Gold price today 12. 9: Continuing the upward trend, looking back at the volatile week

SJC gold bar price

As of 9:00 AM today, Phu Quy listed SJC gold bar prices at 143-146 million VND/tael (buying - selling), an increase of 600,000 VND/tael in both buying and selling directions compared to the previous trading session closing. The buying - selling difference is at 3 million VND/tael.

At the same time, SJC gold bar prices were listed by DOJI at the threshold of 143-146 million VND/tael (buying - selling), an increase of 600,000 VND/tael in both buying and selling directions. The buying - selling difference was at 3 million VND/tael.

SJC gold bar price was listed by Bao Tin Minh Chau at 142.9-146 million VND/tael (buying - selling), increasing by 500,000 VND/tael and 600,000 VND/tael respectively in both buying and selling directions. The buying - selling difference is at 3.1 million VND/tael.

9999 gold ring price

Phu Quy Jewelry Group listed the price of gold rings at 143-146.4 million VND/tael (buying - selling), an increase of 900,000 VND/tael in both directions. The buying - selling difference is at 3.4 million VND/tael.

DOJI Group listed gold ring prices at 143-147 million VND/tael (buying - selling), both increasing by 500,000 VND/tael in both directions. The buying - selling difference is at 4 million VND/tael.

The price of gold rings is listed by Bao Tin Minh Chau at 142.9-146.9 million VND/tael (buying - selling), an increase of 300,000 VND/tael in both directions. The buying - selling difference is at 4 million VND/tael.

World gold price

Recorded at 9:15 am, world gold prices were listed around the threshold of 4,347.7 USD/ounce, up 32.1 USD/ounce.

Gold price forecast

Gold prices experienced a volatile trading week when early week efforts to stabilize above the 4,400 USD/ounce threshold were ultimately overwhelmed by strong oil prices, rising US Treasury bond yields and expectations that the US Federal Reserve (Fed) will raise interest rates at the policy meeting next week.

The precious metal initially tried to extend its recovery momentum last weekend, amid traders monitoring the US-Iran conflict, developments in the Strait of Hormuz and rising inflation risks due to rising energy prices. Gold prices rose on Tuesday but the upward momentum quickly weakened as the USD strengthened and expectations of the Fed raising interest rates continued to rise.

Selling pressure increased sharply on Wednesday and Thursday after the PPI showed that production prices in the US increased in August, strengthening concerns that energy costs and supply disruptions are reversing inflation. Gold prices fell below $4,350 as US Treasury bond yields rose and traders increased bets on the possibility of the Fed continuing to tighten policy at the meeting on September 15-16.

After that, gold recovered in Friday's session when the August consumer price index (CPI) showed that inflationary pressure was still present but did not create a new wave of panic, helping bottom-fishing buying force appear near the low range of trading in the week.

However, the recovery momentum is still limited as core inflation continues to strengthen expectations of the Fed raising interest rates, with the futures contract market sharply raising the probability of interest rate hikes in September after the data was released.

Kitco News' latest weekly gold survey shows that Wall Street investors are returning to an optimistic trend for gold after a weekend recovery, while Main Street investors continue to narrow their support for the upward trend after another week of decline.

The Fed interest rate futures market is valuing nearly 90% of the possibility of interest rate hikes, but economic experts surveyed by Bloomberg (from September 4-9) are more cautious. Only 13 out of 48 experts predict the Fed will raise interest rates.

Senior commodity broker at StoneX Group, told Kitco News that precious metal prices are unlikely to fall deeper, because interest rates may not increase significantly either.

Meanwhile, Kitco's online survey attracted 218 votes, with Main Street investors maintaining a support rate for the upward trend but only slightly higher. 115 individual investors, equivalent to 53%, predict gold prices will increase next week; 52 others, equivalent to 24%, predict gold prices will decrease. The remaining 51 investors, accounting for 23%, predict the market will accumulate and move sideways next week.