At the end of the trading session on September 4, the domestic price of 9999 gold was listed by SJC and Doji Gold and Gemstone Group in Hanoi and Ho Chi Minh City at 79-81 million VND/tael (buy - sell).

Domestic gold ring price on the morning of September 4 was adjusted down.

SJC listed the price of gold rings of type 1-5 at only 77.25-78.55 million VND/tael (buy - sell), down 50 thousand VND/tael in both directions. Doji decreased 100 thousand VND/tael in the buying direction and 50 thousand VND/tael in the selling direction compared to the session at the end of last week, listing the price of 9999 smooth round gold rings at 77.4-78.55 million VND/tael (buy - sell).

As of 8:00 p.m. on September 4 (Vietnam time), the spot gold price on the world market was at $2,487/ounce. Gold for December 2024 delivery on the Comex New York floor was at $2,523/ounce.

The world gold price on the night of September 4 was about 20.6% higher (424 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was 75.7 million VND/tael, including taxes and fees, about 5.3 million VND/tael lower than the domestic gold price as of the end of the afternoon session on September 4.

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Gold prices continued to fall today, but are expected to increase by the end of the year. Photo: HH

World gold prices continued to decline as the US dollar benefited from the instability in Japan. However, the demand for buying the precious metal at the bottom was quite large. SJC gold bars remained unchanged, while gold rings fluctuated slowly following the world.

Gold prices fell mainly due to the high USD. The DXY index - measuring the volatility of the USD - stood at 101.6 points, still quite high compared to 100.8 points on August 23 after the statement "it is time to reverse monetary policy" by Fed Chairman Jerome Powell at the Jackson Hole conference.

In fact, the US dollar is in a long-term downtrend. However, in the short term, the US currency is benefiting from the turmoil in Japan. Investors are selling stocks globally and some of the money seems to be moving into the US dollar.

In the session of September 4, Japan's Nikkei index fell more than 4.2%, marking the worst session in nearly a month. South Korea's Kospi index fell more than 3.1%...

Japanese stocks fell after U.S. stocks fell sharply earlier. Investors were also concerned after the Bank of Japan (BoJ) warned it could raise interest rates again. Money also poured into U.S. Treasury bonds.

A strong US dollar has put pressure on gold prices.

Opening the session on September 4 in the US market (September 4 evening Vietnam time), the price of gold dropped to nearly 2,470 USD/ounce. However, bottom-fishing demand for this commodity increased sharply every time the price dropped sharply.

Gold Price Forecast

Gold is considered a beneficiary when the US Federal Reserve (Fed) enters a cycle of interest rate cuts, which may start from September 17-18. Lower interest rates will cause the USD to depreciate against a basket of other major currencies. Gold will then increase in price.

Many forecasts say that gold will reach $2,600/ounce, or even $2,700 by the end of this year or early 2025.

In a recent forecast, Goldman Sachs said that the spot price of gold will reach $2,700/ounce (82.2 million VND/tael) by early 2025. The current risky environment is believed to be a factor that will push gold up, even though this commodity has set new records dozens of times since the beginning of 2024.

Domestically, the price of gold bars remained unchanged for the 14th consecutive session, at VND81 million/tael. The price of 1-5 gold rings was commonly traded at VND77.3-78.55 million/tael (buy - sell), about VND2.8 million/tael higher than the converted world gold price.

Gold price hits record high: Will it reverse or skyrocket to a new peak? The world gold price has increased dramatically and set a new historical peak, but it has also fluctuated strongly. Many people are worried that there will be a deep correction, but many experts predict that gold will reach 92 million VND/tael.