Gold price update morning of September 12: Price increase, unexpected comeback

9999 gold ring price

As of 6:00 AM, Phu Quy Gold and Gems Group listed the price of gold rings at the threshold of 142.4-145.8 million VND/tael (buying - selling), increasing by 400,000 VND/tael and 300,000 VND/tael respectively compared to this morning's trading session. The buying - selling difference is at 3.4 million VND/tael.

DOJI Group listed gold ring prices at the threshold of 142.8-146.8 million VND/tael (buying - selling), both increasing by 300,000 VND/tael in both directions. The buying - selling difference is at 4 million VND/tael.

The price of gold rings was listed by Bao Tin Minh Chau at the threshold of 142.6-146.6 million VND/tael (buying - selling), both increasing by 200,000 VND/tael in both directions. The buying - selling difference is at 4 million VND/tael.

SJC gold bar price

As of 6:00 AM, Phu Quy listed SJC gold bar prices at 142.4-145.4 million VND/tael (buying - selling), reversing to increase by 400,000 VND/tael in both buying and selling directions compared to this morning's trading session. The buying - selling difference is at 3 million VND/tael.

At the same time, SJC gold bar prices were listed by DOJI at 142.4-145.4 million VND/tael (buying - selling), an increase of 400,000 VND/tael in both buying and selling directions. The difference between buying and selling was at 3 million VND/tael.

SJC gold bar price was listed by Bao Tin Minh Chau at 142.4-145.4 million VND/tael (buying - selling), an increase of 400,000 VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.

Jewelry gold price

DOJI listed 9999 jewelry gold at 142-146 million VND/tael (buying - selling), increasing by 1 million VND/tael and 2 million VND/tael respectively.

Bao Tin Minh Chau listed Thang Long 9999 Dragon Gold Jewelry at the threshold of 140.6-145.6 million VND/tael (buying - selling), simultaneously increasing by 1.4 million VND/tael in both buying and selling directions.

World gold price

World gold prices are listed around the threshold of 4,386.8 USD/ounce, up to 72.9 USD (equivalent to 1.74%).

Gold price forecast

The precious metals market had a comeback after the core consumer price index (CPI) in August increased higher than expected, causing the interest rate decision of the US Federal Reserve (Fed) in the meeting on September 15-16 to continue to lean towards the possibility of raising interest rates again.

The total consumer price index (CPI) in August remained at 3.4% compared to the same period last year, in line with expectations, but core CPI increased by 0.3% compared to the previous month, higher than the forecast increase of 0.2%; while core CPI calculated for the year only slightly decreased from 2.5% to 2.4%.

This report was released after the producer price index (PPI) in August increased by 0.4% compared to the previous month on Thursday and the European Central Bank (ECB) raised interest rates by 25 basis points, making traders cautious in the face of a long-term high interest rate scenario.

Before the CPI was announced, the probability of the Fed raising interest rates was already valued by the market in the last 60% to the first 70%, and the surprise from the core CPI made this expectation continue to be maintained.

The yield on US Treasury bonds with a 2-year term increased, while the yield on 10-year terms remained around 4.95% and the USD was supported. For gold, the signal is quite clear: CPI is not high enough to increase concerns in the market, but also not low enough to strengthen the Fed's ability to keep interest rates unchanged, as expected by Fed Governor Christopher Waller.

Gold and silver are trading mainly based on interest rate and USD developments, rather than playing a purely safe-haven asset role. The demand for buying gold and silver due to geopolitical factors is still present, but the short-term momentum currently lies in the channel of real interest rate impact on the Fed's decision next week.