Gold price today 23.9: Unexpectedly surge

SJC gold bar price

As of 8:45 am, 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 compared to the closing session yesterday. 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), reversing to increase by 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 the threshold of 142.5-145.5 million VND/tael (buying - selling), simultaneously increasing by 600,000 VND/tael in each transaction direction. The buying - selling difference is at 3 million VND/tael.

9999 gold ring price

At the same time, 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. The buying - selling difference is at 3 million VND/tael.

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

Phu Quy Jewelry Group listed the price of gold rings 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.

World gold price

As of 8:45 am, world gold prices are listed at 4,348.4 USD/ounce.

Gold price forecast

Spot gold prices rose slightly at the end of yesterday's trading session, as falling oil prices helped cool down the immediate inflation shock related to the Strait of Hormuz. Meanwhile, strong US Treasury bond yields and the strong USD limited gold's rally.

The focus of the market is still the question of whether the US Federal Reserve (Fed)'s interest rate hike in September was just a single adjustment move or marked the beginning of a new tightening cycle.

Prices on the futures contract market showed the probability of the Fed raising interest rates by another 25 basis points in October at around 53.1% at the beginning of the session. Meanwhile, the USD Index was around 100.48 points and the yield of 10-year US Treasury bonds remained near the 5.0% threshold.

The next economic data awaited by the market includes the preliminary PMI index of the US manufacturing and service sector in September announced at 9:45 am on Wednesday (local time); the number of weekly jobless claims at 8:30 am on Thursday; August durable goods orders at 8:30 am on Friday and the last adjusted consumer confidence index in September at 10:00 am on Friday.

If data shows stronger economic activity or price-related components increase, gold will continue to be under pressure from bond yields and the USD. Conversely, weaker data may create conditions for gold to continue to rise above the 4,300 USD/ounce range.

The risk compensation related to the Strait of Hormuz has decreased but has not disappeared. Iran signaled that it may reopen the maritime transport route through the Gulf in the next few days if the US lifts pressure and blockades on Iranian ports. Meanwhile, Saudi Arabia is resuming export activities through the East-West pipeline and Yanbu port.

Brent oil prices at one point fell below 98 USD/barrel before closing around 99.25 USD/barrel, thereby reducing short-term inflationary pressure that had supported gold prices in the early stages of the conflict.

This development supports stocks and silver, but buying power for gold as a safe haven asset is somewhat limited by the market's view that falling oil prices are still not enough to eliminate the Fed's inflation problem.

Technically, the next price increase target of spot gold buyers is to bring prices back to the resistance zone of 4,393.68-4,400 USD/ounce. If the upward momentum is maintained, the price may reach 4,480 USD/ounce and then 4,500 USD/ounce.