The price of gold on the Kitco floor at 8:30 p.m. (September 10, Vietnam time) was trading at $2,508.8/ounce, up 0.09% from the beginning of the session. The price of gold futures for delivery in December 2024 on the Comex New York floor was trading at $2,535.6/ounce.

At the beginning of the trading session on September 10 (US time), world gold prices increased slightly and trading was quite quiet before the US inflation report for August was about to be announced.

The precious metals market is expecting a decline in August inflation data as it increases the likelihood of a sharp 50 basis point interest rate cut by the US Federal Reserve (Fed).

Peter A. Grant, vice president and senior metals strategist at Zaner Metals, predicts that the Fed will almost certainly cut interest rates by 25 basis points at its meeting on September 18. He believes that this is what has caused gold prices to fluctuate between $2,470 and $2,520 per ounce in recent times.

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World gold prices are cautious before the US releases its August inflation report. Photo: Hoang Ha

However, Peter A. Grant is optimistic that the precious metal could set a new record as expectations for a 50 basis point Fed rate cut are rising. However, he still warned investors to be cautious with expectations of a sharp Fed rate cut.

Even the Fed's low rate cut of 25 basis points did not cause gold prices to fall sharply, said Carlo Alberto De Casa, currency market analyst at Kinesis.

In the domestic market, at the end of the session on September 10, the price of 9999 gold bars at SJC was 78.5 million VND/tael (buy) and 80.5 million VND/tael (sell). SJC listed the price of gold rings at 77.25-78.5 million VND/tael (buy - sell).

Doji Hanoi and Ho Chi Minh City listed gold bar prices at 78.5 million VND/tael (buy) and 80.5 million VND/tael (sell).

Gold Price Forecast

According to the CME FedWatch tool, traders forecast a 73% chance that the Fed will cut 25 basis points at its September 18 meeting and a 27% chance of a 50 basis point cut.

However, experts predict that the inflation data to be released soon will not decrease as expected, which will not have much impact on the price of precious metals and the price will only decrease slightly.

Gold price today September 10, 2024: The world is optimistic, gold bars increase sharply . Gold price today September 10, 2024 on the international market increased again due to expectations of the Fed easing monetary policy. Domestic gold bars also increased, SJC gold bars remained unchanged for more than two consecutive weeks.