SJC gold remains at a high price.

Domestic gold prices today, September 13th.

Early this morning, September 13th , the price of 9999 gold from SJC remained unchanged compared to yesterday's closing price.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:47 AM, and the price of 9999 gold was listed by Doji Gold and Jewelry Group at 8:44 AM as follows:

	Buy	Sell
SJC Hanoi	68,050,000 VND/ounce	68,770,000 VND/ounce
SJC Ho Chi Minh City	68,050,000 VND/ounce	68,750,000 VND/ounce
SJC Da Nang	68,050,000 VND/ounce	68,770,000 VND/ounce
Doji Hanoi	68,000,000 VND/ounce	68,800,000 VND/ounce
Doji Ho Chi Minh City	68,050,000 VND/ounce	68,750,000 VND/ounce

Updated gold prices for SJC and DOJI at the beginning of the morning on September 13th.

At the close of trading on September 12th, 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: 68,050,000 VND/ounce - 68,770,000 VND/ounce

Doji Hanoi: 68,050,000 VND/ounce - 68,850,000 VND/ounce

SJC Ho Chi Minh City: 68,050,000 VND/ounce - 68,750,000 VND/ounce

Doji Ho Chi Minh City: 68,100,000 VND/ounce - 68,800,000 VND/ounce

The central exchange rate for September 13th, announced by the State Bank of Vietnam, is 23,995 VND/USD, an increase of 14 VND compared to yesterday. The USD price at commercial banks this morning (September 13th) is trading around 23,900 VND/USD (buying) and 24,270 VND/USD (selling).

International gold prices today, September 13th.

At 9:08 AM today (September 13th, Vietnam time), the spot price of gold in the world market stood around $1,910.8 per ounce, down $1.2 per ounce compared to last night. The December gold futures contract on the Comex New York exchange was at $1,933.3 per ounce.

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

On the night of September 12th (Vietnam time), the spot price of gold in the world market stood around $1,912 per ounce. Gold futures for December delivery on the Comex New York exchange were at $1,946 per ounce.

World gold prices on the night of September 12th were approximately 4.8% (US$88/ounce) higher than at the beginning of 2023. Converted using the bank's USD exchange rate, world gold was priced at VND 56.4 million/ounce, including taxes and fees, which is about VND 12 million/ounce lower than domestic gold prices as of the end of the trading session on September 12th.

Gold fell sharply, primarily due to the continued strong rise of the US dollar across Asia.

*Gold prices remain under downward pressure. (Image: Kitco)*

The Chinese yuan (CNY) is hovering around its lowest level in 16 years. On the afternoon of September 12th, the exchange rate was 7.29 CNY per US dollar. On September 8th, the CNY fell to 7.35 CNY per US dollar. Some reports suggest the CNY could drop to 7.5 or even 7.7 CNY per US dollar.

The Japanese yen is also at a very low level, gradually approaching the 147 JPY to 1 USD mark. Since the beginning of the year, the Japanese yen has fallen by nearly 11.9%.

Globally, the US dollar continues to remain strong, with the DXY index (measuring the dollar's fluctuations against six major world currencies) standing at 104.8 points.

The US dollar in Vietnam has strengthened significantly in recent days amid increasing exchange rate pressure in Asia, as the US Federal Reserve (Fed) continues its tight monetary policy and may raise interest rates one more time (the 12th time) between now and the end of the year, at its September or November meeting.

Gold is projected to decline in the short term, but the drop may not be rapid. High US consumer price index (CPI) figures are likely to put downward pressure on gold prices in the near future.

Currently, the market forecasts a 93% probability that the Fed will keep interest rates stable at its policy meeting on September 19-20, but may raise rates in November 2023.

Gold price forecast

In the long term, gold is projected to rise, even sharply. On Kitco, Michael Lee, founder of Michael Lee Strategy, suggests that the price of gold could skyrocket and reach $5,000 per ounce within the next three years.

According to Kitco expert Michelle Makori, a large portion of the American population has fallen into recession. This is evidenced by the severe downturn in the labor market. Gold will benefit from falling interest rates and the US economic crisis. Investors are once again turning to gold as a safe haven.

Currently, gold is receiving strong support at its 200-day moving average, around $1,920 per ounce.

Domestic gold prices reverse course and fall sharply. Domestic gold prices today (September 12th) fell sharply, following the trend of world gold prices. The price of gold bars reversed its upward trend after several sessions of increases. The price of gold rings also decreased.

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