Gold price at the close of the session on September 20th: Gold price increase room

SJC gold bar price

As of 6:00 PM, SJC gold bar prices at most listed brands are at the threshold of 144.6-147.6 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Meanwhile, Bao Tin Minh Chau and Bao Tin Manh Hai maintained the level of 143.6-147.6 million VND/tael (buying - selling). The buying - selling difference was at 4 million VND/tael.

9999 gold ring price

At the same time, 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.

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

Recorded at 6:00 PM, world gold prices were listed at the threshold of 4,377 USD/ounce.

Gold price forecast

As usual, the response to an interest rate hike by the US Federal Reserve (Fed) is quite simple: bond yields rise, the USD strengthens and gold becomes less attractive.

However, many experts still maintain the view of increasing gold prices for more than a year, throughout the Fed's interest rate cuts, interest rate hikes and intertwined developments. The latest report shows that one of the largest Wall Street banks believes that gold prices still have significant room to increase, even when the Fed's policy is directly disadvantageous to the precious metal in the short term.

For the overall forecast, short-term interest rate fluctuations are less important than a structural driving force: central banks are buying physical gold at a much higher rate than the historical average.

The current purchase volume is about 91 tons per month, significantly higher than the average of only 17 tons/month before 2022.

This is not a new trend in the current cycle. Goldman Sachs' commodity group - one of the largest banks on Wall Street - has repeatedly emphasized that central banks maintaining gold buying is the basis for an upward trend, even when short-term factors such as Fed policy or cash flow into ETFs are developing in the opposite direction.

This is part of a broader trend as emerging markets diversify foreign exchange reserves. Experts consider this an important structural driving force for gold's upward momentum.