Gold price update on the morning of September 24: Plunging, losing resistance

Updated SJC gold price

As of 6:00 a.m., the price of SJC gold bars was listed by Saigon Jewelry Company at VND 116.5-111.5 million/tael (buy - sell); down VND 5.5 million/tael for buying and down VND 4.5 million/tael for selling. The difference between buying and selling prices is at 3 million VND/tael.

At the same time, the price of SJC gold bars was listed by DOJI Group at 116.5-1195 million VND/tael (buy - sell); down 5.5 million VND/tael for buying and down 4.5 million VND/tael for selling. The difference between buying and selling prices is at 3 million VND/tael.

Meanwhile, Bao Tin Minh Chau listed the price of SJC gold bars at 116.5-111.5 million VND/tael (buy - sell); down 4 million VND/tael for buying and down 3 million VND/tael for selling. The difference between buying and selling prices is at 3 million VND/tael.

9999 round gold ring price

As of 6:00 a.m. today, the price of Hung Thinh Vuong 9999 round gold rings at DOJI was listed at 112.5-125.3 million VND/tael (buy - sell); down 4.7 million VND/tael for buying and down 3.7 million VND/tael for selling. The difference between buying and selling prices is at 2.8 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 115-118 million VND/tael (buy - sell); down 4 million VND/tael for both buying and selling. The difference between buying and selling prices is at 3 million VND/tael.

In the context of strong fluctuations in domestic gold prices, the buying-selling gap is pushed to an excessively high level, causing risks for individual investors to increase.

World gold price

As of 11:30 p.m. on April 23, the world gold price was listed at 3,291.3 USD/ounce, down 39 USD/ounce.

Gold price forecast

According to Kitco, gold prices fell sharply in the morning trading session in the US, due to profit-taking pressure from short-term investors after prices reached a record of 3,509.9 USD/ounce (June gold futures contract on comex) on Tuesday.

The risky sentiment of returning to the market in the middle of the week is also a negative factor for safe-haven metals such as gold. Currently, gold buyers seem to be exhausted, suggesting that the market may have reached a short-term peak.

Gold prices in June are currently down 90.7 USD, down to 3,328.7 USD/ounce. silver prices in May fell by 0.12 USD, to 32.785 USD/ounce.

Asian and European stock markets increased in the overnight session. US stock indexes are also expected to increase sharply when opening today's session in New York.

Risk-taking sentiment really returned to the market in midweek when President Trump said on Tuesday that he had no intention of sacking Federal Reserve Chairman Jerome Powell.

Speaking at the Oval Office, Trump said: Never had that intention, when asked about sacking Powell. Mr. Trump continued to call on the Fed to cut interest rates sharply, saying "this is the perfect time to cut interest rates" and expressed his disappointment that Powell has not acted quickly. However, Trump also admitted that Powell is protected by law.

In addition, Mr. Trump also appeared to be calmer in his trade war with China, saying that the 145% tariff the US will impose on goods imported from China will be significantly reduced after the two sides reach an agreement.

He said the tax rate will not be as high anymore, and will be significantly reduced but not to zero. Trump also said that the US and China are fine, suggesting that the US will not strain or repeat the COVID-19 issue. In the end, they have to sign an agreement, he said.

The market is awaiting a series of important economic data to be released on Thursday, including long-term commodity orders, weekly jobless claims and US home sales, to assess the health of the economy and the outlook for the Fed's interest rate policy. These figures are expected to have a significant impact on investor sentiment and financial market developments in the short term.

External factors are currently at a disadvantage for the metals market. The USD index rebounded after hitting a 3-year low on Monday. Nymex crude oil prices fell and traded around $63.25/barrel. The yield on the 10-year US Treasury note is currently at 4.305%, down slightly from the beginning of the week.