Gold price update morning of September 20th: Fluctuating week, towards the target of 4,500 USD/ounce

9999 gold ring price

As of 6:00 AM, Saigon SJC Jewelry Company listed the price of gold rings at the threshold of 144.1 - 147.1 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

DOJI Group listed the price of gold rings at 144-148 million VND/tael (buying - selling). 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 144.6-147.6 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

SJC gold bar price

At the same time, SJC gold bar prices at most listed brands were at the threshold of 144.6-147.6 million VND/tael (buying - selling). The buying - selling difference was at 3 million VND/tael.

Meanwhile, Bao Tin Minh Chau and Bao Tin Manh Hai adjusted gold bar prices down to 143.6-147.6 million VND/tael (buying - selling), down 500,000 VND/tael. The buying - selling difference is at 4 million VND/tael.

Jewelry gold price

DOJI listed 9999 jewelry gold at 142-146 million VND/tael (buying - selling), unchanged compared to the previous closing session.

Phu Quy listed 9999 jewelry gold at the threshold of 141.5-146.5 million VND/tael (buying - selling), unchanged in both directions.

World gold price

World gold price listed at the threshold of 4,377 USD/ounce.

Gold price forecast

The gold market has just experienced a week of strong fluctuations. Spot gold prices at one point fell to the 4,260-4,280 USD/ounce range after the US Federal Reserve (Fed) raised interest rates by 25 basis points, but quickly recovered as oil prices and US Treasury bond yields cooled down. By the end of the week, gold returned to around the 4,380 USD/ounce range and ended a 3-week consecutive decline.

Fed on September 16 raised interest rates to 3.75%-4.00%. This is the Fed's first interest rate hike since 2023. New forecasts also show that 16/18 Fed officials still see the possibility of at least another interest rate hike this year. This means that pressure from monetary policy has not disappeared.

However, the reaction of gold after this decision is noteworthy. Instead of continuing to fall deeply, gold quickly found buying power as bond yields and oil prices fell. 10-year US Treasury bond yields from a weekly peak of about 5.04% retreated to around 4.93%-4.94% at the end of the week; while oil prices also fell, helping to reduce concerns that the energy shock would cause inflation to increase more sharply and force the Fed to tighten decisively.

This is the most important point for the gold market today: The Fed is still a drag, but no longer the only factor determining the direction of prices.

Technically, the 4,381-4,400 USD zone is an important area. The precious metals website identified 4,381 USD as a near resistance level, while the developments at the end of the week showed that gold has approached 4,400 USD but has not fully maintained above this zone. Some other technical analysis also suggests that gold is facing resistance around 4,400-4,420 USD.

If gold decisively surpasses 4,400-4,420 USD and maintains it, market sentiment may continue to improve. Then, the next target may be directed towards the 4,430-4,450 USD zone, and further to 4,500 USD/ounce.

Conversely, if gold cannot exceed 4,400 USD and bond or USD yields increase again, profit-taking pressure may appear. The 4,370 USD zone is near support to be monitored; if this zone is lost, the market may return to testing 4,300 USD. Recent technical analyses also place the 4,270-4,235 USD zone as a deeper support zone.