At Phu Quy Company, the buying and selling prices of SJC gold are 140.3 - 143.5 million VND/ounce. Similarly, the price of 9999 gold rings remains the same as the previous session; SJC Company still buys at 140 million VND/ounce and sells at 143 million VND/ounce; Phu Quy Company maintains the buying price of gold rings at 140.3 million VND and the selling price at 143.3 million VND/ounce.
Speaking with a reporter from the newspaper Tin Tuc va Dan Toc on the morning of October 3rd, financial expert Nguyen Quang Huy, CEO of the Finance and Banking Faculty at Nguyen Trai University, stated that in September 2026, gold should still be viewed in the context of asset preservation and market volatility.
As of the morning of September 30th, world gold prices were around $4,196 per ounce, down more than 5% since the beginning of the month. The selling price of SJC gold decreased from 148.7 million VND/ounce on the afternoon of September 1st to 143.5 million VND/ounce on the morning of September 30th. The recent recovery is a positive sign, but it is not yet sufficient to confirm a sustainable trend.
Notably, the Federal Reserve (Fed) raised interest rates by 0.25 percentage points on September 16th, to 3.75-4% per year, the first increase since 2023. With inflation yet to reach its target, further increases remain possible, although data-dependent. Higher interest rates increase the opportunity cost of holding gold; the strength of the USD could add further pressure.
“On the supporting side, uncertainty in the Middle East, Russia- Ukraine , and the need for central banks to diversify their reserves continue to be factors to watch. Central bank gold purchases may provide support, but do not guarantee a continuous price increase. Conflicts also have a two-way impact: promoting safe-haven demand; and simultaneously pushing up energy prices and inflation, keeping interest rates high. Domestically, in addition to international developments, gold prices are influenced by exchange rates, supply and demand, and the State Bank's regulatory policies. A risk to note is the narrowing gap with world prices. In that case, buyers at high premiums may suffer losses even if international gold prices remain stable. Therefore, both the outlook and the trading price need to be assessed,” expert Nguyen Quang Huy commented.
According to this expert, for short-term investors, capital protection is the priority. The buy-sell spread for SJC gold on the morning of October 3rd reached 3 million VND/ounce, creating a significant obstacle for short-term trading. It is necessary to determine in advance the acceptable loss level, profit-taking conditions, and holding period; avoid chasing prices, borrowing capital, or increasing positions due to FOMO (fear of missing out).
Accordingly, medium-term investors should gradually disburse funds from their idle capital, maintaining reserves for essential needs. Further purchases should be based on the proportion of gold held and changes in interest rates, the USD, and domestic exchange rates. Those with profits can take partial profits to rebalance their positions, rather than trying to find the peak.
“Investors need to diversify while focusing on asset quality. Deposits generate cash flow and provide reserves; gold helps to spread risk; stocks should prioritize stable companies; corporate bonds require careful assessment of debt repayment capacity; real estate must be suitable for available resources, legal status, and liquidity, seizing opportunities for business startups. The allocation to each channel should align with individual goals, timeframes, and loss tolerance. Checking focus levels, debt obligations, and cash flow needs helps avoid selling assets when conditions are unfavorable. A balanced strategy requires maintaining proactiveness, protecting gains, and leaving room for future opportunities,” advised Mr. Nguyen Quang Huy.
Global gold prices fell for the second consecutive week due to interest rate pressure.
Global gold prices experienced a sharp decline this week as US bond yields and the US dollar remained high, while expectations regarding the Federal Reserve's interest rate policy continued to put pressure on gold. Weaker-than-expected employment data was not enough to provide the impetus for gold to maintain its recovery momentum.
According to data from Kitco.com, spot gold closed the week at $4,139.8 per ounce, down more than 3% and marking its second consecutive weekly decline. During the week, the price briefly rose to around $4,280 per ounce before coming under selling pressure and falling to a low of approximately $4,111 per ounce.
Selling pressure intensified after gold prices failed to maintain levels above $4,200 per ounce, despite reports showing the US economy added only 29,000 jobs in September, significantly lower than forecasts. The unemployment rate rose to 4.2%, while average wages increased by only 0.1%.
Besides US economic factors, developments in the Middle East, particularly tensions related to Iran and shipping activity through the Strait of Hormuz, also impacted the gold market last week. Geopolitical instability continues to create demand for safe-haven assets, but concerns about energy supply and inflation have increased expectations that interest rates may remain high, thereby limiting the upward momentum of gold prices.
Weak employment data has dampened market expectations of a Fed interest rate hike in October, but it's not enough to create sustained momentum for gold's recovery. Bond yields remain high, while investors continue to forecast a possible Fed rate hike in December.
According to Simon-Peter Massabni, Director of Business Development at XS.com, the gold market is experiencing mixed influences as the US economy shows signs of weakening, while inflation and yields remain high. He believes that weak employment figures have supported gold from a monetary policy perspective, but are not yet sufficient to confirm a return to an upward trend.
Bill Adams, chief economist for U.S. markets at Fifth Third Commercial Bank, believes the September jobs report wasn't weak enough to cause the Fed to shift its focus away from inflation. He argues that the September consumer price index (CPI) and producer price index (PPI) reports, fuel prices, and geopolitical developments leading up to the Fed's next meeting in late October will have a greater impact on interest rate decisions than the recently released jobs report.
Meanwhile, David Morrison, senior market analyst at Trade Nation, believes it is too early to say whether gold has passed its most difficult phase. The Fed's pause on interest rate hikes in October does not mean the possibility of further rate increases has been ruled out, as inflation is likely to remain a top concern for the FOMC.
However, Morrison believes the likelihood of a significant drop in gold prices may be limited. According to him, if gold prices fail to recover amid a strong US dollar, they could retest the key support zone around $4,000 per ounce. If they hold this level, gold prices could enter a consolidation phase before a stronger recovery.
Lukman Otunuga, senior market analyst at FXTM, believes gold is still in a difficult zone and $4,200 per ounce will be a key level next week. If the price closes the week firmly above this level, gold could head towards the 100-day moving average at $4,280 per ounce. Conversely, if it weakens below $4,200, the price could fall to $4,100 per ounce.
Next week, key market developments include the ISM services PMI, the minutes from the Fed's September policy meeting, and the University of Michigan's preliminary consumer sentiment survey. Developments in the Middle East, particularly news regarding Iran and the Strait of Hormuz, will also be closely watched as markets weigh the impact of geopolitical risks on inflation and interest rates.
Source: https://baotintuc.vn/gia-vang-trong-nuoc-sang-310-khong-doi-hai-hoa-ky-vong-voi-quan-tri-rui-ro-post1391035.html
