Gold price today 11/9: Simultaneously decreasing

Domestic gold price

As of 9:00 am today, brands simultaneously reduced by 1.6 million VND/tael, listing the SJC gold bar buying price at the lowest level of 142 million VND/tael and selling price at the highest level of 146.4 million VND/tael.

In which, Phu Quy, DOJI, Bao Tin Minh Chau listed SJC gold bar prices at 142-145 million VND/tael (buying - selling), down 1.6 million VND/tael. The buying - selling difference is at 3 million VND/tael.

9999 gold ring price

As of 9:00 AM, Phu Quy Gold and Gems Group listed the price of gold rings at 142-145.5 million VND/tael (buying - selling), down 1.6 million VND/tael in both directions. The buying - selling difference remained at 3.5 million VND/tael.

DOJI Group listed gold ring prices at the threshold of 142.5-146.5 million VND/tael (buying - selling), both down 1.5 million VND/tael in both directions. The buying - selling difference is at 4 million VND/tael.

The price of gold rings was listed by Bao Tin Minh Chau at the threshold of 142.4-146.4 million VND/tael (buying - selling), down 1.6 million VND/tael in both directions. The buying - selling difference is at 4 million VND/tael.

World gold price

Recorded at 9:30 am, world gold prices are listed around the threshold of 4.319 USD/ounce.

Gold price forecast

Spot gold prices fell sharply in the late afternoon trading session in the US, as wholesale price inflation was higher than expected, crude oil prices soared and US Treasury bond yields rose, overwhelming safe-haven demand related to the US-Iran war.

Positioning developments in the market have clearly shifted in a disadvantageous direction for precious metals after the PPI in August increased by 0.4% compared to the previous month and increased by 5.4% compared to the same period last year, in which energy and diesel costs boosted the increase.

The number of weekly unemployment claims remains low, while the European Central Bank (ECB) raised the benchmark interest rate by 25 basis points to 2.50% to cope with inflation due to increased energy from the Iran war.

As the trading session closed, the Fed interest rate futures showed that the market was betting 71% on the Fed's ability to raise interest rates by another 25 basis points next week. Meanwhile, the yield of 10-year US Treasury bonds increased to 4.943%, the highest closing level since October 2023.

The CPI report released today is currently the last major economic data before the Fed meeting on September 15-16. For gold, the signal is currently in a disadvantageous direction due to interest rates. Only when the CPI cools down strongly enough to weaken interest rate hike expectations, higher yields and stronger USD will continue to increase the opportunity cost of holding gold.

For gold, the current context is still mixed: Risks in the Strait of Hormuz support defense needs, but oil prices exceeding $100/barrel are pushing inflation expectations and bond yields higher, thereby strengthening the Fed's ability to continue raising interest rates.