Domestic gold price today September 1
Early morning of September 1 , SJC 9999 gold price today decreased by 100 thousand VND/tael in buying price but remained unchanged in selling price compared to yesterday's closing price.
The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 9:00 am as follows:
| Buy | Sell out | |
| SJC Hanoi | 67,550,000 VND/tael | 68,270,000 VND/tael |
| SJC HCMC | 67,550,000 VND/tael | 68,250,000 VND/tael |
| SJC Danang | 67,550,000 VND/tael | 68,270,000 VND/tael |
SJC gold price list updated early morning September 1
At the end of the trading session on August 31, the price of 9999 gold bars at SJC Ho Chi Minh City was 67.65 million VND/tael (buy) and 68.25 million VND/tael (sell). SJC Hanoi listed at 67.55 million VND/tael (buy) and 67.27 million VND/tael (sell).
Doji Hanoi listed at 67.6 million VND/tael (buy) and 68.3 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 67.5 million VND/tael and sold at 68.2 million VND/tael.
The central exchange rate on August 31 announced by the State Bank is 23,977 VND/USD. The USD price at commercial banks this morning (September 1) was traded around 23,870 VND/USD (buy) and 24,240 VND/USD (sell).
International gold price today September 1
At 10:06 am today (September 1, Vietnam time) , the world spot gold price stood at around 1,939.8 USD/ounce, down 3.2 USD/ounce compared to last night. The price of gold futures for December delivery on the Comex New York floor was at 1,967.1 USD/ounce.
On the morning of September 1 , world gold converted to USD bank price was nearly 56.69 million VND/tael (excluding tax and fees), about 11.58 million VND/tael lower than domestic gold price.
On the world market, the spot gold price on Kitco floor on August 31 (at 8:00 p.m., Vietnam time) was trading at 1,943 USD/ounce.
World gold prices increased in the context of stable inflation, with the possibility that the US Central Bank could end its interest rate tightening cycle.
The core personal consumption expenditures price index rose 0.2% last month, the Commerce Department said. The increase in inflation was in line with economists' expectations. Meanwhile, inflation over the past 12 months rose 4.2%, up slightly from June's 4.1%.
Annual inflation rose in line with economists' expectations but remained high, double the Federal Reserve's 2% target.
The dollar index (DXY), which measures the greenback against six other major currencies, rose 0.2% to 103.58. The yield on two-year U.S. Treasury notes closed at 5.08%, its highest since June 2007.
Gold price forecast
A series of weak US economic data has reinforced the view that the Fed may have to pause its interest rate hikes, experts say.
The CME Group's FedWatch tool predicts the Fed will hold rates steady in September 2023, up from 88.5% before the data, while the odds of a pause in November 2023 have risen to nearly 59% from 52% a day earlier.
Low interest rates are boosting demand for non-yielding assets such as gold. Reuters technical analyst Wang Tao said gold could climb to $1,948 an ounce.
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