This afternoon , the domestic gold ring price continued to increase rapidly following the world price. The gold ring price at some brands has surpassed the historical mark of 80 million VND/tael.

This afternoon, Doji Gold and Gemstone Group increased the price of gold rings by 550 thousand VND in both buying and selling compared to early this morning, bringing the price of 9999 round smooth gold rings to a record level of 79.15-80.25 million VND/tael (buying - selling).

Similarly, Bao Tin Minh Chau also increased by 550 thousand VND/tael in both directions compared to this morning, listing the price of Thang Long dragon gold ring at 79.13-80.23 million VND/tael (buy - sell).

Meanwhile, Saigon Jewelry Company (SJC) raised the price of 1-5 chi gold rings to 78.6-79.9 million VND/tael (buy - sell), an increase of 200 thousand VND/tael in both directions compared to the morning.

At 2:30 p.m. today (September 20, Vietnam time) , the world spot gold price rose to 2,607.4 USD/ounce, up 19.9 USD/ounce compared to the morning. The price of gold futures for December 2024 on the Comex New York floor was at 2,631.8 USD/ounce.

On the afternoon of September 20 , the world gold price converted to USD bank price was nearly 78.4 million VND/tael, including tax and fees, about 3.6 million VND/tael lower than the domestic gold price.

Gold price movements today show that domestic gold rings this morning were adjusted to increase sharply.

Opening this morning, Doji Gold and Gemstone Group sharply increased the price of gold rings by 500 thousand VND in both buying and selling compared to yesterday's closing price, listing the price of 9999 smooth round gold rings at 78.6-79.7 million VND/tael (buy - sell).

Saigon Jewelry Company (SJC) also raised the price of 1-5 chi gold rings to 78.4-79.7 million VND/tael (buy - sell), an increase of 500 thousand VND/tael in both directions compared to the end of yesterday's trading session.

Similarly, Bao Tin Minh Chau also increased by 500 thousand VND/tael in both buying and selling compared to yesterday's closing price, listing the price of Thang Long Dragon gold ring at 78.58-79.68 million VND/tael (buying - selling).

At the beginning of the trading session on September 20 , the price of SJC 9999 gold increased by 200,000 VND per tael in both buying and selling compared to the end of yesterday's trading session, up to 82 million VND/tael (selling).

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:05 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:37 a.m. as follows:

Buy Sell
SJC HCMC 80,000,000 VND/tael 82,000,000 VND/tael
Doji Hanoi 80,000,000 VND/tael 82,000,000 VND/tael
Doji HCMC 80,000,000 VND/tael 82,000,000 VND/tael

            SJC and Doji gold price list updated early morning September 20

The central exchange rate on September 20, 2024 announced by the State Bank is 24,148 VND/USD, down 19 VND compared to the previous trading session. The USD price at commercial banks this morning (September 20) was commonly listed at 24,370 VND/USD (buy) and 24,740 VND/USD (sell).

At 8:56 a.m. today (September 20, Vietnam time) , the world spot gold price was at 2,587.5 USD/ounce, up 10.9 USD/ounce compared to last night. The price of gold futures for December 2024 on the Comex New York floor was at 2,613.3 USD/ounce.

On the morning of September 20 , the world gold price converted to USD bank price was nearly 78 million VND/tael, including tax and fees, about 4 million VND/tael lower than the domestic gold price.

Gold price on Kitco floor at 9:00 p.m. (September 19, Vietnam time) was trading at 2,576.6 USD/ounce, up 0.69% compared to the beginning of the session. Gold futures price for December 2024 delivery on Comex New York floor was trading at 2,612.4 USD/ounce.

At the beginning of the trading session in the US market, the world gold price turned to increase strongly again after plunging from the peak. The US Federal Reserve (Fed) has just decided to cut interest rates by 50 basis points.

Analysts said that the price of gold suddenly turned up, because investors were more optimistic about the Fed's monetary policy in the coming time. The Fed's decision to cut interest rates is the beginning of a broader monetary policy easing cycle by the US Central Bank. The Fed's move opens up expectations of 1-2 more interest rate cuts this year.

Screenshot 2024 09 09 183813.png
Gold prices turned to increase sharply. Photo: HH

Adam Button, Head of Currency Strategy at Forexlive, said that based on recent US economic developments, the Fed is likely to cut another 25 basis points in November and December.

Historically, interest rate-cutting cycles have driven higher investor demand for gold, but this time around, central bank demand, especially from China and India, has been strong, giving the gold market an edge over other investment vehicles, said Robert Minter, chief investment strategist at Abrdn.

In the domestic market, at the end of the session on September 19, the price of 9999 gold bars at SJC was 79.8 million VND/tael (buy) and 81.8 million VND/tael (sell). SJC listed the price of gold rings at 77.9-79.2 million VND/tael (buy - sell).

Doji Hanoi listed at 79.8 million VND/tael (buy) and 81.8 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 79.8 million VND/tael and sold at 81.8 million VND/tael.

Gold Price Forecast

Mr. Robert Minter predicts that in the new easing cycle, it is only a matter of time before gold surpasses the $3,000/ounce mark.

Julia Khandoshko, CEO of European brokerage firm, predicts that in the long term, a 50 basis point interest rate cut will boost gold prices strongly. Lower interest rates will be the main driver for gold prices to reach $3,000 an ounce.

ANZ analysts forecast gold prices to rise to $2,900 an ounce by the end of the year after seeing lackluster investment demand in the first half of 2024. Higher prices are unlikely to deter central bank buying.

The Fed cut interest rates sharply, gold prices hit a record high and then plummeted, stocks fell . The US has just "finalized" a sharp interest rate cut as investors predicted. Gold prices skyrocketed, setting a new record high and then plummeted immediately after, while stocks fell.