Gold prices in Vietnam witnessed a sharp decline on the morning of September 8, with major businesses such as Bao Tin Minh Chau, PNJ, SJC, and DOJI adjusting their rates. The gold bar prices were reduced by an average of 800,000 VND per tael for buyers and 300,000 VND per tael for sellers, settling at 133.1 – 135.1 million VND per tael.
Gold bar price movement at SJC Company
SJC Company lowered the selling price of gold rings by 500,000 VND per tael to 130.2 million VND per tael while maintaining the buying price at 127.7 million VND per tael.
Meanwhile, other businesses kept their gold ring prices unchanged: Bao Tin Minh Chau at 127.8 – 130.8 million VND per tael, PNJ at 127.7 – 130.7 million VND per tael, and DOJI at 127.7 – 130.2 million VND per tael.
In the international market, the spot gold price remained flat at $3,587 per ounce in the morning session. Last week, the precious metal touched the historic level of $3,600 per ounce for the first time after the disappointing US non-farm payrolls report for August, bolstering expectations of a rate cut by the Federal Reserve (Fed) in the upcoming September meeting.
According to the FedWatch tool by CME, the interest rate futures market is betting on a 100% chance of a Fed rate cut in the September 16-17 meeting. Out of this, 90% predict a reduction of 0.25 percentage points, while the remaining 10% anticipate a bolder move of 0.5 percentage points – a scenario that wasn’t considered before the release of US employment data.
Despite gold’s impressive 37% year-to-date gain, the long-term outlook remains positive. However, from a technical perspective, experts caution that the market is in an “overbought” state, which could trigger a short-term corrective phase.
Mr. Lukman Otunuga, Senior Analyst at FXMT, noted that the $3,600 per ounce level is acting as strong resistance. “Should prices dip below $3,570 per ounce, sellers could aim for the $3,540 and potentially $3,500 marks before the uptrend resumes,” he stated.
On the flip side, some organizations maintain a bullish outlook. Mr. Robert Minter, Director of Strategy at abrdn, forecasted gold to reach a target of $3,700 per ounce by year-end, backed by robust demand from central banks and investors anticipating rate cut policies. “I don’t think gold has risen too fast, given the growing structural demand,” he commented to Kitco News.
Analysts agree that the key to gold’s upward trajectory lies in the Fed’s decisions. Mr. Michael Brown, a senior analyst at Pepperstone, deemed it unlikely for the Fed to slash rates by 0.5 percentage points in September due to lingering inflationary pressures. Nonetheless, he emphasized, “Any price dips can be viewed as attractive buying opportunities for investors.”
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