Gold price today 9-24: Gold rings increase sharply

At the end of the week of September 24, SJC gold price was listed by businesses at 68.4 million VND/tael for buying and 69.15 million VND/tael for selling. Compared to the end of last week, SJC gold price increased by 50,000 VND for buying but increased by 300,000 VND/tael for selling.

This development shows that businesses have raised buying prices, narrowed the buying and selling price range to stimulate investors' demand for gold.

Meanwhile, the price of jewelry gold and 24K gold rings of all kinds were traded at around 57.1 million VND/tael for buying and 58 million VND/tael for selling, an increase of 500,000 VND/tael compared to the end of last week. The price of gold rings also climbed to the highest level in history.

Giá vàng hôm nay 24-9: Vàng nhẫn tăng mạnh - Ảnh 1.

Gold price today increased sharply with gold rings

Some gold businesses said that demand for gold increased last week, pushing the price of SJC gold and jewelry gold to its peak of the year.

The increase in gold prices also contributed to the increase in revenue of gold businesses. Phu Nhuan Jewelry Company (PNJ) said that 24K gold revenue in the first 8 months of 2023 increased by 5.9% over the same period.

Although retail jewelry revenue in the first 8 months of 2023 decreased by 10.1% compared to the same period last year, the cumulative business results in the first 8 months still reached VND 21,126 billion in net revenue and VND 1,247 billion in after-tax profit. With this result, PNJ has completed 64.4% of the 2023 profit plan.

In the international market, the price of gold today closed the trading week at 1,924 USD/ounce, stable compared to the end of last week.

During the week, gold prices were under pressure to decrease when the US Federal Reserve (FED) kept interest rates unchanged at its August meeting but left open the possibility of raising interest rates in November, while also reducing the number of interest rate cuts in 2024. This development makes it difficult for gold prices to increase sharply.

Giá vàng hôm nay 24-9: Vàng nhẫn tăng mạnh - Ảnh 3.

Gold price today is expected to increase next week

However, Kitco's survey on gold price trends next week shows that both analysts and investors are optimistic about the precious metal's upward momentum.

Specifically, in a survey on Wall Street, 13 analysts participated in the response, of which 46% said gold prices would increase, 15% said gold prices would decrease, and up to 38% said gold prices would remain stable.

Similarly, in an online survey on Main Street, 591 investors responded, of which 49% said gold prices would increase, 35% predicted gold prices would decrease, and the rest predicted gold prices would remain flat.

The central exchange rate at the end of the week was listed by the State Bank at 24,060 VND/USD, an increase of 24 VND/USD compared to the end of last week.

USD price at commercial banks is traded around 24,190 VND/USD for buying, 24,530 VND/USD for selling, up 105 VND/USD.

Source