Domestic gold prices rose to 69 million VND per tael.

Domestic gold prices

At the close of trading on September 16th, 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 68.1 million VND/ounce (buying price) and 69 million VND/ounce (selling price). Doji Ho Chi Minh City bought SJC gold at 68.1 million VND/ounce and sold it at 68.8 million VND/ounce.

International gold prices

On the global market, the spot gold price on the Kitco exchange ended the week's trading session at $1,924 per ounce.

Domestic gold prices have risen sharply.

This week, US economic data showed a sharp increase in manufacturing inflation and retail sales. Inflation continued its downward trend, but at a slower pace and remained significantly higher than the Federal Reserve's (Fed) target.

According to the CME FedWatch tool, traders predict a 93% probability that the Fed will keep interest rates unchanged at its policy meeting on September 19-20.

In this context, determining the Fed's interest rate trajectory becomes somewhat more difficult for investors.

The yield on the benchmark 10-year US Treasury bond is around 4.3%.

The US dollar fell 0.2%, making gold more attractive. World gold prices rose 0.3% this week.

In other developments, the People's Bank of China once again eased monetary policy, this time by cutting the reserve requirement ratio for banks to 0.25%.

The European Central Bank (ECB) raised interest rates by 25 basis points, bringing the deposit rate to 4%.

Gold price forecast

Senior market analyst Jim Wyckoff said that if the Fed eases interest rates a little more next week, it would help the gold market move higher.

According to analysts at ANZ Research, after briefly falling below $1,900 per ounce, gold prices recovered despite rising US Treasury yields and the USD reaching a six-month high. This suggests that gold prices still have an upward trend.

The strength of the USD may weaken in 2024. ANZ Research predicts that the USD will appreciate until the end of next year before declining due to lower interest rates and slower economic growth. This will have a positive impact on gold prices in the long term.

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