Gold prices remain stable on September 18, with SJC gold trading at 80-82 million VND per tael.
On the morning of September 18, domestic gold prices remained relatively stable compared to the previous day. SJC gold is currently trading at 80-82 million VND per tael ($346.5 – $355.1). Prior to this, SJC gold had surged by 1.5 million VND per tael on September 17.
Gold ring prices also remained stagnant above the 79 million VND per tael ($342.3 per tael) mark. At 9:30 am, SJC Company quoted the price of 9999 gold rings at 77.9-79.3 million VND per tael ($337.9 – $343.7). Bao Tin Minh Chau applied a price of 77.98-79.18 million VND per tael ($337.9 – $342.7), while DOJI and PNJ quoted prices at 78.0-79.2 million VND per tael ($337.4 – $342.3) respectively.
Gold prices in the domestic market have been relatively stable.
In the international market, the price of spot gold has not yet surpassed the $2,600 per ounce mark. The precious metal is currently hovering around $2,575 per ounce, equivalent to about 78 million VND per tael ($337.4 per tael), excluding taxes and fees.
The Federal Open Market Committee (FOMC) of the US Federal Reserve began its meeting on Tuesday morning and will conclude on Wednesday afternoon (US time) with a press conference by Fed Chairman Jerome Powell. Market expectations have recently shifted, now slightly leaning towards a 0.5% interest rate cut, while most previous forecasts indicated a 0.25% reduction. The FedWatch tool of CME currently assigns a 67% probability to a 50-basis point cut, while the likelihood of a 25-basis point reduction has decreased to 33%. A significant rate cut by the FED would serve as a crucial catalyst for gold prices in the near future.
Additionally, traders are also awaiting the monetary policy meetings of the Bank of England and the Bank of Japan, which are scheduled to take place on Thursday this week.
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