Gold price today September 6, 2024: Gold price overcomes "September curse", new high

Gold price today September 6, 2024: Latest update on domestic gold price and world gold price. The gold price increase is said to be starting to weaken as we enter September, but analysts say that the stronger gold price increase is not over. Gold price will reach $2,700 in early 2025.

LIVE UPDATE OF GOLD PRICE TODAY 9/6 and EXCHANGE RATE TODAY 9/6

1. SJC - Updated: 09/05/2024 08:12 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L, 1KG	78,500 ▼500K	80,500 ▼500K
SJC 5c	78,500 ▼500K	80,520 ▼500K
SJC 2c, 1c, 5 phan	78,500 ▼500K	80,530 ▼500K
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	77,300 ▲100K	78,600 ▲100K
SJC 99.99 gold ring 0.3 chi, 0.5 chi	77,300 ▲100K	78,700 ▲100K
Jewelry 99.99%	77,200 ▲100K	78,200 ▲100K
Jewelry 99%	75,426 ▲99K	77,426 ▲99K
Jewelry 68%	50,831 ▲68K	53,331 ▲68K
Jewelry 41.7%	30,263 ▲42K	32,763 ▲42K

Update gold price today 9/6/2024

World gold prices are holding support above $2,500/ounce, despite some technical selling pressure.

According to the World & Vietnam Newspaper, at 9:00 p.m. on September 5 (Hanoi time), the gold price listed on the Kitco electronic floor increased sharply, surpassing the threshold of 2,500. USD/ounce, trading at 2,515.40 up 19.2 USD compared to the previous trading session, up about 1.04% on the day. December gold futures last traded at 2,528.40 USD/ounce, up 0.21% on the day.

Gold prices rose to a new high on September 5, above $2,520 an ounce, after better-than-expected US labor market data came in after the economy's weekly jobless claims fell below forecasts. The US Labor Department reported that new claims for unemployment benefits fell to 227,000 in the week ended August 31. This was lower than the previous expectation of 230,000.

Markets are closely watching the labor market, which remains a key factor in the Federal Reserve’s monetary policy. Economists are now fairly certain that a rate cut will occur in September, but there is no consensus on whether it will be 25 or 50 basis points.

Gold’s rally is starting to falter as September begins. Looking ahead, some analysts say the precious metal could face a challenging environment, as September has been one of the worst months for gold in years.

Domestic gold prices fell sharply for SJC gold bars.

After many sessions of standing still at 79.0 - 81.0 million VND/tael, the price of SJC gold bars suddenly decreased by 500,000 VND/tael in both buying and selling directions. Currently, gold and gemstone businesses nationwide are listing the price of SJC gold bars at the same price of 78.50 - 80.50 million VND/tael.

Gold ring prices today decreased in some brands.

Specifically, at the end of the trading session on September 5, the price of 9999 round gold rings at Doji was listed at 77.4 - 78.5 million VND/tael, unchanged for buying and decreased by 50,000 VND/tael for selling. Saigon Jewelry Company listed the price of gold rings at 77.25 - 78.55 million VND/tael, unchanged for both buying and selling.

Gold price today September 6, 2024: Gold price overcomes 'September curse', new high - 2,700 USD is still ahead. (Source: Kitco)

Summary of SJC gold bar and gold ring prices at major domestic trading brands at the closing time of the trading session on the afternoon of September 3 :

Saigon Jewelry Company: SJC gold bars 78.50 - 80.50 million VND/tael; SJC gold rings 77.25 - 78.55 million VND/tael.

Doji Group: SJC gold bars 78.50 - 80.50 million VND/tael; 9999 round rings (Hung Thinh Vuong): 77.4 - 78.5 million VND/tael.

PNJ system: SJC gold bars 78.50 - 80.50 million VND/tael; PNJ 999.9 plain gold rings: 77.4 - 78.6 million VND/tael.

Phu Quy Gold and Silver Group: SJC gold bars: 78.50 - 80.50 million VND/tael; Phu Quy 999.9 round gold rings: 77.4 - 78.6 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 78.50 - 80.50 million VND/tael. The price of plain round gold rings at Vang Rong Thang Long is listed at 77.38 - 78.58 million VND/tael.

"September curse"?

In a recent analysis, Nicky Shiels, Head of Metals Research and Strategy at MKS PAMP, concluded that since 2009, gold prices have fallen 2.4% in September.

Meanwhile, analysts at Bloomberg note that since 2017, gold has fallen 3.2% in the month known as the “September Curse.” And it’s not just gold: September is also a bad month for silver. Over the past 15 years, silver has fallen 3.7% in the final month of the third quarter.

Analysts also point out that September is traditionally a weak month for stocks, but surprisingly strong for the US dollar. And given that gold has gained more than 20% this year, it is no surprise that investors are cautious as summer draws to a close.

Gold's struggles come as the US dollar, which fell to a one-year low last month and entered oversold territory, is seeing a modest shift in momentum.

While September has been a tough month for gold in recent years, analysts do not believe that the bullion’s upward trend is over. Looking beyond the short-term weakness, they say central bank buying will continue to provide solid support for gold, while new investor interest will begin to pick up as the Fed begins its long-awaited quantitative easing cycle this month.

Forecasting the gold price trend, StoneX analyst Rhona O'Connell said that although gold is under pressure due to weakness in global stocks, the trend of gold prices is still up and these losses are only corrective.

Market analyst Mike Ingram of Kinesis Money has raised his forecast for the yellow metal's resistance levels above $2,510 an ounce and expects gold prices to soon break the $2,543 an ounce mark.

Natixis precious metals analyst Bernard Dahdah has forecast gold prices to average around $2,600 an ounce in 2025.

Meanwhile, in an update, Goldman Sachs analysts said the current environment is risky for most mainstream commodities and gold offers the best protection against depreciation. Accordingly, gold stands out as the commodity where Goldman Sachs has the highest confidence in the near-term price increase. They continue to maintain an upside target of $2,700/ounce by early 2025 and have opened a gold trading recommendation for three reasons.

First, Goldman Sachs analysts said they “believe that the tripling of central bank purchases since mid-2022 due to concerns about US financial sanctions and sovereign debt is structural and will continue over time. Second, the Fed’s impending rate cut will bring Western capital back into the gold market, a component largely absent from the strong gold rally seen over the past two years. Finally, the analysts said, gold “offers significant portfolio hedging value against geopolitical shocks including tariffs, Fed dependency risk and debt concerns.”

Source: https://baoquocte.vn/gia-vang-hom-nay-692024-gia-vang-vuot-qua-loi-nguyen-thang-9-muc-cao-moi-2700-usd-van-dang-o-phia-truoc-285081.html