Gold price surpasses all record highs, optimism is 'bright', the 3,000 USD/ounce mark is not far away, gold rings follow suit and increase strongly

Gold price today September 15, 2024, gold price increased sharply, analysts and investors are optimistic that the price of this precious metal will continue to increase, expected to reach an unbelievable record of 3,000 USD?ounce. Domestic gold ring price is on the rise.

1. SJC - Updated: 09/12/2024 08:31 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L, 1KG	78,500	80,500
SJC 5c	78,500	80,520
SJC 2c, 1c, 5c	78,500	80,530
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	77,800	79,100
SJC 99.99 gold ring 0.3 chi, 0.5 chi	77,800	79,200
Jewelry 99.99%	77,700	78,700
Jewelry 99%	75,921	77,921
Jewelry 68%	51,171	53,671
Jewelry 41.7%	30,471	32,971

Update gold price today 9/15/2024

Domestic gold prices increased sharply last week.

On the morning of September 9, the price of SJC gold bars as well as gold rings at domestic gold and gemstone companies remained stable.

Accordingly, Saigon Jewelry Company Limited (SJC), DOJI Jewelry Group, Phu Quy Jewelry Group and Bao Tin Minh Chau Company Limited all listed gold bar prices at 78.5 - 80.5 million VND/tael (buy - sell), stable since last Thursday.

Regarding the price of gold rings, at Saigon Jewelry Company Limited, the listed price of gold rings is 77.15 - 78.45 million VND/tael (buy - sell), unchanged from the previous session's closing price.

After 3 sessions of strong fluctuations in the middle of the week, recording an increase in the price of gold rings, by the morning session of September 13, the price of domestic gold rings continued to increase strongly while the price of SJC gold bars remained stable.

Specifically, Saigon Jewelry Company (SJC) announced the selling price of SJC gold bars at 78.5 - 80.5 million VND/tael (buy - sell), keeping the listed price in both buying and selling directions unchanged compared to the previous session's closing price.

Meanwhile, the price of gold rings increased sharply. Specifically, DOJI Gold and Gemstone Group listed the price of gold rings at 77.9 - 79.1 million VND/tael (buy - sell), an increase of 400 thousand VND/tael for buying and 450 thousand VND/tael for selling compared to the closing price on September 12.

Gold price today September 15, 2024: Gold price surpasses all record highs, optimism is 'bright', the $3,000/ounce mark is not far away, gold rings follow suit and increase sharply. (Source: Shutterstock)

Summary of SJC gold bar and gold ring prices at major domestic trading brands at the closing time of September 14:

Saigon Jewelry Company: SJC gold bars 78.5 - 80.5 million VND/tael; SJC gold rings 77.8 - 79.0 million VND/tael.

Doji Group: SJC gold bars 78.5 - 80.5 million VND/tael; 9999 round rings (Hung Thinh Vuong) 77.9 - 79.1 million VND/tael.

PNJ system: SJC gold bars 78.5 - 80.5 million VND/tael; PNJ 999.9 plain gold rings at 77.95 - 79.1 million VND/tael.

Phu Quy Gold and Silver Group: SJC gold bars: 78.5 - 80.5 million VND/tael; Phu Quy 999.9 round gold rings: 78.0 - 79.2 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 78.5 - 80.5 million VND/tael; plain gold rings are traded at 77.88 - 79.08 million VND/tael.

Thus, compared to the first session of the week on September 9, the price of gold rings of Saigon Jewelry Company increased by 650 thousand VND/tael for buying and increased by 550 thousand VND/tael for selling, while the price of gold bars remained unchanged.

According toThe Gioi & Viet Nam Newspaper , at 4:28 p.m. on September 13 (Vietnam time), the world gold price at goldprice.org was at 2,578.24 USD/ounce, an increase of 20.02 USD/ounce compared to the previous trading session.

Converted according to the USD price at Vietcombank on September 14, 1 USD = 24,730 VND, the world gold price is equivalent to 76.82 million VND/tael, 3.68 million VND/tael lower than the selling price of SJC gold bars.

World gold prices skyrocket

World gold prices have been pushed to new record highs by speculators, increasingly approaching the $3,000/ounce mark.

The reason, according to analysts, is that the depreciation of the US dollar makes gold cheaper for buyers holding other currencies and the expectation that the US Federal Reserve (Fed) will lower interest rates at its monthly meeting next week, in the context of the tense US presidential election race.

Spot gold rose 0.9% to $2,581.70 an ounce on Friday. Notably, gold is on track for its strongest annual gain since 2020. Gold has risen more than 24% year-to-date, driven by geopolitical and economic uncertainty and strong central bank buying.

Gold prices could hit $3,000 an ounce by mid-2025 and $2,600 an ounce by the end of 2024, according to Aakash Doshi , head of commodities for North America at Citi Research. Gold's price action will depend largely on the Fed's rate cuts and strong demand from gold exchange-traded funds, along with retail buyers.

Gold exchange-traded funds saw positive inflows for the fourth consecutive month in August 2024, the World Gold Council (WGC) said.

Meanwhile, according to Kitco News , Wall Street sees two-way risks for gold surrounding the Fed's interest rate decision, while Main Street investors remain cautiously optimistic.

The latest Kitco News weekly gold survey shows that both industry professionals and retail investors remain bullish on gold’s potential upside, but are more skeptical and cautious than in recent weeks.

Marc Chandler , CEO at Bannockburn Global Forex, sees upside potential, but also thinks gold is a bit overdone.

“Gold is hitting new record highs, seemingly supported by falling US interest rates and the US dollar,” he said. The expert added that as gold is in uncharted waters, resistance is of little significance. “Psychologically, $2,600 an ounce is attractive,” he said.

Mark Leibovit , of VR Metals/Resource Letter, expects gold prices to rise in the coming days, but he thinks prices will peak around the time of the Fed meeting. “I’m looking for a trading top next week,” he said.

Adam Button , head of currency strategy at Forexlive.com, also sees prices moving higher next week. “There’s no reason to fight this rally. The Fed’s 25 basis point cut may trigger some reflexive selling, but there will be buyers ahead of $2,500 an ounce,” he said .

Meanwhile, Daniel Pavilonis , senior commodities broker at RJO Futures, said gold is a bit overextended in the near term, even if it still has significant momentum heading into year-end.

“I think the market is going to start to move sideways a little bit,” he said. “That’s what the market is looking for, but we’ve gone way above all the moving averages, I think we’re starting to get back into the actual trend range.”

Pavilonis said he expects gold to fall ahead of the rate decision. “I think you’ll see some profit-taking,” he said.

The other major driver of gold’s recent rally is the U.S. election and potential political uncertainty, according to Pavilonis. But for next week, Pavilonis said he would short gold after the Fed meeting.

The Fed is scheduled to meet on August 18-19. The CME FedWatch tool shows markets expect a 55% chance of a 25 basis point rate cut and a 45% chance of a 50 basis point rate cut.

Thirteen analysts participated in the Kitco News Gold Survey this week, and while the results showed optimism on the ground, many expressed concern that the precious metal could move in either direction on either side of the Fed’s decision. However, eight experts, or 62%, expect gold prices to rise next week, while three analysts, or 23%, see gold trading lower next week. The remaining two experts, or 15%, see the precious metal trading sideways.

Meanwhile, 189 votes were cast in Kitco’s online poll, with the same percentage of Main Street investors bullish as last week, but some votes were flat and turned bearish. 107 retail traders, or 57%, expect gold prices to rise next week, while 47, or 25%, expect the precious metal to trade lower. The remaining 35 respondents, or 18%, see prices holding steady next week.

James Stanley , senior market strategist at Forex.com, said he could not make an argument for lower gold prices in the current environment.

“I’m bullish on gold next week,” said Colin Cieszynski , chief market strategist at SIA Wealth Management. “The only thing that could weigh on gold is theoretically if the Fed just cuts by 25 basis points, you could see the dollar rally, and if the Fed doesn’t cut, which I doubt, then gold could get hit pretty hard.”

Source: https://baoquocte.vn/gia-vang-hom-nay-1592024-gia-vang-vuot-moi-dinh-cao-ky-luc-niem-lac-quan-phoi-phoi-moc-3000-usdounce-khong-xa-vang-nhan-theo-chan-tang-manh-286296.html