Gold price "surges" beyond old threshold, sets new record; Fed finalizes monetary easing, long-term price increase journey begins

Gold price today September 16, 2024: World gold prices have just had a moment recorded in history when they first surpassed an unprecedented threshold - 2,600 USD/ounce, up more than 3% compared to last week. This week, gold prices are still forecast to increase and many experts believe that the price increase cycle has just begun.

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, 5 phan	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 9/16/2024

World gold prices break all records. The strong increase in gold prices last week is certainly etched in financial history - surpassing the threshold of 2,600 USD/ounce for the first time.

According to the World and Vietnam Newspaper , at the end of last week's trading session (September 13), after strong increases, the world gold price closed the weekend trading session on the Kitco exchange at 2,577.70 - 2,578.60 USD/ounce, continuously increasing strongly after each adjustment session.

In a historic week for precious metals, gold futures broke past records and hit new highs. Markets are now turning their attention to next week’s Federal Open Market Committee (FOMC) meeting, which is considered one of the most influential meetings of the year, with expectations for the first interest rate cut since 2020.

The consensus among analysts, economists, and market watchers is that a rate cut is almost certain. According to CME FedWatch, the market is currently pricing in a 73% chance of a 25 basis point cut and a 27% chance of a 50 basis point cut.

The stage was set for the crucial decision on August 20, when Fed Chairman Jerome Powell signaled a willingness to cut interest rates in a speech in Jackson Hole, Wyoming. Powell’s views were echoed by other Fed officials, underscoring the growing sentiment that monetary easing was imminent.

Domestic gold prices still record stability of SJC gold bars and strong fluctuations of gold rings.

The price of SJC gold bars is still recorded at a "fixed" price of 78.5 - 80.5 million VND/tael (buy-sell) at all business brands nationwide.

Meanwhile, the price of gold rings increased sharply. Specifically, DOJI Group listed the price of gold rings at 77.9 - 79.1 million VND/tael (buy - sell), an increase of 400 thousand VND/tael in the buying direction and an increase of 450 thousand VND/tael in the selling direction compared to the closing session on September 12. Or, compared to the first session of the week on September 9, the price of round gold rings of Saigon Jewelry Company increased by 650 thousand VND/tael in the buying direction and increased by 550 thousand VND/tael in the selling direction.

Gold price today September 16, 2024: Gold price 'surges' beyond old threshold, sets new record; Fed closes monetary easing, long-term price increase journey has just begun. (Source: Kitco News)

Specifically, the price of SJC gold bars listed at major domestic trading brands at the closing time of last week's trading session ( 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.

Gold prices start long-term uptrend?

World gold prices began to rise sharply, stabilize and set many new record highs throughout the trading session last weekend, with each slight decrease followed by another decisive increase. The market is forecast by analysts for a long-term upward cycle.

These days, people are talking a lot about the Fed's interest rate cut - the first interest rate cut since 2020. That is, it has been a long and bumpy road to get to this point, many times the market has gone from one emotion to another - anticipation, expectation, disappointment or relief... therefore, the upcoming Fed monetary policy decision is just the beginning of "a new journey".

While everyone is focused on the Fed, let's not forget that it's just the last domino to fall. A host of other major central banks—including the European Central Bank (ECB), the Bank of England, the Bank of Canada, and the Swiss National Bank—have already begun their easing cycles. The ECB cut interest rates for the second time this week, and analysts expect more cuts to come.

As interest rates fall around the world, global real yields also fall, which impacts gold prices.

Gold’s rally last week really started against the euro – right after the ECB cut interest rates. Gold also hit record highs against currencies like the British pound, Canadian dollar and Australian dollar last week.

In the precious metals market, we could see some profit-taking next week if the 25 basis point cut disappoints, but for many, gold's long-term rally is just beginning, analysts say.

We have yet to see the full impact of the “race to the bottom” in global currency markets as central banks seek to support their slowing economies. We are still two weeks into September, but it appears that the “seasonal bear curse” of gold has officially been broken. The new high of $2,600 continues to find support.

This week, in the Kitco News Gold Survey, 13 analysts were overall bullish, with eight (62%) expecting gold prices to rise this week; three (23%) see gold trading lower; and two (15%) see the precious metal trading sideways.

Meanwhile, in the 189 votes cast in the online poll, Main Street investors were broadly as bullish as they were last week: 107 retail traders, or 57 percent, expect gold prices to continue rising this week; 47, or 25 percent, expect lower prices; and the remaining 35, or 18 percent, expect prices to remain unchanged.

Source: https://baoquocte.vn/gia-vang-hom-nay-1692024-gia-vang-bang-bang-vuot-nguong-cu-lap-ky-luc-moi-fed-chot-noi-long-tien-te-hanh-trinh-tang-gia-dai-han-bat-dau-286385.html