At the beginning of the week, gold prices reversed and increased.

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 37.60 million VND/tael - 37.80 million VND/tael (buy-sell), an increase of 100,000 VND/tael compared to the end of last week. However, a few minutes later, this company adjusted the price down to 37.55 million VND/tael - 37.75 million VND/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 the price 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 difference with the world gold price has also widened to nearly 4 million VND per tael. This morning, the difference is 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 weekend, 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 decline 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.

The Kitco News Gold Survey for this week shows that 10 of the 21 respondents see prices rising, 11 see prices falling, and none predict a sideways move. Gold dealers, investment banks, futures traders, fund managers, and technical chart analysts participated in the weekly survey.

According to HNMO - TH