Gold price hits rock bottom, USD climbs to peak; will gold hit an all-time high in 2024?

Gold price today, September 27, 2023, fell sharply while the USD rose to a new "peak" in 10 months and US re-bill yields reached near multi-year highs. Investors are not interested in buying gold because storms may hit the market. SJC gold price lost its peak of 69 million VND.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 9/27 AND EXCHANGE RATE TODAY 9/27

1. PNJ - Updated: September 26, 2023 10:30 PM - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell out
HCMC - PNJ	56,950 ▼150K	57,950 ▼150K
HCMC - SJC	68,100 ▼100K	68,800 ▼250K
Hanoi - PNJ	56,950 ▼150K	57,950 ▼150K
Hanoi - SJC	68,100 ▼100K	68,800 ▼250K
Da Nang - PNJ	56,950 ▼150K	57,950 ▼150K
Da Nang - SJC	68,100 ▼100K	68,800 ▼250K
Western Region - PNJ	56,950 ▼150K	57,950 ▼150K
Western Region - SJC	68,300 ▼150K	68,800 ▼150K
Jewelry gold price - PNJ rings (24K)	56,950 ▼150K	57,900 ▼100K
Jewelry gold price - 24K jewelry	56,800 ▼100K	57,600 ▼100K
Jewelry gold price - 18K jewelry	41,950 ▼80K	43,350 ▼80K
Jewelry gold price - 14K jewelry	32,450 ▼60K	33,850 ▼60K
Jewelry gold price - 10K jewelry	22,710 ▼40K	24,110 ▼40K

Domestic gold prices fell rapidly as world gold prices plummeted, losing the peak of over 69 million VND/tael, after 10 days of being at the highest price of the year. The difference between buying and selling prices of SJC gold decreased to around 700,000 - 800,000 VND/tael. This is a fairly high difference, investors need to calculate carefully to minimize the risk of loss when buying.

The domestic gold price is currently listed at 68.1 - 68.9 million VND/tael (buy - sell), down about 50,000 - 200,000 VND/tael in both directions. Compared to the beginning of September, the gold price is still 600,000 VND/tael higher, but compared to the recent high of 69.5 million VND, gold is 650,000 VND lower.

The price of 4-number 9 gold rings has a slight decrease, about 100,000 VND/tael, SJC Company buys for 56.65 million VND, sells for 57.9 million VND.

According to the World & Vietnam Newspaper , at 8:30 p.m. on September 26 (Vietnam time), the world gold price on Kitco was trading at 1,905.60 USD/ounce , down 9.5 USD/ounce compared to the previous session. The price of gold for December delivery last decreased by 5.50 USD to 1,931.10 USD/ounce.

With the current world gold price, converted to USD exchange rate (including tax and processing fee) is at 57.4 million VND/tael, thus, the difference between domestic and world SJC gold price, gold ring price is 1.2 million VND higher, and gold bar price is 12.15 million VND higher.

Giá vàng hôm nay 16/6: Rớt giá thảm. (Nguồn: Getty Images)

Gold price today September 27, 2023: Gold price hits bottom, USD climbs to the top, investors lose interest in gold for this reason. (Source: Getty Images)

Technical selling is evident while the chart remains bearish. The US 10-year Treasury yield is rising and nearing a 16-year high, while the USD index is hovering near a 10-month high – both external market factors have a bearish impact on the precious metal.

Meanwhile, traders and investors were in a risk-off mood early this week amid the high likelihood of a US government shutdown at the end of next week. A government shutdown would disrupt the world’s top economy and the lives of millions of Americans. Gold bulls were once again left in the lurch, with their metal seeing little or no safe-haven buying as the storms loomed.

Summary of SJC gold prices at major domestic trading brands at the closing time of September 27:

Saigon Jewelry Company listed the price of SJC gold at 68.10 - 68.82 million VND/tael.

Doji Group currently lists SJC gold price at: 68.10 - 68.90 million VND/tael.

Phu Quy Group listed gold price at 68.05 - 68.75 million VND/tael.

PNJ system listed at: 68.10 - 68.80 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 68.12 - 68.73 million VND/tael; Rong Thang Long gold brand is traded at 56.99 - 57.89 million VND/tael; jewelry gold price is traded at 56.65 - 57.75 million VND/tael.

Investors no longer interested in buying gold?

World gold prices fell as higher US bond yields boosted the greenback's appeal, pushing the dollar index - a measure of the greenback's volatility against a basket of major currencies - to 106.2, its highest level since late November 2022.

Meanwhile, the euro was virtually unchanged against the dollar, standing at $1.0588 per euro, after hitting its lowest level since March 2023 at $1.057 per euro. Meanwhile, the dollar's rise has caused further damage to many other currencies such as the Japanese yen, British pound, Swiss franc... all sliding to lows.

“The Federal Reserve and global central banks taking a more hawkish stance are keeping gold in check,” said Everett Millman, a market analyst at Gainesville Coins . Millman forecasts gold prices will trade between $1,910 and $1,950 for the rest of the quarter.

Given the current "health" of the US economy, interest rates are likely to rise again and be kept "higher for longer" until inflation falls to 2%, said Neel Kashkari, a policymaker at the Federal Reserve (Fed) .

Gold is likely to face some short-term downside pressure at the moment due to rising US Treasury yields and the strength of the US dollar, said Kelvin Wong, senior market analyst for Asia-Pacific at OANDA.

However, in the long term, the bullish view on gold remains intact. In a recent outlook report, French bank Société Générale said that it remains positive on the precious metal due to rising inflation amid the Fed's plans to end its tightening cycle. Despite gold's lackluster performance over the summer, SocGen remains optimistic that gold prices could return to $2,000 an ounce.

More specifically, the French banking expert predicts that gold prices could rise to $2,200/ounce by the end of 2024 as investors realize how difficult it will be for central banks to bring core inflation down to the 2% target.

Expert Everett Millman also predicts gold will hit a new all-time high in 2024, if the world sees at least a mild recession in the global economy. If we do have a recession, the Fed will be forced to cut interest rates sooner.

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