Gold price today September 30, 2024: World gold price adjusted after an unprecedented increase, what is the driving force behind the strong price fluctuations? Domestically, SJC gold bar price is "closely followed" by gold ring price and both are anchored at an unprecedented high price. What do experts predict about the gold market this week?
| 1. SJC - Updated: 09/27/2024 08:23 - Website time of supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 81,500 | 83,500 |
| SJC 5c | 81,500 | 83,520 |
| SJC 2c, 1c, 5 phan | 81,500 | 83,530 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 81,500 | 83,000 |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 81,500 | 83,100 |
| Jewelry 99.99% | 81,450 | 82,700 |
| Jewelry 99% | 79,881 | 81,881 |
| Jewelry 68% | 53,892 | 56,392 |
| Jewelry 41.7% | 32,139 | 34,639 |
Update gold price today 9/30/2024
World gold price leaves peak, temporarily retreats.
According to the World and Vietnam Newspaper , at the end of last week's trading session (September 28), world gold trading was at 2,657.90 - 2,658.90 USD/ounce, down 15.6 USD compared to the previous trading session.
After the US Federal Reserve (Fed) began its easing cycle with a stronger-than-expected cut of 50 basis points, precious metal investors seized the opportunity, setting a new record high for gold in 6 consecutive trading sessions. Starting the week at 2,620 USD/ounce, officially breaking the "September curse" (only decreasing, not increasing), the precious metal market quickly "heated up", prices were continuously pushed up, surpassing the records: 2,634 USD/ounce - 2,666 USD/ounce - 2,670 USD/ounce, then marking an unprecedented high of 2,685 USD/ounce - 2,700 USD/ounce.
After the market retreated over the weekend, spot gold prices temporarily dropped to a low of $2,645/ounce, then recovered to trade around $2,650/ounce.
Gold futures also fell after six straight days of gains that pushed prices to record highs. The decline in the precious metal came despite a weaker dollar and the latest inflation data showing a continued decline, suggesting profit-taking was the main driver of price volatility.
Traders are now assessing new U.S. economic data that suggests inflation is trending lower. The Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, rose just 0.1% in August, below the expected 0.2%. The data is encouraging and could give the Fed more confidence to continue easing interest rates.
Despite the weekend decline, gold still posted a strong weekly gain of $33.70, or 1.27%. Meanwhile, the USD index fell to 100.489, marking a 0.12% decline on the day and a 0.31% decline on the week.
The latest Kitco News weekly gold survey shows industry professionals are balanced between further gains and losses this week, while retail investors remain fairly bullish but more restrained on the precious metal’s potential gains.
Domestic gold prices last week recorded an impressive chase between 9999 gold rings and SJC gold bars.
The price of SJC gold bars has gradually entered a period of stability thanks to the timely intervention of the Government and the State Bank. Without many fluctuations, without the sudden "high increase" like gold rings, for the first time in the history of the domestic gold market, the price of SJC gold bars was "closely followed" by the price of gold rings and both remained at an unprecedented high price.
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 "same price" of 81.5 - 83.5 million VND/tael (buy-sell).
The price of plain round gold rings has reached a new milestone, now only 50,000 VND away from the selling price of SJC gold bars.
Over the past 10 days, the gold ring market has recorded a sudden change when the selling price increased every day and reached an unprecedented peak in history. From being tens of millions of VND per tael lower than the price of gold bars, gold rings have now reached the price of gold bars, and in some places, the buying price of gold rings is even higher than the buying price of gold bars.
At the end of the last session on September 28, the price of 9999 Hung Thinh Vuong round gold rings at DOJI was listed at 82.75 - 83.45 million VND/tael; Saigon Jewelry Company listed at 81.5 - 83 million VND/tael; Bao Tin Minh Chau listed at 82.54 - 83.44 million VND/tael.
Explaining the close chase of gold rings, experts said the main reason is that gold trading units have regulations limiting the amount of gold sold, making it difficult for buyers to access the source of goods. Many investors realize that although gold bars have a price advantage and are often less volatile in short-term trends, buying in large quantities is currently almost impossible.
The scarcity of gold bars has caused investors to turn to gold rings. With the boom in demand, while the supply is increasingly tight, the price of gold rings has continuously increased and even continued to increase even when the world gold price showed signs of slowing down.
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| Gold price today September 30, 2024: Gold price 'breaks September curse', all-time high, how much more is forecast to increase this week? (Source: Kitco) |
Summary of SJC gold bar prices at major domestic trading brands at closing times of trading session on the afternoon of September 27:
Saigon Jewelry Company: SJC gold bars 81.5 - 83.5 million VND/tael; SJC gold rings 81.5 - 83.1 million VND/tael.
Doji Group: SJC gold bars 81.5 - 83.5 million VND/tael; 9999 round rings (Hung Thinh Vuong): 82.5 - 83.35 million VND/tael.
PNJ system: SJC gold bars 81.5 - 83.5 million VND/tael; 9999 gold rings 82.5 - 83.3 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars: 81.5 - 83.5 million VND/tael; Phu Quy 999.9 round gold rings: 82.10 - 83.20 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 81.5 - 83.5 million VND/tael. The price of plain round gold ring at Vang Rong Thang Long is listed at 82.54 - 83.44 million VND/tael.
What will gold price be this week?
After hitting record highs last week, the gold market is taking a breather as it comes under some technical selling pressure over the weekend.
Strong buying momentum has pushed gold above $2,700 an ounce, but some analysts are expressing growing concern that the precious metal’s rally may be getting a little too far.
“After hitting a series of new record highs following a surprising US rate cut, prices are showing signs of stabilizing, with a correction likely. I estimate that gold could fall 4–6% without damaging the overall bullish sentiment,” noted Ole Hansen, head of commodity strategy at Saxo Bank.
More specifically, according to this expert, the initial support level is $2,670/ounce and if this level is broken, the next level to watch is $2,547/ounce. In the worst case, the gold price could fall to the support level of $2,500/ounce.
Alex Kuptsikevich, senior market analyst at FxPro, said he also sees no room for gold to rise, which increases the risk of a correction. Therefore, according to the expert, “the recent sharp rise is the most dangerous part of the trend for short-term traders who enter the short market without relying on a reliable signal."
"Technically, gold has surpassed the 161.8% level of its two-year rally since August 2018. When prices have moved too far into historical highs, finding new upside targets becomes more difficult," he explained. Looking ahead, Kuptsikevich noted that some upcoming US economic data, such as employment data, could pose some risks for gold.
However, some analysts still believe that gold still has momentum to increase in price.
Bart Melek, head of commodity strategy at TD Securities , said he expects gold prices to rise back above $2,700, which is his year-end target. After cutting interest rates by 50 basis points and signaling that rates could fall to 3% by 2026, Melek said the Fed is clearly in easing mode, which bodes well for gold. "Gold remains well positioned as the Fed lowers rates to support a weakening labor market, even as inflation remains high," Melek added.
Source: https://baoquocte.vn/gia-vang-hom-nay-3092024-gia-vang-cao-nhat-moi-thoi-dai-man-ruot-duoi-cua-vang-nhan-du-bao-se-con-tang-bao-nhieu-vao-tuan-nay-288116.html
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