Gold price today September 2, 2024: Precious metals lost value due to the increase in the USD and US government bond yields, after the country announced an inflation report. But overall for the month, gold prices still increased by 2%, and at the same time set a historical peak of 2,531 USD/ounce on August 20. How will the precious metals market be when entering a negative month?
LIVE UPDATE TABLE OF GOLD PRICE TODAY 9/2 and EXCHANGE RATE TODAY 9/2
| 1. SJC - Updated: 08/30/2024 08:29 - Website time of supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 79,000 | 81,000 |
| SJC 5c | 79,000 | 81,020 |
| SJC 2c, 1c, 5c | 79,000 | 81,030 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 77,300 | 78,600 |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 77,300 | 78,700 |
| Jewelry 99.99% | 77,250 | 78,200 |
| Jewelry 99% | 75,426 | 77,426 |
| Jewelry 68% | 50,831 | 53,331 |
| Jewelry 41.7% | 30,263 | 32,763 |
Update gold price today 9/2/2024
World gold prices fell from recent record highs as the US dollar strengthened and yields rose.
Gold prices fell more than 1% per ounce after the US economic report on inflation. In fact, the PCE confirmed that inflation is no longer the main concern of the US Federal Reserve (Fed), which is shifting its focus to unemployment.
Rising yields and a stronger dollar suggest the Fed is likely to cut interest rates less aggressively at its policy meeting this month. The shift comes amid a slew of economic indicators that suggest the Fed is unlikely to cut rates as sharply as many have recently predicted.
The U.S. Bureau of Economic Analysis recently revised its estimate of second-quarter GDP growth to 3 percent, up from an initial estimate of 2.8 percent. The upward revision underscores the economy’s resilience despite current high interest rates, challenging assumptions about the need for immediate monetary policy easing.
The latest report on the Personal Consumption Expenditures (PCE) index, a key inflation measure closely watched by the Fed, added to the economic picture. The report showed consumer spending rose a solid 0.5% last month, in line with economists' expectations. The PCE price index rose 0.2% in July and was up 2.5% year-over-year, while core inflation, which excludes volatile food and energy costs, rose 0.2% month-over-month, as expected. However, the 12-month core inflation figure was 2.6%, slightly below the 2.7% estimate.
Attention now turns to the jobs report, which will likely play a key role in shaping expectations for the September rate decision. Fed officials will be scrutinizing August's hiring data for any signs of further labor market tightening, with a particular focus on the latest unemployment data. A worsening unemployment rate could encourage the Fed to cut rates more aggressively to protect the economy from the potential effects of a cooling labor market.
Meanwhile, the US dollar rose 0.34% to 101.738. The strength of the US dollar, along with rising yields, contributed to the decline in gold prices in the final days of August.
According to the World & Vietnam Newspaper, at the end of last week's trading session (August 30), the listed gold price on the Kitco electronic floor remained at a high level - 2,504.00 USD/ounce, down 17 USD from the previous trading session. Gold futures for December delivery last traded at 2,538.30 USD/ounce, down 0.3% from the previous week.
Domestic gold prices , SJC gold bars and plain round gold rings remain stable across all brands.
During the long holiday - National Day September 2, gold prices are not expected to have many major fluctuations.
At the end of the trading session on September 1, the price of SJC gold bars continued to remain stable for many days at 79.00 - 81.00 million VND/tael (buy-sell) at brands such as Phu Quy, Doji, PNJ, SJC, Bao Tin Minh Chau...
The price of plain round gold rings also remained unchanged at Bao Tin Minh Chau Company, currently trading at 77.46 - 78.66 million VND/tael. The price of gold rings at PNJ is 77.4 - 78.6 million VND/tael.
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| Gold price today September 2, 2024: Gold price hits historic peak, 'sticks' to new high, how will the market be when entering a negative month? (Source: Kitco News) |
Summary of SJC gold bar and gold ring prices at major domestic trading brands at the closing time of August 31:
Saigon Jewelry Company: SJC gold bars 79.0 - 81.0 million VND/tael; SJC gold rings 77.3 - 78.6 million VND/tael.
Doji Group: SJC gold bars 79.0 - 81.0 million VND/tael; 9999 round rings (Hung Thinh Vuong) 77.5 - 78.6 million VND/tael.
PNJ system: SJC gold bars 79.0 - 81.0 million VND/tael; PNJ 999.9 plain gold rings at 77.4 - 78.6 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars: 79.0 - 81.0 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: 79.0 - 81.0 million VND/tael; Rong Thang Long gold brand is traded at 77.46 - 78.66 million VND/tael; jewelry gold price is traded at 76.65 - 78.45 million VND/tael.
Gold market enters negative month
Consumer spending, which accounts for more than 70% of U.S. economic activity, rose 0.5% in July, up from June and in line with analysts' forecasts, suggesting the U.S. economy remains strong despite rising prices. "This is another sign of a soft landing. The market has exactly what it needs," said Cameron Dawson, chief investment officer at Newedge Wealth.
Investors expect gold prices to continue to rise this week , according to Kitco's gold price trend survey. In a Wall Street survey, of the 15 analysts participating in the survey, 33% said gold prices would increase, 33% said gold prices would decrease, and the rest predicted gold prices would remain unchanged. Meanwhile, 199 investors participating in the survey were optimistic about the prospect of gold prices, with 56% saying that gold prices would continue to increase, 24% saying that gold prices would decrease, and the rest predicting that gold prices would remain stable. |
Investors are now waiting for the US jobs report, due next week. "The upcoming data will determine whether the Fed cuts rates by 50 basis points (0.5%) or 25 basis points," said Phillip Streible, market strategist at Blue Line Futures .
Investors now see a 69% chance of the Fed cutting rates by 25 basis points next month, according to the CME FedWatch tool, while the odds of a 50 basis point cut are 31%.
While gold still has significant upside potential, analysts have noted that investors are taking a “wait and see” approach given recent price volatility as next week’s jobs data is expected to generate some volatility in the shorter trading week. North American markets will be closed on Monday (September 2) for the Labor Day long weekend.
An interesting dynamic is developing in the gold market as the market begins to face some upside flows in relation to the US dollar, according to some analysts. Although gold has seen a solid breakout above the $2,500 level, the market is neither buoyant nor overbought. However, analysts note that the weakness in the US dollar appears to be a bit overdone, creating risks for the precious metal.
Matt Simpson, Market Analyst at CityIndex , has observed some warning signs for gold, even as prices show potential to move higher.
Han Tan, chief market analyst at Exinity , noted that gold is following the Fed's strategy, with traders now data-driven. "Gold prices have been constrained by lingering doubts about whether the Fed will actually be able to deliver the 100 basis point rate cut the market expects by the end of 2024. Although still trading near record highs, bullion bulls are reluctant to chase further gains for now," the analyst said.
Phillip Streible, chief market strategist at Blue Line Futures , expressed cautious optimism on gold. He noted that any weakness in gold presents a buying opportunity, but he advised investors to build positions carefully and gradually.
“You want to buy gold, but you don’t want to get overbought. And over the past 15 years, September has been a negative month for gold,” strategist Phillip Streible said. While the jobs data will be the main event on the agenda next week, traders will also need to keep an eye on other reports.
Source: https://baoquocte.vn/gia-vang-hom-nay-292024-gia-vang-lap-nguong-lich-su-bam-muc-cao-moi-vao-thang-tieu-cuc-thi-truong-se-the-nao-284544.html
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