Gold price on Kitco floor at 9:00 p.m. (September 16, Vietnam time) was trading at 2,584.4 USD/ounce, down 0.21% compared to the beginning of the session. Gold futures price for December 2024 delivery on Comex New York floor was trading at 2,608.6 USD/ounce.

At the beginning of the trading session on September 16 (US time), the world gold price set a new record at 2,588 USD/ounce. However, immediately after that, profit-taking activities of investors caused the gold price to decrease.

The precious metals market received optimistic signals from the US Federal Reserve (Fed) at this week's monetary policy meeting. The market is leaning towards the possibility that the Fed will decide to cut interest rates by 25 basis points.

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Gold hits record high, investors take advantage to take profits. Photo: HH

Mark Leibovit, an expert at VR Metals/Resource Letter, said that the interest rate cut is an important catalyst for the gold market. He commented that gold prices will continue to rise strongly during the Fed's policy meeting.

However, experts say gold could be at risk as the market is over-expecting a 50 basis point Fed rate cut, which could turn investors away from gold. Currently, the odds of the Fed cutting by 25 basis points are down to only 59% compared to more than 70% last week.

Colin Cieszynski, market strategist at SIA Wealth Management, said that if the decline was 25 basis points, it would still help the dollar rise again, which would definitely hurt gold.

Sharing the same view with Colin Cieszynski, market analyst Everett Millman of Gainesville Coins also said that the scenario of the Fed cutting 25 basis points could disappoint many investors, causing gold prices to fall after the policy meeting on September 18.

In the domestic market, at the close of the session on September 16, 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 77.9-79.2 million VND/tael (buy - sell).

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

Gold Price Forecast

UOB - Asia's leading bank, analyzed that due to concerns about global trade uncertainty and geopolitical conflicts, central banks in emerging markets and Asia will increase their gold purchases. This is good news for the precious metal.

According to UOB experts, the above uncertainties could push the price of precious metals to $2,700/ounce by mid-2025 and likely continue to increase to $3,000/ounce in the long term.

Many experts predict that gold is at its peak, and there may be a phenomenon of investors selling to take profits, causing the price to remain stable or decrease slightly in the near future.

Gold price today September 16, 2024: Gold rings increase continuously, setting a new record . Gold price today September 16, 2024, domestic gold rings jumped to a new peak of 79.2 million VND/tael (sold), while SJC gold bars remained unchanged. Gold prices on the world market also increased sharply at the beginning of the week.