Along with the world gold price continuing to increase due to the prospect of the Fed lowering interest rates, the domestic SJC gold bar price also increased sharply on the morning of September 17.
Specifically, at 9:00 a.m., Saigon Jewelry Company (SJC) announced the selling price of SJC gold bars at 80 – 82 million VND/tael (buy – sell), an increase of 1.5 million VND/tael in both buying and selling directions compared to the closing price yesterday.
DOJI Gold and Gemstone Group listed the price of SJC gold bars at 80 – 82 million VND/tael (buy – sell), an increase of 1.5 million VND/tael in both buying and selling prices compared to yesterday’s closing price.
While the price of gold bars increased sharply, the price of gold rings remained stable. Specifically, DOJI Gold and Gemstone Group listed the price of gold rings at 78 – 79.2 million VND/tael (buy – sell), keeping the listed price in both directions of buying and selling unchanged compared to the closing price yesterday.
Saigon Jewelry Company (SJC) listed the price of gold rings at 77.8 – 79.2 million VND/tael (buy – sell), down 100,000 VND/tael for buying and kept the listed price for selling unchanged compared to yesterday’s closing price.
In the trading session on September 16, world gold prices continued to increase after reaching a record high, thanks to the weakening of the USD and the prospect of the US lowering interest rates.
Specifically, the spot gold price increased by 0.2% to 2,580.24 USD/ounce, not far from the record high of 2,589.59 USD/ounce reached earlier. Meanwhile, the gold futures price in the US stood at 2,607.80 USD/ounce.
The US dollar index fell 0.4% in the session, making gold more attractive to buyers holding other currencies.
Markets are pricing in a 50 basis point rate cut by the Federal Reserve at its September 17-18 meeting, and if the Fed cuts rates by only 25 basis points, gold futures could fall, said Phillip Streible, a strategist at commodities brokerage Blue Line Futures.
The Fed’s interest rate decision, due on September 18, is the key factor driving markets this week. According to the CME FedWatch tool, traders are predicting a 61% chance that the Fed will cut rates by 50 basis points.