At 8:22 a.m. today (September 3, Vietnam time) , the world spot gold price was at 2,492.2 USD/ounce, down 8.7 USD/ounce compared to last night. The price of gold futures for December 2024 on the Comex New York floor was at 2,526.2 USD/ounce.

On the morning of September 3 , the world gold price converted to USD bank price was nearly 76 million VND/tael, including tax and fees, about 5 million VND/tael lower than the domestic gold price.

Domestically, the price of SJC gold bars and gold rings is not adjusted due to the National Day holiday on September 2.

The price of 9999 gold bars at SJC closed on August 31, before the 4-day holiday on September 2, at 79-81 million VND/tael (buy - sell). SJC listed the price of gold rings at 77.3-78.6 million VND/tael (buy - sell).

The price of gold bars is similar at Doji Hanoi and Ho Chi Minh City, both listed at 79 million VND/tael (buy) and 81 million VND/tael (sell).

Bao Tin Minh Chau listed the price of Golden Dragon gold bars at 77.43-78.63 million VND/tael (buy - sell).

Gold price on Kitco floor at 8:30 p.m. (September 2, Vietnam time) was trading at 2,500.9 USD/ounce, down 0.11% compared to the beginning of the session. Gold futures price for December 2024 delivery on Comex New York floor was trading at 2,501.7 USD/ounce.

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Gold market forecast gloomy. Photo: HH

At the beginning of the trading session on September 2 (US time), the world gold price fell around 2,500 USD/ounce due to investors' concerns about the possibility of gold prices falling further after the US Federal Reserve (Fed) cut interest rates in September. Recent economic information has made the gold market shape the high possibility that the Fed will cut interest rates by 25 basis points.

One of the biggest short-term concerns for gold is that recent positive economic data has kept the Fed from cutting rates by 50 basis points in September.

One of the big questions for gold investors recently has been whether the Fed could cut rates by 100 basis points after the end of 2024?

Therefore, although gold is still trading at a high of 2,500 USD/ounce and may continue to increase, gold investors are hesitant and cannot wholeheartedly pursue the upward trend of gold prices.

Many experts believe that if the Fed only cuts 25 basis points, it could cause the gold market to become gloomy in the coming time. Gold prices could plummet, falling below $2,500/ounce.

Naeem Aslam, chief investment officer at Zaye Capital Markets, said that investors' expectations of a 50 basis point rate cut by the Fed were too far-fetched.

According to the CME FedWatch Tool, the market fully expects the Fed to cut interest rates by 25 basis points at its September monetary policy meeting. Meanwhile, there is a 30.5% chance of a 50 basis point rate cut.

Phillip Streible, Chief Market Strategist at Blue Line Futures, said the weakness in gold prices is an important opportunity for investors to buy at low prices as gold prices remain in an uptrend.

One of the important forecasts of experts is that recent economic data is supporting the strength of the USD. This will be detrimental to the gold market.

Gold price today, September 2, 2024, decreased sharply, falling from an important peak . Gold price today, September 2, 2024, on the world market continued to decrease, falling below 2,500 USD/ounce due to caution before the Fed's monetary policy decision.