Downhill as soon as the door opened

At 9:00 a.m. on September 2, Vietnam time, the price of gold today on the international market plummeted, falling below the 2,500 USD/ounce mark to 2,496 USD/ounce, down nearly 10 USD per ounce compared to the previous session.

Gold prices fell as soon as trading opened. Analysts said that the short-term downward trend of the precious metal is inevitable, after many times failing to surpass the new historical peak of nearly 2,530 USD/ounce, at the same time, positive information has reflected and the dizzying increase in recent days.

Gold prices also fell in the short term due to profit-taking pressure from investors. In just the past 8 months, gold prices have increased from the $2,070/ounce range to over $2,500/ounce, an increase of over $400 per ounce compared to the beginning of the year.

However, in the medium and long term, precious metals are still expected to continue to increase, even to new, more shocking highs.

Giá vàng hôm nay 2-9: Lao dốc ngay khi vừa mở cửa- Ảnh 1. — Gold prices today fell sharply on the international market

Mr Heng Koon How, Head of Market Strategy, Global Economics and Market Research, UOB Group, said that with bright potential, gold prices could rise to US$2,700/ounce by mid-2025 and potentially reach US$3,000/ounce thereafter in the long term.

One of the factors mentioned by UOB experts is the increasing uncertainty in the global geopolitical landscape with two ongoing conflicts in Europe and the Middle East. These geopolitical uncertainties have supported the buying of gold as a safe haven.

"Along with the depreciation of the local currency, there have been industry reports of retail investors buying physical gold products such as gold bars and gold nuggets heavily to hedge against growing instability. In addition, central banks have also increased their gold purchases," said Mr. Heng Koon How.

Not to mention, the US Federal Reserve's (FED) interest rate cut roadmap starting this September is considered one of the main reasons driving gold prices up in the long term.

In the domestic market, this morning, the price of SJC gold bars and gold rings continued to be stable while still in the holiday season. The price of SJC gold bars is listed at 79 million VND/tael for buying and 81 million VND/tael for selling.

The price of 24K gold rings and jewelry of all kinds is also stable at around 77.3 million VND/tael for buying and 78.6 million VND/tael for selling.