Gold prices today, September 1, 2024, plummeted after a series of impressive performances throughout the summer. Experts have conflicting opinions on price movements next week. Is the precious metal truly "running out of energy"? Gold ring prices also fell in line.
LIVE UPDATE TABLE OF GOLD PRICES AND EXCHANGE RATES TODAY, SEPTEMBER 1ST
| 1. SJC - Updated: 08/30/2024 08:29 - Website supply time - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 79,000 | 81,000 |
| SJC 5c | 79,000 | 81,020 |
| SJC 2c, 1C, 5 phân | 79,000 | 81,030 |
| SJC 99.99 gold rings, 1 tael, 2 taels, 5 taels. | 77,300 ▼100K | 78,600 ▼50K |
| SJC 99.99 gold rings, 0.3 tael, 0.5 tael | 77,300 ▼100K | 78,700 ▼50K |
| 99.99% Authentic Jewelry | 77,250 ▼50K | 78,200 ▼50K |
| 99% Jewelry | 75,426 ▼49K | 77,426 ▼49K |
| Jewelry 68% | 50,831 ▼34K | 53,331 ▼34K |
| Jewelry 41.7% | 30,263 ▼21K | 32,763 ▼21K |
Gold price update for today, September 1, 2024
Domestic gold prices fell slightly last week.
On the morning of August 26th, the price of gold rings in Vietnam increased slightly, while the 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/ounce (buying price - selling price), maintaining the same listed price in both buying and selling directions compared to the previous closing session.
DOJI Gold and Gemstone Group listed the price of gold rings at 77.3 - 78.5 million VND/ounce (buying price - selling price), an increase of 100,000 VND/ounce in both buying and selling prices compared to the previous closing session.
After three volatile sessions in the middle of the week, the price of gold rings turned slightly upward on the morning of August 30th, 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/ounce (buying price - selling price), maintaining the same listed price in both buying and selling directions compared to the closing price on August 29; the listed price of gold rings was 77.4 - 78.65 million VND/ounce (buying price - selling price), an increase of 50,000 VND/ounce in both buying and selling directions compared to the closing price on August 29.
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| Gold prices today, September 1, 2024: Gold plummets from its peak, ending a spectacular performance; is the precious metal running out of energy? Gold rings are also falling in price. (Source: Kitco News) |
Summary of SJC gold bar and gold ring prices at major domestic gold trading brands at the close of trading on August 31st:
Saigon Jewelry Company: SJC gold bars 79.0 – 81.0 million VND/ounce; SJC gold rings 77.3 – 78.6 million VND/ounce.
Doji Group: SJC gold bars 79.0 – 81.0 million VND/ounce; 9999 gold rings (Hung Thinh Vuong brand) 77.5 – 78.6 million VND/ounce.
PNJ system: SJC gold bars at 79.0 – 81.0 million VND/ounce; PNJ 999.9 plain gold rings at 77.4 – 78.6 million VND/ounce.
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.
The price of SJC gold at Bao Tin Minh Chau is listed at: 79.0 – 81.0 million VND/ounce; the Thang Long Dragon gold brand is trading at 77.46 – 78.66 million VND/ounce; and the price of gold jewelry is trading at 76.65 – 78.45 million VND/ounce.
Thus, compared to the August 30th session, the price of gold rings from Saigon Jewelry Company on August 31st decreased by 100,000 VND/ounce in the buying price and 50,000 VND/ounce in the selling price, while the price of SJC gold bars remained unchanged.
According to the World & Vietnam Newspaper , at 4:15 PM on August 31st (Vietnam time), the world gold price at goldprice.org was 2,503.34 USD/ounce, a decrease of 15.98 USD/ounce compared to the previous trading session.
Based on the USD exchange rate at Vietcombank on August 31st, 1 USD = 25,030 VND, the world gold price is equivalent to 75.49 million VND/ounce, which is 5.51 million VND/ounce lower than the selling price of SJC gold.
World gold prices conclude their impressive performance.
Global gold prices fell 1% in the final trading session of the week on August 30th, due to a rise in the US dollar and US government bond yields, following the release of US inflation data as expected. However, the price of the precious metal still rose overall for August 2024, ahead of the possibility of the US Federal Reserve (Fed) lowering interest rates in September.
Specifically, spot gold prices fell 0.9% to $2,497.53 per ounce and US gold futures fell 1.3% to $2,527.6 per ounce on August 30.
Nevertheless, gold prices rose 2% in August 2024, after recovering to a record high of $2,531.6 per ounce on August 20.
Gold prices have fallen from recent record highs as rising yields and a stronger dollar suggest the Fed is likely to cut interest rates less aggressively.
Gold prices remain above the psychological level of $2,500 per ounce and are on track for their best performance since 2020, primarily driven by market optimism about the upcoming US interest rate outlook and lingering concerns about conflict in the Middle East.
Thus, after a series of impressive performances throughout the summer, gold traders had a relatively calm and stable week, with the exception of a few dips, the precious metal trading within a range above $2,500 per ounce.
Kitco News ' latest weekly gold survey shows retail investors are tempering their recent optimism about gold prices, while industry experts are evenly distributed across the entire sentiment spectrum.
"Upward," said Adrian Day , President of Adrian Day Asset Management. "As we get closer to the Fed's interest rate cut, momentum is likely to increase. The first rate cut in the cycle is the most bullish signal for gold in over 20 years, and while it's already priced in to some extent, I expect a positive reaction."
"I would prefer lower gold prices next week," said Marc Chandler , managing director at Bannockburn Global Forex. "Upward momentum has stalled. If market volatility is to hurt most people most of the time, perhaps the current pain point is the sequential improvement in US job creation and a slight decline in the unemployment rate. This could extend the upward correction in the USD that began in recent days and push US interest rates higher. I can envision a move towards $2,470-$75/ounce.”
“Sideways,” said Darin Newsom , Senior Market Analyst at Barchart.com. “I don’t have any clear information on the December gold daily chart as we approach the end of the week/month on Friday. With that, I would be looking for a sideways trend next week, looking for a breakout in either direction.”
Phillip Streible, Head of Market Strategy at Blue Line Futures, expressed pessimism about gold but said any corrections are expected to be shallow and present buying opportunities. He added that September has historically been a bad month for gold, so traders should look for buying opportunities, but avoid overextending.
Meanwhile, Bob Haberkorn , Senior Commodity Broker at RJO Futures, is looking at a sideways price trend this week.
“$2,500/ounce is a resistance level. People are looking to buy below $2,500/ounce, and given how the market moves with stop and limit orders, the price will naturally trade around that level, but I think $2,480/ounce seems more like support.”
This week, 15 analysts participated in the Kitco News Gold Survey, and there were no differing views on the impactful price action. Five experts, or 33%, expected gold prices to rise next week, while five others believed gold would trade lower next week. The remaining five predicted the precious metal would trade sideways.
Meanwhile, 199 votes were cast in Kitco's online poll, with Main Street investors remaining optimistic on average, 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.
Adam Button , head of currency strategy at Forexlive.com, said that the seasonal weakness of September could offer neutrals a good opportunity to enter the market.
"I'm just waiting for the price to drop," he said. "I don't think anyone is deluding themselves into thinking we'll see $2,000 an ounce again; $2,000 an ounce is a dream. $2,300 is probably a reality."
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's senior analyst Jim Wyckoff still sees a favorable picture for gold prices next week. "Steady gains as the chart remains bullish, the 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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