SJC gold continues to plummet.

VietNamNet•26/09/2023

Domestic gold prices today, September 26th

On the afternoon of September 26th , the price of 9999 gold from SJC decreased by 50,000 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 2:54 PM and the price of 9999 gold was listed by Doji Gold and Jewelry Group at 1:29 PM as follows:

	Buy	Sell
SJC Hanoi	68,100,000 VND/ounce	68,820,000 VND/ounce
SJC Ho Chi Minh City	68,100,000 VND/ounce	68,800,000 VND/ounce
SJC Da Nang	68,100,000 VND/ounce	68,820,000 VND/ounce
Doji Hanoi	68,100,000 VND/ounce	68,900,000 VND/ounce
Doji Ho Chi Minh City	68,000,000 VND/ounce	68,800,000 VND/ounce

Gold price chart for SJC and DOJI updated early afternoon, September 26th.

Early this morning, September 26th , the price of 9999 gold from SJC decreased by 100,000 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 8:28 AM and the price of 9999 gold was listed by Doji Gold and Jewelry Group at 8:43 AM as follows:

	Buy	Sell
SJC Hanoi	68,150,000 VND/ounce	68,870,000 VND/ounce
SJC Ho Chi Minh City	68,150,000 VND/ounce	68,850,000 VND/ounce
SJC Da Nang	68,150,000 VND/ounce	68,870,000 VND/ounce
Doji Hanoi	68,100,000 VND/ounce	68,900,000 VND/ounce
Doji Ho Chi Minh City	68,100,000 VND/ounce	68,900,000 VND/ounce

Updated gold prices for SJC and DOJI at the beginning of the morning on September 26th.

At the close of trading on September 25th, 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 68.2 million VND/ounce (buying price) and 69.05 million VND/ounce (selling price). Doji Ho Chi Minh City bought SJC gold at 68.2 million VND/ounce and sold it at 69 million VND/ounce.

*Economic instability is supporting the rise in gold prices. (Image: Kitco)*

The central exchange rate for September 26th , announced by the State Bank of Vietnam, is 24,084 VND/USD, an increase of 8 VND compared to the end of last week. The USD price at commercial banks this morning (September 26th) is trading around 24,185 VND/USD (buying) and 24,555 VND/USD (selling).

International gold prices today, September 26th

At 9:05 AM today (September 26th, Vietnam time), the spot price of gold in the world market stood around $1,914.9 per ounce, down $0.1 per ounce compared to yesterday. The price of December gold futures on the Comex New York exchange was $1,934.1 per ounce.

On the morning of September 26th , the world gold price, converted using the bank's USD exchange rate, was nearly 56.69 million VND/ounce (excluding taxes and fees), approximately 12.18 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 (at 9:00 PM, Vietnam time) was trading at $1,915 per ounce.

Gold prices fell due to rising US Treasury bond yields, which reached multi-year highs. The DXY index rose to its highest level in 6.5 months. The DXY index (measuring the fluctuations of the US dollar against six major world currencies) traded at 106.4 points.

Daniel Ghali, senior commodity strategist at TD Securities, said investors should pay close attention to the economic data to be released this week.

The US GDP data expected to be released on September 28th (US time) may be disappointing, raising concerns that the US economy could face difficulties. This could create a positive trend for the gold market.

In addition, the personal consumption expenditures index to be released on September 29th is also likely to support gold prices.

Gold price forecast

Colin Cieszynski, chief market strategist at SIA Wealth Management, said the strengthening USD is keeping gold prices within the range of $1,900-$1,950 per ounce.

Ben DiCostanzo, senior market strategist at Walsh Trading, said gold is in a difficult position. In the long term, with interest rates remaining high, the precious metal will struggle to maintain its upward momentum.

Darin Newsom, senior market analyst at Barchart, believes gold prices will remain sideways. A decline in the USD could trigger a slight buying spree in gold.

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