Eat selling profit, the price of gold fell sharply

Opening the domestic gold market this morning 14/9, SJC gold price in Hanoi was listed by some large gold companies trading at 36.55 million per volume (purchase) – 36.65 million / quantity (sold out) for retail trade and VND36.56 million / tael – VND36.64 million / tael for wholesale trade.

These prices decreased by 70,000 VND per tael compared to yesterday.

In Ho Chi Minh City, SJC gold opened the trading session at 36.5 million VND / tael – 36.7 million / tael, or 80,000 VND / tael and 100,000 VND / tael respectively.

At the end of session 13/9, DOJI Jewelry and Gold Group listed SJC gold at 36.62 million VND / tael and 36.72 million / tael (sold out). Saigon Jewelry Company listed SJC gold at 36.58 million VND / tael and 36.8 million VND / tael.
This morning, the price of SJC gold fell sharply in domestic and world markets.

Domestic gold prices back to the bottom one week due to the sharp decline from the world gold price. This is due to the recovery of the dollar and the need to buy gold to prevent a drop in risk as tensions on the Korean peninsula settle down.

The downward trend to the level of 36.7 million per volume has a considerable impact on investor sentiment. Mostly in the market received large numbers of customers discharged sales due to fear of decline in the next session. On the other hand, retail customers are buying into hoarding and not too concerned about this volatility.

In the world, spot gold prices in Asia through the listing of is now reduced by nearly 3 dollars, trading at $ 1,319.9 per ounce.

Yesterday 13/9, gold prices fell for the third consecutive session to the lowest since the beginning of the month as the dollar strengthened. Of that, gold for December delivery fell $ 4.7, or 0.4 percent, to $ 1,328 an ounce, far behind the $ 1,340 peak. This is the lowest close since August 31st of precious metals.

ICE U.S. Dollar, compared the greenback with six other strong currencies, rose 0.6 percent to 92.45. The index is up 1.2% from the beginning of the week and heading for the strongest close since mid-December.

Data provided by DOJI shows that the dollar recovered after Hurricane Irma landed in the US state of Florida did not cause big consequences as the initial forecast contributed to the momentum of gold in recent two sessions.

However, according to analysts, two consecutive hurricane hurricanes hit the United States in a short time has caused losses estimated hundreds of billions of dollars. This gives the Fed more reason not to raise rates for the rest of the year. This means that the dollar will continue to under pressure in the coming time.

The dollar strengthens, making commodities priced in the currency as gold becomes more expensive for investors holding other currencies. Still, analysts at Bank of America Merrill Lynch say prices may reach $ 1,400 an ounce in the next few months.