Gold price today September 1, 2024, gold price plummeted after a series of impressive performances throughout the summer. Experts have mixed opinions about price movements next week. Is the precious metal really "running out of energy"? Gold ring price decreased in the same direction.
LIVE UPDATE TABLE OF GOLD PRICE TODAY 9/1 and EXCHANGE RATE TODAY 9/1
| 1. SJC - Updated: 08/30/2024 08:29 - Website time of supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 79,000 | 81,000 |
| SJC 5c | 79,000 | 81,020 |
| SJC 2c, 1c, 5c | 79,000 | 81,030 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 77,300 ▼100K | 78,600 ▼50K |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 77,300 ▼100K | 78,700 ▼50K |
| Jewelry 99.99% | 77,250 ▼50K | 78,200 ▼50K |
| Jewelry 99% | 75,426 ▼49K | 77,426 ▼49K |
| Jewelry 68% | 50,831 ▼34K | 53,331 ▼34K |
| Jewelry 41.7% | 30,263 ▼21K | 32,763 ▼21K |
Update gold price today 9/1/2024
Domestic gold prices fell slightly last week.
Early morning of August 26, domestic gold ring price increased slightly while SJC gold bar price remained stable.
Specifically, Saigon Jewelry Company (SJC) announced the selling price of SJC gold bars at 79 - 81 million VND/tael (buy - sell), keeping the listed price in both buying and selling directions unchanged compared to the previous closing price.
DOJI Gold and Gemstone Group listed the price of gold rings at 77.3 - 78.5 million VND/tael (buy - sell), an increase of 100 thousand VND/tael in both buying and selling prices compared to the previous session's close.
After 3 fluctuating mid-week sessions, on the morning of August 30, the price of gold rings shifted to a slight increase, while the selling price of SJC gold bars remained stable.
Specifically, Saigon Jewelry Company (SJC) announced the selling price of SJC gold bars at 79 - 81 million VND/tael (buy - sell), keeping the listed price unchanged in both buying and selling directions compared to the closing price on August 29; listed the price of gold rings at 77.4 - 78.65 million VND/tael (buy - sell), an increase of 50 thousand VND/tael in both buying and selling directions compared to the closing price on August 29.
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| Gold price today September 1, 2024: Gold price plummets from the peak, ending a spectacular performance, is the precious metal 'running out of energy'? Gold rings decrease in price. (Source: Kitco News) |
Summary of SJC gold bar and gold ring prices at major domestic trading brands at the closing time of August 31:
Saigon Jewelry Company: SJC gold bars 79.0 - 81.0 million VND/tael; SJC gold rings 77.3 - 78.6 million VND/tael.
Doji Group: SJC gold bars 79.0 - 81.0 million VND/tael; 9999 round rings (Hung Thinh Vuong) 77.5 - 78.6 million VND/tael.
PNJ system: SJC gold bars 79.0 - 81.0 million VND/tael; PNJ 999.9 plain gold rings at 77.4 - 78.6 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars: 79.0 - 81.0 million VND/tael; Phu Quy 999.9 round gold rings: 77.4 - 78.6 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 79.0 - 81.0 million VND/tael; Rong Thang Long gold brand is traded at 77.46 - 78.66 million VND/tael; jewelry gold price is traded at 76.65 - 78.45 million VND/tael.
Thus, compared to the session of August 30, the price of gold rings of Saigon Jewelry Company on August 31 decreased by VND100,000/tael for buying and VND50,000/tael for selling, while the price of SJC gold bars remained the same.
According toThe Gioi & Viet Nam Newspaper , at 4:15 p.m. on August 31 (Vietnam time), the world gold price at goldprice.org was at 2,503.34 USD/ounce, down 15.98 USD/ounce compared to the previous trading session.
Converted according to the USD price at Vietcombank on August 31, 1 USD = 25,030 VND, the world gold price is equivalent to 75.49 million VND/tael, 5.51 million VND/tael lower than the selling price of SJC gold.
World gold price ends impressive performance
World gold prices fell 1% in the last session of the week on August 30, due to the increase in the USD and US government bond yields, after the US inflation data was announced as expected. However, the price of this precious metal still increased in August 2024, ahead of the possibility that the US Federal Reserve (Fed) will lower interest rates in September.
Specifically, spot gold price decreased 0.9% to 2,497.53 USD/ounce and US gold futures price decreased 1.3% to 2,527.6 USD/ounce in the session on August 30.
However, gold prices rose 2% in August 2024, after recovering to a record high of $2,531.6/ounce on August 20.
Gold prices have retreated from recent record highs as rising yields and a stronger dollar suggest the Fed is likely to cut interest rates less aggressively.
Gold prices remained above the psychological level of $2,500 an ounce and were on track for their best year since 2020, largely driven by market optimism over the outlook for upcoming U.S. interest rates and lingering concerns over conflict in the Middle East.
So, after a series of impressive performances throughout the summer, gold traders had a relatively calm and stable week as, except for a few drops, the precious metal traded in the range above $2,500/ounce.
The latest Kitco News weekly gold survey shows that retail investors are reining in their recent bullishness on gold prices, while industry professionals are evenly split across the sentiment spectrum.
“Up,” said Adrian Day , president of Adrian Day Asset Management. “As we get closer to a Fed rate cut, momentum is likely to pick up. The first rate cut in the cycle has been a bullish signal for gold in over 20 years and while it’s already priced in to some extent, I still expect a positive reaction.”
“I like gold lower next week,” said Marc Chandler , CEO of Bannockburn Global Forex. “The upside momentum has stalled. If the market moves to hurt most people most of the time, perhaps the current painful trade is the sequential improvement in US job creation and a slight drop in the unemployment rate. This could extend the dollar’s upward correction that began in recent days and push US interest rates higher. I can envision a move towards $2,470-75/oz.”
“Sideways,” said Darin Newsom , senior market analyst at Barchart.com. “I don’t have any clarity on the daily chart for December gold as we approach the end of the week/month on Friday. With that in mind, I’m going sideways next week, looking for a breakout in either direction.”
Phillip Streible, chief market strategist at Blue Line Futures, is bearish on gold but said any correction is expected to be shallow and presents a buying opportunity. He added that September has historically been a bad month for gold, so traders should look for buying opportunities but not overextend themselves.
Meanwhile, Bob Haberkorn , Senior Commodity Broker at RJO Futures, is looking at a sideways price action this week.
“$2,500 an ounce is resistance. People are looking to buy below $2,500 an ounce, and the way the market moves with stops and limits, it will naturally trade around that level, but I think $2,480 an ounce seems to be more of a support level.”
This week, 15 analysts participated in the Kitco News Gold Survey and none had a decisive view on price action. Five experts, or 33%, expected gold prices to rise next week, while five others saw gold trading lower next week. The remaining five experts predicted that the precious metal would trade sideways.
Meanwhile, 199 votes were cast in Kitco’s online poll, with Main Street investors remaining bullish on balance, but less so than in last week’s poll. 112 retail traders, or 56%, expect gold prices to rise next week. Another 47, or 24%, expect the yellow metal to trade lower, while 40 respondents, representing the remaining 20%, see prices consolidating next week.
September's seasonal weakness could give neutrals a good entry opportunity, said Adam Button , head of currency strategy at Forexlive.com.
“I’m just waiting for prices to come down,” he said. “I don’t think anyone is fooling themselves into thinking we’re going to see $2,000 an ounce again. $2,000 an ounce is a dream. $2,300 is probably realistic.”
Ole Hansen, head of commodity strategy at Saxo Bank, expects gold to trade lower next week. “Gold is running out of steam, so look for consolidation/correction ahead of the September FOMC meeting,” he said.
And Kitco senior analyst Jim Wyckoff still sees a favorable picture for gold prices next week. “Steady gains as charts remain bullish, fundamentals remain friendly,” he said.
Source: https://baoquocte.vn/gia-vang-hom-nay-192024-gia-vang-lao-doc-tu-dinh-ket-thuc-man-trinh-dien-ngoan-muc-quy-kim-can-kiet-nang-luong-vang-nhan-giam-gia-284546.html
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