Gold price update morning of September 23rd: Fall, the recovery momentum of precious metals is hindered

9999 gold ring price

As of 6:00 AM, Saigon Jewelry Company SJC listed the price of gold rings at the threshold of 141.4 - 144.4 million VND/tael (buying - selling), down 1.7 million VND/tael in both directions compared to early yesterday morning. The buying - selling difference is at 3 million VND/tael.

DOJI Group listed the price of gold rings at 142-146 million VND/tael (buying - selling), down another 1.6 million VND/tael in each transaction direction. The buying - selling difference is at 4 million VND/tael.

Phu Quy Gold and Gems Group listed the price of gold rings at the threshold of 141.9-144.9 million VND/tael (buying - selling), a sharp decrease of 1.7 million VND/tael in both directions. The buying - selling difference is at 3 million VND/tael.

SJC gold bar price

Saigon SJC Jewelry Company listed SJC gold bar prices at the threshold of 141.9-144.9 million VND/tael (buying - selling), down 1.7 million VND/tael in both directions compared to early yesterday morning. The buying - selling difference is at 3 million VND/tael.

Similarly, DOJI listed SJC gold price at the threshold of 141.9-144.9 million VND/tael (buying - selling), down 1.7 million VND/tael in both directions. The buying - selling difference is at 3 million VND/tael.

Phu Quy listed the price of SJC gold bars at the threshold of 141.9-144.9 million VND/tael (buying - selling), simultaneously decreasing by 1.7 million VND/tael. The buying - selling difference is at 3 million VND/tael.

Jewelry gold price

DOJI listed 9999 jewelry gold at the threshold of 140.7-144.7 million VND/tael (buying - selling), down 1.3 million VND/tael in both directions.

Phu Quy listed 9999 jewelry gold at the threshold of 139-144 million VND/tael (buying - selling), continuing the downward trend of 1.5 million VND/tael in both directions.

World gold price

World gold price listed at the threshold of 4,324.8 USD/ounce.

Gold price forecast

Spot gold prices slightly decreased as the USD strengthened and tough statements from the US Federal Reserve (Fed) overwhelmed the positive impact from the continued decline in oil prices and US Treasury bond yields.

The market is currently continuing to focus on the question of whether the Fed's September 16 interest rate hike was just a single adjustment or the beginning of a longer tightening cycle.

Oil prices and yields on 10-year US Treasury bonds fell for the 5th consecutive session, thereby reducing immediate pressure on gold. However, Fed officials continued to issue tough signals, causing the interest rate market to remain defensive in short-term terms.

The market is still assessing the significant possibility that the Fed will continue to raise interest rates after last week's move, amid policymakers warning that energy supply shocks could keep inflationary pressure at a high level.

Today's US economic data release schedule is not too dense but still meaningful for interest rate expectations. S&P Global's preliminary PMI for September will be released at 9:45 AM Eastern time (ET), followed by new home sales data and the Richmond Fed's manufacturing survey at 10:00 AM, before Fed officials continue to speak.

For gold, falling oil prices and 10-year bond yields around 4.93% are supporting factors. However, the strengthening USD and the risk of the Fed continuing to raise interest rates are limiting the recovery momentum of the precious metal.