Gold surges to new record high.

Gold price today, September 14, 2024

As of 5:00 AM on September 14, 2024, the gold prices on the exchanges of several companies were as follows:

Today, DOJI lists the price of 9999 gold at 78.5 million VND/ounce for buying and 80.5 million VND/ounce for selling.

Meanwhile, at Mi Hong Gold and Gemstone Company, the price of SJC gold listed at the time of the survey was 79.5-80.5 million VND/ounce (buying price - selling price).

The price of SJC gold at Bao Tin Minh Chau Co., Ltd. is also being traded at 78.5-80.5 million VND/ounce (buying price - selling price). At Bao Tin Manh Hai, the price is also being traded at 78.5-80.5 million VND/ounce (buying price - selling price).

Gold prices today, September 14, 2024. Photo: PC

The latest gold price list for today, September 14, 2024, is as follows:

	September 14, 2024 (Million VND)		Difference (thousand dong/ounce)
	Buy	Sell	Buy	Sell
SJC in Hanoi	78.5	80.5	But	But
DOJI Group	78.5	80.5	But	But
Mi Hong	79.5	80.5	But	But
PNJ	78.5	80.5	But	But
Vietinbank Gold	But	80.5	But	But
Bao Tin Minh Chau	78.5	80.5	But	But
Bao Tin Manh Hai	78.5	80.5	But	But

World gold price today, September 14, 2024, and chart of world gold price fluctuations over the past 24 hours.

According to Kitco, the spot price of gold in the world market at 5:00 AM Vietnam time today was $2,580.55 per ounce. Today's gold price increased by $21.9 compared to yesterday's price. Converted using the current exchange rate at Vietcombank, the world gold price is approximately VND 75.527 million per tael (excluding taxes and fees). Therefore, the price of SJC gold bars remains VND 2.973 million per tael higher than the international gold price.

Gold price chart over the past 24 hours.

Gold speculators are cashing in on soaring bullion prices, with the $3,000/ounce mark becoming increasingly apparent, driven by the loose monetary policies of major central banks and the tight US presidential election race.

Today's spot gold price reached a record high of $2,580.55 per ounce and is on track for its strongest annual growth since 2020, with an increase of over 24% driven by safe-haven demand, geopolitical and economic instability, and aggressive buying by central banks.

Aakash Doshi, head of North American commodities at Citi Research, said gold prices could reach $3,000 per ounce by mid-2025 and $2,600 by the end of 2024 thanks to US interest rate cuts, strong demand from exchange-traded funds, and demand for physical trading over-the-counter.

Last week, the World Gold Council reported that global physical gold exchange-traded funds (ETFs) saw inflows for the fourth consecutive month in August.

As the Federal Reserve's next meeting approaches on September 18th, the market is focused on the possibility that the US Federal Reserve will cut interest rates for the first time since 2020. Lower interest rates tend to support gold, which does not yield interest.

Investors are currently pricing in a 55% chance of a 25 basis point interest rate cut in the United States and a 45% chance of a 50 basis point cut, according to CME's FedWatch tool.

Peter A. Grant, vice president and senior metals strategist at Zaner Metals, said that if upcoming data points to growth risks and a weak labor market, this would increase the likelihood of a 50 basis point interest rate cut in November or December, which would boost gold and accelerate the time to reach $3,000.

Interest rate cuts from major central banks are progressing favorably, with the European Central Bank issuing its second quarterly rate cut this year on Thursday.

Joseph Cavatoni, market strategist at the World Gold Council, said: " We are also assessing other factors driving demand from Western investors, including the upcoming US election which could add to uncertainty and gold acting as a hedge against immediate risks ."

The upcoming presidential election on November 5th could boost gold prices as the potential market volatility may lead investors to seek gold as a safe haven.

Daniel Pavilonis, senior market strategist at RJO Futures, said the $3,000/ounce target is achievable, adding that this scenario could be driven by political instability following the election.

Investment banks and analysts are increasingly optimistic about gold, with Wall Street bank Goldman Sachs showing the highest confidence in gold's potential for short-term price increases, as it remains the bank's preferred hedge against geopolitical and financial risks.

This week, Australian firm Macquarie raised its gold price forecast and now expects gold prices to peak at an average cyclical high of $2,600 an ounce in the first quarter of next year, with the potential for a surge to $3,000.

Analysts at Macquarie stated: " While the challenging financial outlook for developed markets continues to have a positive impact on gold, it's safe to say that gold prices have been volatile, with the potential for cyclical downside towards the end of next year ."

Here are some recommended addresses for popular gold shops in Hanoi:

1. Bao Tin Minh Chau - 15-29 Tran Nhan Tong Street, Bui Thi Xuan Ward, Hai Ba Trung District, Hanoi

2. DOJI Gold, Silver and Gemstone Company - 5 Le Duan Street, Dien Bien Ward, Ba Dinh District, Hanoi

3. SJC chain of stores in the Northern region - 18 Tran Nhan Tong Street, Nguyen Du Ward, Hai Ba Trung District, Hanoi City

4. PNJ chain store in Northern Vietnam - 222 Tran Duy Hung, Trung Hoa Ward, Cau Giay District, Hanoi

5. Phu Quy Gold and Silver - 30 Tran Nhan Tong Street, Hai Ba Trung District, Hanoi

6. Ngoc Anh Gold and Silver Shop – 47 Lo Duc Street, Pham Dinh Ho Ward, Hai Ba Trung District, Hanoi

7. Quy Tung Gold Shop – 102 Khuong Dinh Street, Thanh Xuan District, Hanoi

8. Bao Tin Lan Vy - 84A Tran Duy Hung Street, Cau Giay District, Hanoi

9. Hoang Anh Gold and Silver Shop – 43 Thai Thinh Street, Dong Da District, Hanoi

10. Huy Thanh Jewelry - No. 23/100 (formerly: No. 30A, Lane 8), Doi Can Street, Ba Dinh District, Hanoi

Here are some recommended addresses of popular gold shops in Ho Chi Minh City:

1. Mi Hong Gold Shop - 306 Bui Huu Nghia Street, Ward 2, Binh Thanh District, Ho Chi Minh City

2. Kim Ngoc Thuy Gold Shop - 466 Hai Ba Trung Street, Tan Dinh Ward, District 1, Ho Chi Minh City

3. Saigon Gold, Silver and Gemstone Company Limited - 418-420 Nguyen Thi Minh Khai Street, Ward 5, District 3, Ho Chi Minh City

4. Tan Tien Gold, Silver and Gemstones - 161 Hanoi Highway, Thao Dien Ward, District 2, Ho Chi Minh City

5. Gold, Silver, Gemstones, and Jade - No. 161 Hanoi Highway, Thao Dien Ward, District 2, Ho Chi Minh City

6. Kim Thanh Thao Gold Shop - 209 Tan Huong Street, Tan Quy Ward, Tan Phu District, Ho Chi Minh City

7. Kim Thanh Nam Gold Shop - 81A Nguyen Duy Trinh Street, Binh Trung Tay Ward, District 2, Ho Chi Minh City

8. Kim Mai Gold Shop - 84C Cong Quynh Street, Pham Ngu Lao Ward, District 1, Ho Chi Minh City

9. PNJ chain store in Southern Vietnam - Booth R011838, Ground floor, Diamond Plaza Shopping Center, 34 Le Duan Street, Ben Nghe Ward, District 1, Ho Chi Minh City

10. DOJI Gold, Silver and Gemstone Company – 81-85 Ham Nghi Street, Nguyen Thai Binh Ward, District 1, Ho Chi Minh City

Source: https://congthuong.vn/gia-vang-hom-nay-1492024-vang-tang-vot-len-moc-ky-luc-moi-345797.html