The price of gold on the Kitco floor at 8:30 p.m. (September 26, Vietnam time) was trading at $2,662.4/ounce, up 0.21% from the beginning of the session. The price of gold futures for December 2024 delivery on the Comex New York floor was trading at $2,702.3/ounce.

At the beginning of the trading session on September 26 (US time), the world gold price increased sharply, soaring to 2,684.2 USD/ounce, this is a new record high for the precious metal.

Gold prices are being boosted by a series of measures by the world's second largest economy, China, to stimulate economic growth. In addition, demand for safe haven assets has increased sharply following political instability in the Middle East.

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Gold price sets new record. Photo: HH

Gold investors are also looking to upcoming comments from Federal Reserve Chairman Jerome Powell and upcoming US inflation data, which will prompt another 50 basis point cut this year.

According to the FedWatch tool - CME, traders expect a 54.1% chance that the Fed will cut interest rates by another 50 basis points at the Fed's next meeting.

Han Tan, a market analyst at Exinity Group, said that the recent surge in gold prices was due to market optimism and the Fed’s decision to further cut interest rates. He said that gold would not face many obstacles to reaching $2,700 an ounce by the end of 2024.

Sharing the same optimistic view, Blue Line Futures market strategist Phillip Streible predicted that gold could conquer the $2,700/ounce mark this week if the labor market weakens and Fed officials reaffirm the 50 basis point cut at the upcoming meeting.

In the domestic market, at the end of the session on September 26, the price of 9999 gold bars at SJC was 81.5 million VND/tael (buy) and 83.5 million VND/tael (sell).

Doji Hanoi and Ho Chi Minh City both listed at 81.5 million VND/tael (buy) and 83.5 million VND/tael (sell).

Bao Tin Minh Chau listed the price of Thang Long Golden Dragon gold bars at 82.23-83.33 million VND/tael (buy - sell).

On September 26, SJC raised the price of 1-5 chi gold rings to 81-82.5 million VND/tael (buy - sell). Meanwhile, Doji kept the price of 9999 smooth round gold rings unchanged at 81.95-82.95 million VND/tael (buy - sell).

Gold Price Forecast

Mr. Han Tan believes that gold can conquer the $3,000/ounce mark if the US economy does not fall into recession after the next interest rate adjustments by the US Central Bank.

David Meger, director of metals trading at High Ridge Futures, predicted that the inflow of money into exchange-traded funds, along with other factors such as geopolitical tensions across the Middle East and massive economic stimulus measures launched by China, will continue to support gold prices in the coming time.

Daniel Hynes, senior commodity strategist at ANZ, said the weakening of the US dollar with falling US Treasury yields also boosted investor demand for gold.

Gold ring prices hit a new peak, billions of dollars in cash flow may flow into an investment channel . Gold ring prices continue to rise sharply to a new peak, but trading is quiet. Money tends to go into production and to banks at the end of the year, but it is also lurking in an investment channel after some policy changes.