Gold Prices Today: Buyers Face Losses of 3 Million VND per Ounce

On September 19, gold prices have shown an upward trend, but domestic buyers are still facing losses ranging from 1.4 million to 3 million VND per ounce after a week of fluctuating market conditions.

The SJC gold bar was listed by Saigon Jewelry Company (SJC) at 144.6-147.6 million VND per ounce for buying and selling, with a spread of 3 million VND per ounce. Compared to the same time last week (September 12), the price of SJC gold bars has increased by 1.6 million VND per ounce in both buying and selling directions.

Similarly, DOJI listed SJC gold at the same price range of 144.6-147.6 million VND per ounce, also reflecting a 1.6 million VND increase from the previous week.

If investors purchased SJC gold bars on September 12 and sold them today, they would incur losses of approximately 1.4 million VND per ounce.

For 9999 gold rings, DOJI priced them at 144-148 million VND per ounce, with a buying-selling spread of 4 million VND. Phu Quy Gold and Gem Company listed their rings at 144.6-147.6 million VND per ounce, with a spread of 3 million VND. Buyers at DOJI would face a loss of 3 million VND per ounce, while those at Phu Quy would lose 1.8 million VND.

As of 9:15 AM, the global gold price was set at 4,377 USD per ounce, marking an increase of 29.3 USD compared to the same time last week.

In the past week, gold prices have fluctuated significantly. After an initial sell-off due to rising oil prices and increasing U.S. Treasury yields nearing 5%, the market saw a recovery following the Federal Reserve's decision to raise interest rates. The price of gold started the week at 4,340 USD per ounce but faced downward pressure early on, dropping to a low of 4,279.30 USD per ounce on Tuesday.

Gold prices attempted to stabilize on Wednesday before the Fed's decision, but the recovery was short-lived after the Federal Open Market Committee voted unanimously to raise interest rates by 25 basis points, bringing the target range to 3.75%-4.00%. Following this announcement, gold prices fell again, reaching a weekly low of 4,261.80 USD per ounce.

However, gold rebounded on Thursday as oil prices dropped, the U.S. dollar weakened, and Treasury yields eased, allowing traders to alleviate some pressure. This upward trend continued into Friday, with gold reaching a weekly high of 4,400.60 USD per ounce before slightly declining to around 4,377 USD per ounce by the end of the week. Despite this, gold prices ended the week positively, breaking a three-week losing streak.

Recent weekly gold surveys indicate that Wall Street experts are leaning towards a bullish outlook following the Fed's actions, while Main Street investors are increasingly optimistic about rising gold prices after a strong performance this week.

It’s important to note that the information provided reflects market trends and should not be considered as investment advice.