Gold price on Kitco floor at 9:00 p.m. (September 19, Vietnam time) was trading at 2,576.6 USD/ounce, up 0.69% compared to the beginning of the session. Gold futures price for December 2024 delivery on Comex New York floor was trading at 2,612.4 USD/ounce.

At the beginning of the trading session in the US market, the world gold price turned to increase strongly again after plunging from the peak. The US Federal Reserve (Fed) has just decided to cut interest rates by 50 basis points.

Analysts said that the price of gold suddenly turned up, because investors were more optimistic about the Fed's monetary policy in the coming time. The Fed's decision to cut interest rates is the beginning of a broader monetary policy easing cycle by the US Central Bank. The Fed's move opens up expectations of 1-2 more interest rate cuts this year.

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Gold prices turned to increase sharply. Photo: HH

Adam Button, Head of Currency Strategy at Forexlive, said that based on recent US economic developments, the Fed is likely to cut another 25 basis points in November and December.

Historically, interest rate-cutting cycles have driven higher investor demand for gold, but this time around, central bank demand, especially from China and India, has been strong, giving the gold market an edge over other investment vehicles, said Robert Minter, chief investment strategist at Abrdn.

In the domestic market, at the end of the session on September 19, the price of 9999 gold bars at SJC was 79.8 million VND/tael (buy) and 81.8 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 79.8 million VND/tael (buy) and 81.8 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 79.8 million VND/tael and sold at 81.8 million VND/tael.

Gold Price Forecast

Mr. Robert Minter predicts that in the new easing cycle, it is only a matter of time before gold surpasses the $3,000/ounce mark.

Julia Khandoshko, CEO of European brokerage firm, predicts that in the long term, a 50 basis point interest rate cut will boost gold prices strongly. Lower interest rates will be the main driver for gold prices to reach $3,000 an ounce.

ANZ analysts forecast gold prices to rise to $2,900 an ounce by the end of the year after seeing lackluster investment demand in the first half of 2024. Higher prices are unlikely to deter central bank buying.

Gold price today, September 19, 2024, plummeted from a record high, SJC gold bars fell sharply . Gold price today, September 19, 2024, on the world market fluctuated strongly, jumped to a new record and then fell sharply after the Fed cut interest rates. Domestically, SJC 9999 gold bars also plummeted, gold rings remained the same.