Gold price update morning of September 24th: Shocking reduction, should buy or sell

9999 gold ring price

As of 6:00 AM, Saigon Jewelry Company SJC listed the price of gold rings at 142 - 145 million VND/tael (buying - selling), an increase of 600,000 VND/tael in both directions compared to the previous closing session. The buying - selling difference is at 3 million VND/tael.

DOJI Group alone remained unchanged compared to the previous closing session, listing the price of gold rings at 142-146 million VND/tael (buying - selling). The buying - selling difference was at 4 million VND/tael.

Phu Quy Jewelry Group listed the price of gold rings at 142.2-145.2 million VND/tael (buying - selling), an increase of 300,000 VND/tael in both directions compared to the previous closing session. The buying - selling difference was at 3 million VND/tael.

SJC gold bar price

At the same time, Saigon SJC Jewelry Company listed SJC gold bar prices at the threshold of 142.5-145.5 million VND/tael (buying - selling), an increase of 600,000 VND/tael in both directions. The buying - selling difference is at 3 million VND/tael.

Similarly, DOJI listed SJC gold price at the threshold of 142.5-145.5 million VND/tael (buying - selling), an increase of 600,000 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 142.2-145.2 million VND/tael (buying - selling), simultaneously increasing by 300,000 VND/tael in each trading direction compared to the previous closing session. The buying - selling difference was 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).

Phu Quy listed 9999 jewelry gold at the threshold of 139.5-144.5 million VND/tael (buying - selling), up 500,000 VND/tael in both directions.

World gold price

Meanwhile, world gold prices are listed at 4,281.7 USD/ounce, down 75.8 USD/ounce (equivalent to about 1.76%).

Gold price forecast

The gold market is under selling pressure after the latest US data showed that the service sector improved beyond expectations this month, while the manufacturing sector also grew stronger.

S&P Global announced that the preliminary composite PMI (Composite Purchasing Managers' Index - PMI) increased to 58.4 points in September, from 56 points in August. This figure is higher than expected as economists forecast the PMI to reach 55.2 points.

According to the report, US business activity grew faster in September, marking the fourth consecutive month of acceleration and reaching the fastest pace in more than 5 years. The further strong increase in business activity in the service sector was accompanied by a return to improvement in the growth rate of manufacturing output.

In addition, employment also increased sharply, with the highest job creation rate in more than 4 years, as businesses strive to meet increasing demand. However, the amount of backlog continues to increase at a faster rate, while the situation of delays in the supply chain becomes more serious.

This shows that operating capacity is lacking, thereby pushing prices higher. Meanwhile, input costs have skyrocketed due to the recent sharp increase in energy prices, making inflation prospects less positive.

With the current developments, gold prices are under downward pressure as US PMI data shows that economic activity is growing stronger than expected, increasing the possibility that the US Federal Reserve (Fed) will maintain tight monetary policy.

Technically, the 4,300 USD/ounce zone is a noteworthy milestone. If the price holds this zone and recovers, investors can continue to observe an upward signal. Conversely, if the price falls below 4,300 USD/ounce, the risk of deeper correction to the 4,160-4,180 USD/ounce zone will increase. Therefore, the decision to buy or sell should be considered based on the cost of goods sold and holding time, instead of just relying on a sharp decline session.