Gold price hits record high, there are abnormalities, "dark clouds" are forming, what should investors do?

Gold prices today, September 28, 2024: World gold prices have temporarily "cooled down" after a long upward cycle and reaching unprecedented highs. The domestic market is witnessing an unprecedented chase for SJC gold bars and gold rings. A new trend is emerging - despite gold prices continuously reaching new highs, investment demand for the precious metal remains high.

1. SJC - Updated: 27/09/2024 08:23 - Time of issue on source website - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L, 1KG	81,500	83,500
SJC 5c	81,500	83,520
SJC 2c, 1C, 5 phân	81,500	83,530
SJC 99.99 gold rings, 1 tael, 2 taels, 5 taels.	81,500 ▲200K	83,000 ▲300K
SJC 99.99 gold rings, 0.3 tael, 0.5 tael	81,500 ▲200K	83,100 ▲300K
99.99% Authentic Jewelry	81,450 ▲250K	82,700 ▲300K
99% Jewelry	79,881 ▲297K	81,881 ▲297K
Jewelry 68%	53,892 ▲204K	56,392 ▲204K
Jewelry 41.7%	32,139 ▲125K	34,639 ▲125K

Gold price update for today, September 28, 2024

Global gold prices have retreated from their peak but are still on track for weekly gains, driven by growing expectations of another major interest rate cut in the US economy this year.

The US Federal Reserve's interest rate cut has triggered a sharp rise in gold prices, pushing the precious metal to consecutive record highs and up approximately 1.8% so far this week. Gold prices have now risen 29% against the US dollar year-to-date, reaching record highs against all major currencies, including the euro, Canadian dollar, Australian dollar, and Chinese yuan.

According to World and Vietnam Newspaper at 6:20 PM on September 27th ( Hanoi time), world gold prices were trading at 2,667.20 - 2,668.20 USD/ounce, a slight decrease of 6.3 USD compared to the close of the previous trading session.

Gold prices remain in an upward trend but have fallen from their recent highs. However, the price of gold on the December Comex futures contract has managed to reach another record high of $2,708.70 per ounce. Technical charts also maintain a strong upward trend for both gold and silver, with the most recent December gold futures contract reaching $2,688.90 per ounce.

While the market is being impacted by economic stimulus measures from China, the demand for safe-haven assets is supporting buying demand for precious metals.

According to the latest information, Chinese economic managers have pledged to stabilize the real estate sector and add further fiscal stimulus measures, following the People's Bank of China's announcement of the largest monetary stimulus package since the Covid-19 pandemic earlier this week. Beijing has committed to issuing and using government bonds to support investment. This news, which has a significant impact on the global economy, comes amid speculation that the world's second-largest economy will struggle to achieve its 5% GDP growth target this year.

Meanwhile, the military conflict between Israel and Hezbollah continues to escalate, with Israel now ordering its military to prepare for a possible ground offensive in Lebanon following recent intense airstrikes. This situation is causing investors to seek safe havens in gold and silver, and things are likely to get worse before they get better.

Financial market analyst Kyle Rodda at Capital.com confirms that gold prices are receiving support from the Fed's expected interest rate move and China's stimulus measures – both of which weaken the US dollar. The US dollar has fallen for the fourth consecutive week, making commodities priced in the greenback cheaper for holders of other currencies.

Major markets today saw the USD index fall. The yield on 10-year US Treasury bonds is declining and is currently at 3.779%. Nymex crude oil prices fell sharply and are trading around $68 per barrel. Reports indicate Saudi Arabia is considering pumping more oil, with analysts fearing that "an increase in OPEC+ production will lead to an oversupply situation."

Domestic gold prices are a chase between SJC gold bars and gold rings.

For the first time in the history of the domestic gold market, the price of gold rings closely follows the price of SJC gold bars, and the increase shows no sign of stopping.

The price of SJC gold bars is gradually stabilizing thanks to the timely intervention of the State Bank. However, following recent volatile global market sessions, the current listed price of SJC gold bars at major trading centers such as Saigon Jewelry Company, DOJI Group, Phu Quy, and Bao Tin Minh Chau is "uniform" at 81.5 - 83.5 million VND/ounce (buy-sell).

Domestic SJC gold bar prices have not fluctuated much recently, without the sudden "surge" seen in gold rings. About a month ago, the price of SJC gold bars was 79-81 million VND/ounce. If you bought gold at that time and sold it now, you would have made a profit of 500,000 VND/ounce. However, investors in gold rings would have earned a much higher profit than gold bars in just one month.

The price of plain gold rings continues to experience much more impressive "jumps" than SJC gold bars.

Closely following SJC gold bars, in the trading session on August 27th, the price of 9999 Hung Thinh Vuong gold rings at DOJI Group was listed at around 82.5 - 83.35 million VND/ounce (buy - sell); Saigon Jewelry Company adjusted the price of gold rings upwards to 81.5 - 83.1 million VND/ounce; the price of gold rings at PNJ was 82.5 - 83.3 million VND/ounce; Bao Tin Minh Chau was 82.54 - 83.44 million VND/ounce.

Gold prices today, September 28, 2024: Gold prices reach record highs, but there are unusual signs; 'dark clouds' are forming. What should investors do? (Source: Kitco News)

Summary of SJC gold bar prices at major domestic gold trading brands at the closing times of the afternoon trading session on September 27th:

Saigon Jewelry Company: SJC gold bars 81.5 - 83.5 million VND/ounce; SJC gold rings 81.5 - 83.1 million VND/ounce.

Doji Group: SJC gold bars 81.5 - 83.5 million VND/ounce; 9999 gold rings (Hung Thinh Vuong brand): 82.5 - 83.35 million VND/ounce.

PNJ system: SJC gold bars 81.5 - 83.5 million VND/ounce; 9999 gold rings 82.5 - 83.3 million VND/ounce.

Phu Quy Gold and Silver Group: SJC gold bars: 81.5 - 83.5 million VND/ounce; Phu Quy 999.9 round gold rings: 82.10 - 83.20 million VND/ounce.

The price of SJC gold at Bao Tin Minh Chau is listed at: 81.5 - 83.5 million VND/ounce. The price of plain round gold rings from Thang Long Gold Dragon is listed at 82.54 - 83.44 million VND/ounce.

Investment demand remains high, despite record-high gold prices.

One notable difference from the norm is that investment demand remains strong, despite record-high gold prices. The unstoppable surge in gold's price into "uncharted territory" is attracting considerable attention as investment demand continues to rise sharply.

The traditional market reaction is "high price - take profit," but this time a new trend is emerging: "high price - buy more" - in fact, demand for physical gold is also seeing strong activity. As observers have noted, the market has seen a surge in new demand over the past month.

Stuart O'Reilly, an analyst at The Royal Mint , said investors are turning to physical gold as a hedge against rising geopolitical and economic uncertainty. He also highlighted an emerging trend for the precious metal – an unprecedented price surge attracting a wave of new investors to the market.

In the current situation, Kitco Senior Analyst Jim Wyckoff said that gold speculators are still on an upward trajectory, but he cautioned, "You know, I've said this many times: If you're an investor/trader in the commodities market, keep a close eye on the crude oil market."

In a warning issued in this week's weekly report, analyst Jim Wyckoff wrote, "Price increases in any major commodity, including precious metals, will be difficult to sustain if crude oil prices reverse and begin to trend downward." In other words, weakening crude oil prices could be a leading indicator of when the gold and silver markets are peaking.

"On the market this weekend, crude oil prices are currently starting to fall. This is definitely not good news for those speculating on precious metals," warned the seasoned expert on stocks, finance, and commodities at Kitco .

Source: https://baoquocte.vn/gia-vang-hom-nay-2892024-gia-vang-tang-ky-luc-co-diem-bat-thuong-may-den-dang-hinh-thanh-nha-dau-tu-nen-lam-gi-287859.html