World gold price drops, domestic price still increases

The domestic gold price opening today's trading session was listed by DOJI Group at 68.55 million VND/tael for buying and 69.4 million VND/tael for selling.

The difference between buying and selling gold prices at DOJI is at 850,000 VND/tael.

Compared to the opening of the previous trading session, DOJI gold price increased by 100,000 VND/tael for both buying and selling.

Meanwhile, Saigon Jewelry Company listed the buying price of gold at 68.5 million VND/tael; the selling price was 69.2 million VND/tael.

The difference between buying and selling price of SJC gold is 700,000 VND/tael.

Compared to the opening of the previous trading session, the gold price at Saigon Jewelry Company SJC remained unchanged in both buying and selling directions.

The world gold price today listed on Kitco is at 1,929.9 USD/ounce, down 2.8 USD/ounce compared to the opening of the trading session yesterday morning.

Gold prices are quite quiet as they wait for information related to the Fed's monetary policy meeting. The meeting will end on September 20 (US time). Investors are cautious before hearing the Fed's monetary policy stance in the coming time.

Most predict that the Federal Open Market Committee (FOMC), the Fed's policy-setting body, will support US monetary policy and not raise interest rates at this meeting, but will still have a hawkish tone.

Experts say that supply shocks such as rising oil prices put the FED in a difficult situation as they both cause high inflation and restrain economic growth, forcing the FED to agonize over whether to keep interest rates unchanged or continue to increase them to control inflation.

“Energy costs are one of the biggest issues the Fed is facing right now,” said Lindsey Piegza, chief economist at Stifel Financial Corp. “This could cause a significant reversal in inflation, forcing the Fed to act more aggressively.”

In the long term, analysts at Capital Economics recently forecast that gold will likely fall to $1,800/ounce by the end of this year as the US economy continues to grow and inflationary pressures ease.

In fact, however, demand for gold is still increasing in many countries. In China, gold prices hit a record after a long period of increase. Investors in this country are looking to gold as a safe haven amid a slow economic recovery and the lack of clear positive signals in the real estate and financial markets.

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