As of 8:00 p.m. on September 3 (Vietnam time), the spot gold price today on the world market was at 2,497 USD/ounce. Gold for December 2024 delivery on the Comex New York floor was at 2,533 USD/ounce.

The world gold price on the night of September 3 was about 21% higher (434 USD/ounce) than at the beginning of 2024. The world gold price converted to the bank USD price was 76.1 million VND/tael, including taxes and fees, about 4.9 million VND/tael lower than the domestic gold price as of the end of the afternoon session on September 3.

World gold prices fell sharply, at times falling close to the threshold of 2,490 USD/ounce. Gold was under pressure to decrease mainly due to the greenback and US government bond yields rising again after a previous sharp decline. The outlook for the US economy is still not as bad as many organizations have recently feared.

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Gold prices today fell sharply in the world, but remained high in the country. Photo: HH

US inflation is on a downward trend, leading observers to expect the US Federal Reserve (Fed) to cut interest rates sharply in the rest of the year, possibly by 0.5 to 0.75 percentage points. The first reduction will be at the meeting on September 18.

However, the actual US inflation is still at 2.9%, quite far from the 2% target set by the Fed.

If interest rates are cut too sharply, the monetary easing policy could cause inflation to return quickly. Therefore, as soon as there is a positive signal for the US economy, investors immediately consider the possibility of the Fed delaying the interest rate cut. The USD has a chance to recover.

Previously, on August 23, the DXY index - measuring the volatility of the USD - fell to 100.8 points after Fed Chairman Jerome Powell said at the Jackson Hole conference that "it is time to reverse monetary policy". At the end of April, the DXY was at 106.25 points and on July 9, it was above 105 points.

Domestically, the price of gold bars remained unchanged for the 13th consecutive session at VND81 million/tael. The price of 1-5 gold rings was commonly traded at VND77.4-78.65 million/tael (buy - sell), about VND2.5 million/tael higher than the converted world gold price.

At the end of the trading session on September 3, the domestic 9999 gold price was listed by SJC and Doji Gold and Gemstone Group in the following order of buying and selling:

Doji Hanoi: 79,000,000 VND/tael - 81,000,000 VND/tael
SJC HCMC: 79,000,000 VND/tael - 81,000,000 VND/tael
Doji HCMC: 79,000,000 VND/tael - 81,000,000 VND/tael

Gold Price Forecast

The DXY index is rising again and by the beginning of the session on September 3 in the US market (September 3 evening, Vietnam time) it had reached 101.85 points.

Tensions in the Middle East and Ukraine have not had many new developments.

Investors are currently waiting for the US non-farm payroll report for August to be released on the evening of September 6, Vietnam time.

Investors are also closely watching the unemployment rate, if it falls to 4.2%, the fear of a US recession will be reduced. Then the Fed will not be too hasty in cutting interest rates. The USD will maintain its strength compared to many other currencies. Gold is then forecast to adjust sharply down below the threshold of 2,500 USD/ounce.

In the long term, gold is considered to have a bright prospect when the Fed enters the interest rate reduction cycle. The world is also increasingly volatile. This is a good environment for precious metals.

'Sharks' race to buy, gold prices climb in the next decade Gold prices are forecast to rise to new peaks in the next decade. The "big players" and "sharks" in the market are rushing to buy gold as the world becomes increasingly tense and uncertain.