Gold price today September 13: Price reduction, bustling buying and selling

Domestic gold price

Last week, the gold market did not fluctuate much.Gold pricearound 56 million VND/tael, not yet reaching 57 million VND/tael. Gold trading demand has not changed dramatically, because investors are waiting and waiting.

Gold price last week.

Opening week,gold priceDomestic gold prices were listed by the Gold and Gemstone Group at: 56 million VND/tael (buy) and 56.7 million VND/tael (sell), an increase of 100 thousand VND in the buy direction compared to yesterday.

Domestic gold and gemstone companies listed the price of SJC gold at VND55.85 million/tael (buy) and VND56.77 million/tael (sell) in Hanoi. The price of SJC gold in Ho Chi Minh City, the selling price is VND56.75 million/tael.

On September 8, domestic gold bar prices were listed by gold and gemstone corporations at: VND55.85 million/tael (buy) and VND56.35 million/tael (sell), down VND50,000 for buy and down VND150,000 for sell compared to the end of the previous session.

As of September 9, the domestic gold bar price listed for Hanoi area was: 55.85 million VND/tael (buy) and 56.35 million VND/tael (sell), down 50 thousand VND for buying and down 150 thousand VND for selling compared to the end of the previous session.

Domestic gold bar prices are listed by gold and gemstone corporations at: 56.15 million VND/tael (buy) and 56.55 million VND/tael (sell), down 50 thousand VND in the buy direction compared to yesterday.

Gold and gemstone companies listed the price of SJC gold at VND56.05 million/tael (buy) and VND56.77 million/tael (sell) in Hanoi. The price of SJC gold in Ho Chi Minh City, the selling price is VND56.75 million/tael.

Vinh City residents buy gold at gold shops. Photo: Quang An

At the end of the weekend trading session, the domestic gold bar price was listed at: 56.1 million VND/tael (buy) and 56.5 million VND/tael (sell), down 50 thousand VND in the buy direction compared to yesterday.

International gold price

In the world gold market, the spot gold price closed the weekend down 6.5 USD to 1,940.1 USD/ounce. The gold futures price for October delivery on the Comex New York floor fell 16.5 USD to 1,939.5 USD/ounce.

World gold prices rose 0.7% to their highest level in nearly a week in the trading session on September 9, as a weaker US dollar and concerns about delays in developing a COVID-19 vaccine prompted investors to seek gold as a safe haven.

US President Donald Trump's statement about ending dependence on China, limiting the relationshipeconomybetween the US and China, threatening to punish any US companies that create jobs abroad and turning the US into a manufacturing superpower… also contributed to putting great pressure on US stocks. Thereby causing the USD to increase sharply and put pressure on gold.

Mr. Trump did not specify when the policies would be implemented, but called the moves part of his second-term agenda. Mr. Trump has made China a major issue of this election.

The US dollar has room to rise again, which is putting pressure on gold. However, fundamentals will continue to support gold from falling further. Many organizations believe that any downward movement in gold prices should be seen as a good opportunity to buy.

Another piece of news that cast a shadow over hopes of a quick economic recovery was that weekly U.S. jobless claims hit a record high last week, suggesting the labor market recovery is slowing.

Gold Price Forecast

According to many experts, gold prices will increase again when the USD loses its recovery momentum. However, in the short term, the possibility of gold prices increasing rapidly is not high because inflation in the US and many other countries may increase slowly when consumer power is still weak in the post-Covid-19 period.

The gold market is attracting people's attention. Photo: Quang An

Jeffrey Sica, founder of Circle Squared Alternative Investments, said that economic stimulus policies from the US Federal Reserve (Fed) and the US government for at least the next 6 months to a year will also support gold prices.

Bart Melek, head of commodity strategy at TD Securities, said the ECB left interest rate policy and stimulus program unchanged at its September 10 meeting, causing the US dollar to fall, which is beneficial for gold.