Gold price update morning of September 22nd: Gold is unlikely to increase sharply

9999 gold ring price

As of 6:00 AM, Saigon SJC Jewelry Company listed the price of gold rings at the threshold of 143.1 - 146.1 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

DOJI Group listed the price of gold rings at the threshold of 143.6-147.6 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 143.6-146.6 million VND/tael (buying - selling). 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 143.6-146.6 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Similarly, DOJI listed SJC gold price at the threshold of 143.6-146.6 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Phu Quy listed the price of SJC gold bars at the threshold of 143.6-146.6 million VND/tael (buying - selling). 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), unchanged compared to the previous closing session.

Phu Quy listed 9999 jewelry gold at the threshold of 140.5-145.5 million VND/tael (buying - selling), reversing to decrease by 1 million VND/tael in both directions.

World gold price

World gold price listed at the threshold of 4,349 USD/ounce.

Gold price forecast

Spot gold prices slightly decreased, in contrast to rising spot silver prices in the first trading session of the week in the US, as US Treasury bond yields were high and the strengthening USD compensated for safe-haven demand related to US-Iran tensions and restricted traffic through the Strait of Hormuz.

Data released on Friday has fundamentally supported gold somewhat but has not changed the constraints from monetary policy. Recent economic data shows weakening industrial activity and less positive future demand signals, but not enough to overwhelm the Fed's concerns about inflation.

Positions in the market are still leaning towards defense, but no longer one-sided as the price movements at the beginning of the month showed. According to the latest position data from the US Commodity Futures Trading Commission (CFTC), cash management accounts still maintained a net buying position of 133,116 gold futures contracts on COMEX, down 1,856 contracts in the week. Meanwhile, the net buying position of cash management accounts for silver was lower, 13,124 contracts.

This shows that gold still has a larger accumulated buying position than silver after weaker-than-expected data on manufacturing and the US's leading economic index released on Friday. However, the macroeconomic market's reaction mainly still comes from adjusting the Fed's policy expectations instead of growing concerns.

Last week, the Federal Open Market Committee (FOMC) increased the federal fund interest rate target margin by 0.25 percentage points to 3.75-4.00%. The interest rate contract market currently reflects a probability of about 53% that the Fed will continue to raise interest rates in October.

This caused short-term bond yields to remain at a high level, supporting the USD and limiting the possibility of gold prices turning weaker growth data into a clear breakthrough increase.