Today's gold price developments show that this morning, some domestic gold ring brands continued to increase, while others remained unchanged.

Saigon Jewelry Company (SJC) raised the price of 1-5 chi gold rings to 79.8-81.1 million VND/tael (buy - sell), an increase of 300 thousand VND/tael in both directions compared to yesterday's closing price.

Meanwhile, Doji Gold and Gemstone Group listed the price of 9999 plain round gold rings at 80.1-81.2 million VND/tael (buy - sell), unchanged from yesterday's closing price. This is the highest price ever for plain round gold rings in the country.

At the beginning of the trading session on September 24 , the price of SJC 9999 gold increased by 1.5 million VND/tael in both buying and selling compared to the end of yesterday's trading session, up to 83.5 million VND/tael (selling).

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:28 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:34 a.m. as follows:

Buy Sell
SJC HCMC 81,500,000 VND/tael 83,500,000 VND/tael
Doji Hanoi 81,500,000 VND/tael 83,500,000 VND/tael
Doji HCMC 81,500,000 VND/tael 83,500,000 VND/tael

                    SJC and Doji gold price list updated early morning September 24

The central exchange rate on September 24, 2024 announced by the State Bank is 24,146 VND/USD, an increase of 20 VND compared to the previous trading session. The USD price at commercial banks this morning (September 24) was commonly listed at 24,440 VND/USD (buy) and 24,810 VND/USD (sell).

At 8:29 a.m. today (September 24, Vietnam time) , the world spot gold price was at 2,627.4 USD/ounce, down 6 USD/ounce compared to last night. The price of gold futures for December 2024 on the Comex New York floor was at 2,652.85 USD/ounce.

On the morning of September 24 , the world gold price converted to USD bank price was nearly 79.4 million VND/tael, including tax and fees, about 4.1 million VND/tael lower than the domestic gold price.

Gold price on Kitco floor at 9:00 p.m. (September 23, Vietnam time) was trading at 2,633.4 USD/ounce, up 0.52% compared to the beginning of the session. Gold futures price for December 2024 delivery on Comex New York floor was trading at 2,647.9 USD/ounce.

At the beginning of the trading session on September 23 (US time), the world gold price increased sharply to a new record high due to the demand for safe havens after the military conflict in the Middle East between Israel and Hezbollah.

Aside from ongoing geopolitical developments, gold prices are still benefiting from monetary policy after the US Federal Reserve (Fed) cut interest rates by 50 basis points last week.

Adrian Day, Chairman of Adrian Day Asset Management, said that the attractive interest rate environment and the stable growth of the US economy have attracted more attention from Western investors to the gold market. Therefore, gold can continue to be an attractive investment channel in the future.

gold price today 29 8.png
Gold prices rise after military tensions in the Middle East. Photo: HH

In addition, Sean Lusk, co-director of commercial hedging at Walsh Trading, also said that central banks around the world are still increasing their gold reserves, while the low interest rate environment will increase the attractiveness of precious metals.

From another perspective, Marc Chandler, CEO of Bannockburn Global Forex, said that gold prices are at their peak, which could cause some traders to decide to sell to take profits.

In addition, in the coming time, the precious metal market will be less volatile because gold is surpassing the expected price of 2,604 USD/ounce, which may cause investors to not rush to buy but will wait for a price reduction opportunity.

Fawad Razaqzada, market analyst at StoneX Bullion, warned that investors should be cautious of profit-taking and short-term reversal signals in precious metals.

In the domestic market, at the end of the session on September 23, the price of 9999 gold bars at SJC was 80 million VND/tael (buy) and 82 million VND/tael (sell). SJC listed the price of gold rings at 79.5-80.8 million VND/tael (buy - sell).

Doji Hanoi and Doji Ho Chi Minh City listed at 80 million VND/tael (buy) and 82 million VND/tael (sell). The price of gold rings at Doji is at 79.95-81.1 million VND/tael.

Bao Tin Minh Chau Company also increased the price of Thang Long Dragon gold rings to 79.98-81.08 million VND/tael (buy - sell).

Gold Price Forecast

Experts predict that the Fed may have 1-2 more interest rate cuts between now and the end of the year. If this happens, the USD will continue to fall deeply, which will be an important catalyst for gold prices to continue to reach new peaks.

The fighting between Israel and Hezbollah in the Gaza Strip has added to geopolitical tensions around the world, which will give gold an advantage as investors continue to seek safe-haven assets.

Robert Minter, chief investment strategist at Abrdn, said gold is being boosted by the Fed's rate-cutting cycle. He predicted that with increased demand from central banks, especially China and India, gold prices could surpass $3,000 an ounce in the near future.

Gold price today September 23, 2024: Gold rings all increased to a record, exceeding 81 million VND . Gold price today September 23, 2024 in the country, gold rings all increased sharply, adding more than half a million VND per tael, reaching a new record of over 81 million VND/tael (sold). The price of 9999 gold bars remained at 82 million VND/tael.