Gold price reversed at the beginning of the week

The rising world gold price helped domestic precious metal prices reverse and increase in the first trading session of the week (September 16).

Gold prices rise again

Opening the market, Saigon Jewelry Company listed SJC gold bars at VND37.60 million/tael - VND37.80 million/tael (buy-sell), up VND100,000/tael compared to the end of last week. However, a few minutes later, this company adjusted the price down to VND37.55 million/tael - VND37.75 million/tael.

Doji Group adjusted the price up slightly by VND30,000/tael, to VND37.55 million/tael-VND37.75 million/tael for retail transactions and VND37.56 million/tael-VND37.74 million/tael for wholesale transactions. PNJ listed it at VND37.63 million/tael-VND37.70 million/tael.

Over the past week, the price of gold has been on a downward trend. As a result, the price of this precious metal has “evaporated” by 800,000 VND per tael all week. Along with the price decrease, the gap with the world gold price has also widened to nearly 4 million VND per tael. This morning, the gap was 3.6 million VND per tael.

Coming to the world market, the spot gold price in Asia this morning was at 1,329.9 USD/ounce. At the end of the trading session last week, the gold price decreased by more than 15 USD/ounce, down to 1,308.5 USD/ounce. Overall, the price lost nearly 5% for the week, the sharpest decrease in 2 months. The main reason was due to concerns about the US military campaign in Syria being pushed back.

Gold prices fell sharply last week as investors worried that the Fed would cut its economic stimulus package at its meeting on Tuesday and Wednesday this week.

Kitco News’ weekly gold poll found 10 out of 21 participants calling for higher prices, 11 calling for lower prices, and none calling for sideways movement. Gold dealers, investment banks, futures traders, money managers, and technical chart analysts participated in the weekly survey.

According to HNMO - TH