Gold price today, September 23, 2024, recorded an optimistic signal after the Fed raised interest rates as expected by the market. Experts affirmed that the gold price increase seems unstoppable, although there will be a time of pause or retreat
| 1. SJC - Updated: 09/20/2024 09:52 - Website time of supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 80,000 | 82,000 |
| SJC 5c | 80,000 | 82,020 |
| SJC 2c, 1c, 5c | 80,000 | 82,030 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 78,900 | 80,200 |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 78,900 | 80,300 |
| Jewelry 99.99% | 78,800 | 79,800 |
| Jewelry 99% | 77,010 | 79,010 |
| Jewelry 68% | 51,919 | 54,419 |
| Jewelry 41.7% | 30,930 | 33,430 |
Update gold price today 9/23/2024
The domestic gold price of SJC brand ended the week at 80 - 82 million VND/tael. Last week, there was a time when the price of SJC gold bars was adjusted down 200,000 VND each way, down to 79.8 - 81.8 million VND/tael (buy - sell) but then increased again.
Meanwhile, gold rings in the weekend trading session continued to set a new record price of 80.55 million VND/tael.
Compared to the beginning of the year, each tael of gold rings is about 17 million VND higher, equivalent to an increase of 27%. The profit margin of plain gold rings this year is superior to that of SJC gold bars (8%), after the State Bank intervened in the policy on the monopoly of gold bars.
World gold price again surpassed 2,600 USD/ounce in the last session of the week, September 20.
The rally has brought gold prices up 27% so far in 2024, the biggest gain since 2010, as investors seek to hedge against the uncertainties caused by protracted conflicts in the Middle East and elsewhere. A weaker dollar has also helped gold, as it makes the precious metal cheaper for buyers using other currencies.
So, after months of speculation about when the Fed would finally begin its easing cycle, followed by weeks of market swings between 25 and 50 basis points, the big day has finally arrived and it did not disappoint the precious metals market.
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| Gold price today September 23, 2024: Gold price is skyrocketing, nothing can stop it, the market is bright but you should still 'stay out'. (Source: Reuters) |
Summary of SJC gold bar and gold ring prices at major domestic trading brands at the closing time of September 23:
Saigon Jewelry Company: SJC gold bars 80.0 - 82.0 million VND/tael; SJC gold rings 78.9 - 80.2 million VND/tael.
Doji Group: SJC gold bars 80.0 - 82.0 million VND/tael; 9999 round rings (Hung Thinh Vuong) 79.4 - 80.55 million VND/tael.
PNJ system: SJC gold bars 80.0 - 82.0 million VND/tael; PNJ 999.9 plain gold rings at 79.5 - 80.55 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars: 80.0 - 82.0 million VND/tael; Phu Quy 999.9 round gold rings: 79.45 - 80.55 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at 80.0 - 82.0 million VND/tael; plain gold rings are traded at 79.39 - 80.54 million VND/tael.
Converted according to the USD price at Vietcombank on September 21, 1 USD = 24,740 VND, the world gold price is equivalent to 78.16 million VND/tael, 3.84 million VND/tael lower than the selling price of SJC gold bars.
Gold's rally is unstoppable
The latest Kitco News weekly gold survey shows investors are bullish on gold prices next week.
Of the 19 Wall Street economists surveyed, the majority see gold prices rising or at least moving sideways. Nine (47%) expect gold prices to rise next week, while eight (42%) expect it to move sideways. Only two (11%) believe gold will trade lower next week.
Meanwhile, 189 votes were cast in the online poll, with most retail investors returning to a bullish outlook. 129 retail investors (68%) expect gold prices to rise next week. Meanwhile, 29 (15%) see gold trading lower, while 31 (17%) expect prices to trade sideways next week.
Adrian Day, chairman of Adrian Day Asset Management, is one of the experts who predicts a positive price trend for gold next week. He asserted: "The gold price rally seems unstoppable at the moment, although there will be a pause or a retreat."
Sharing the same view, Mr. Colin Cieszynski, chief market strategist at SIA Wealth Management, is also optimistic about gold next week.
“After hitting a new record high, it technically looks like a new bull run may have begun,” he said.
“I would remain bullish,” said James Stanley, senior market strategist at Forex.com. “There is no reason to think the momentum in gold will change, so I would remain bullish next week on gold,” he said.
However, not everyone is optimistic.
For example, Mark Leibovit, publisher of VR Metals/Resource Letter, and StoneX Bullion market analyst Fawad Razaqzada, predict that gold prices will fall next week. However, Fawad Razaqzada remains optimistic about gold prices in the long term.
“Technically, the precious metal remains in a strong uptrend. However, be wary of profit-taking and short-term reversal signals as indicators are pointing to overbought conditions,” said Fawad Razaqzada.
On the issue of whether to buy gold or not, analysts at CPM Group recommend that investors "stay on the sidelines" in the near future.
Source: https://baoquocte.vn/gia-vang-hom-nay-2392024-gia-vang-cuoi-song-khong-gi-co-the-ngan-can-thi-truong-tuoi-sang-nhung-van-nen-dung-ngoai-287276.html
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