Gold Prices Surge Unexpectedly on September 23

Current Gold Prices

As of 8:45 AM, Saigon Jewelry Company (SJC) has listed the price of SJC gold bars at 142.5-145.5 million VND per tael (buy-sell), marking an increase of 600,000 VND per tael compared to the previous closing. The buy-sell margin stands at 3 million VND per tael.

Similarly, DOJI has set the price for SJC gold at the same range, also increasing by 600,000 VND per tael. Phu Quy has followed suit, listing SJC gold at 142.5-145.5 million VND per tael, with a 600,000 VND rise in both buying and selling prices.

Gold Ring Prices

At the same time, SJC has listed the price of 9999 gold rings at 142-145 million VND per tael, also reflecting a 600,000 VND increase. DOJI has maintained its price for gold rings at 142-146 million VND per tael, unchanged from the previous session, while Phu Quy has listed its gold rings at 142.5-145.5 million VND per tael, with a 600,000 VND rise.

Market Forecast

The recent uptick in gold prices comes as the market reacts to a slight decrease in oil prices, which has alleviated some immediate inflation concerns related to the Strait of Hormuz. However, the strength of the US dollar and rising Treasury yields have limited gold's upward momentum.

Market participants are closely watching the Federal Reserve's interest rate decisions, particularly whether the rate hike in September is a standalone adjustment or the beginning of a new tightening cycle. Current futures market data suggests a 53.1% probability of a further 25 basis point rate increase in October.

Upcoming economic data releases include the preliminary PMI for the manufacturing and services sectors in the US, weekly jobless claims, durable goods orders, and the consumer confidence index, all of which could impact gold prices significantly.

While the risk premium associated with the Strait of Hormuz has decreased, it remains a concern. Iran has indicated it may reopen maritime routes in the Gulf if the US lifts sanctions, while Saudi Arabia is working to restore oil exports through its East-West pipeline.

Brent crude oil prices fell below 98 USD per barrel before settling around 99.25 USD, easing short-term inflationary pressures that had previously supported gold prices.

Technically, the next price target for gold buyers is to push prices back above the resistance level of 4,393.68-4,400 USD per ounce. If this upward trend continues, prices could aim for 4,480 USD and subsequently 4,500 USD per ounce.