World gold price increased to unprecedented high
Gold price update on the morning of September 3rd, has set a new record in the world market. The main reason is that investors are looking for a safe place to protect their capital from fluctuations in the financial market.
As of 10:00 a.m. Vietnam time, the world gold price reached 3,531.09 USD/ounce, up 36.57 USD/ounce compared to yesterday. This is the highest price in more than 14 years. Gold futures contracts for delivery in December also increased sharply, up to 3,577 USD/ounce.
The rise was driven by increased safe-haven demand. Investors were concerned about the independence of the US Federal Reserve (FED) and the prospect of interest rate cuts. In addition, a weaker US dollar was also an important factor supporting the rise in gold prices.
A major event that affected the US stock market was a sharp drop last night. The reason is that a US court declared that the tariffs imposed during President Donald Trump's term were not in accordance with the law.
The news raised concerns about the legitimacy of U.S. trade policies, increased uncertainty and made investors more cautious because of the unclear cost of tariffs. This in turn caused many to shift money from stocks to gold, a safer investment, and pushed the price of gold to new highs.
SJC gold bar price increased sharply by more than 4 million VND/tael
On the morning of September 3, as soon as trading opened after the National Day holiday, the price of SJC gold bars increased sharply, the free market exceeded 135 million VND/tael.
Saigon Jewelry Company (SJC) has adjusted the gold price to a new record: 131.9 million VND/tael for buying and 133.4 million VND/tael for selling, an increase of more than 4 million VND/tael compared to before the holiday.
Not only SJC, other large gold companies such as PNJ, DOJI and some commercial banks also simultaneously raised the price of SJC gold bars to a record high of 131.9 - 133.4 million VND/tael in both buying and selling directions.
Even at some small gold shops, the price of SJC gold was pushed even higher, at 134.5 million VND/tael for buying and 135.5 million VND/tael for selling.
The price of 99.99% gold rings and jewelry gold also set a new peak, listed at 125.1 million VND/tael for buying and 127.6 million VND/tael for selling, an increase of 2.6 million VND/tael in just one day.
Thus, both domestic and international gold prices are at historical peaks. A notable point is that the world gold price when converted to Vietnamese currency at the bank exchange rate is only about 112.8 million VND, lower than the price of SJC gold bars by more than 20 million VND/tael. This is a record difference to date.
Gold Price Forecast
Investors will be looking to the US jobs report this week for clues on the timing and extent of a rate cut. If the report is not positive, the possibility of the Fed cutting interest rates by 0.5% will increase, according to Zain Vawda, an expert at OANDA.
The rally in gold prices was also bolstered by strong buying from ETFs. The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings rose 1% to 977.6 tonnes last week, the highest since August 2022.
Natasha Kaneva, Head of Commodity Strategy at JP Morgan, predicts that gold prices could reach $3,675 an ounce by the end of this year and even hit $4,250 an ounce by the end of next year.
Source: https://baonghean.vn/cap-nhat-gia-vang-sang-3-9-lap-ky-luc-cao-nhat-14-nam-qua-10305771.html
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