollar, thereby negatively impacting gold.

Gold price forecast

According to CME's FedWatch tool, the market is expecting a 93% chance that the Fed will pause interest rate hikes at its September meeting. However, there is a 40% chance of a rate hike in November or December.

In the short term, gold continues to face downward pressure. However, gold is finding strong support at its 200-day moving average, around $1,920 per ounce.

Towards the end of the year or the beginning of next year, selling pressure on precious metals will ease. The US dollar is expected to weaken following signals of gradual easing of monetary policy by the Fed.

In addition, the peak gold consumption season at the end of the year could also provide more positive support for this commodity.

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