The price of gold rings continued to increase sharply at noon on September 23, setting a new record at VND81.1 million/tael. Meanwhile, the price of SJC gold bars remained stable at VND82 million/tael.
Specifically, at 11:20 a.m. on September 23, DOJI Gold and Gemstone Group listed the price of SJC gold bars at VND80 – 82 million/tael (buy – sell), unchanged from the early morning trading session. Similarly, Saigon Jewelry Company (SJC) also announced a similar price. Compared to the world gold price, the price of SJC gold bars is about VND1.9 million/tael higher.
However, unlike the price of gold bars, the price of gold rings recorded a strong increase. At DOJI Group, the price of gold rings was listed at 79.95 – 81.1 million VND/tael, an increase of 400,000 VND/tael for buying and 550,000 VND/tael for selling compared to early this morning.
In the international market, Asian gold prices traded around the highest level of the week in the morning session on September 23. Traders are receiving positive sentiment from the strong interest rate cut move of the US Federal Reserve (Fed), creating expectations of more interest rate cuts in the near future.
As of 7:25 a.m. (Vietnam time), spot gold prices were stable at around $2,619.37 per ounce, not far from the record high reached on September 20. Meanwhile, US gold futures prices fell slightly by 0.1% to $2,643.90 per ounce.
The Fed recently cut interest rates by half a percentage point on September 18, forecasting another half a percentage point later this year, one percentage point in 2025 and half a percentage point in 2026. The decision has drawn mixed views from Fed officials, with some arguing that a deeper cut is needed to combat weak inflation, while others favor a smaller cut to avoid the negative impact of persistent price pressures.
According to the CME FedWatch tool, the market is currently predicting a 51% chance that the Fed will cut another 0.5 percentage point in November 2024, and a 49% chance that it will cut 0.25 percentage point.
This week, investors will closely watch the US Personal Consumption Expenditures (PCE) report, due on September 27, for further insight into the outlook for future interest rates.