Gold price today September 3, 2024, gold price listens to the Fed's actions, fluctuates in a narrow range, tends to go down, loses important milestones. China's gold market has made strong progress.
LIVE UPDATE TABLE OF GOLD PRICE TODAY 9/3 and EXCHANGE RATE TODAY 9/3
| 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 9/3/2024
Domestic gold prices remained stable during the four-day holiday. On August 30, before the holiday, Saigon Jewelry Company (SJC) announced the selling price of SJC gold bars at VND79 - 81 million/tael (buy - sell), keeping the listed price for both buying and selling unchanged compared to the previous session's closing price.
DOJI Gold and Gemstone Group listed the price of SJC gold bars at 79 - 81 million VND/tael (buy - sell), keeping the listed price for both buying and selling unchanged compared to the previous session's close.
Meanwhile, regarding the price of gold rings, Saigon Jewelry Company (SJC) listed it at 77.4 - 78.65 million VND/tael (buy - sell), an increase of 50 thousand VND/tael in both buying and selling compared to the previous session's close.
DOJI Gold and Gemstone Group listed the price of gold rings at 77.55 - 78.65 million VND/tael (buy - sell), keeping the listed price in both buying and selling directions unchanged compared to the previous session's close.
 |
| Gold price today September 3, 2024: Gold price 'fluctuates' before Fed's final decision, Chinese market 'follows behind', gold rings closely follow SJC. (Source: Reuters) |
Summary of SJC gold bar prices at major domestic trading brands at closing times of trading session on the afternoon of September 2 :
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: 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. The price of plain round gold rings at Vang Rong Thang Long is listed at 77.43 - 78.63 million VND/tael.
According to the World & Vietnam Newspaper , information on Kitco News , as of 4:58 p.m. Vietnam time on September 2, the world gold price was listed at 2,499.8 USD/ounce, down 4.5 USD/ounce compared to the previous trading session.
Converted according to the USD price at Vietcombank on September 2, 1 USD = 25,030 VND, the world gold price is equivalent to 75.39 million VND/tael, 5.61 million VND/tael lower than the selling price of SJC gold.
World gold price awaits Fed signal
Gold prices were flat early in Monday's session after falling 1% in the previous session, with US inflation data suggesting the Federal Reserve is likely to cut interest rates less than expected this month.
Spot gold was flat at $2,502.89 an ounce by 0015 GMT after hitting a session low of $2,494.15 an ounce on Friday. However, bullion posted a monthly gain in August.
Meanwhile, US gold futures rose 0.3% to $2,535.00 an ounce.
However, in the second half of the trading session on September 2, world gold prices tended to decrease slightly, losing the important milestone of 2,500 USD/ounce.
Data on Friday showed consumer spending in the world’s largest economy rose sharply in July, potentially weighing on the Fed’s plans to cut interest rates by half a percentage point this month. The personal consumption expenditures price index rose 0.2% last month, in line with expectations, after rising an unadjusted 0.1% in June.
Non-yielding bullion prices tend to rise sharply in a low interest rate environment.
The Fed is expected to begin its rate-cutting cycle at its September 17-18 monetary policy meeting. Traders currently see a 67% chance of a 25 basis point (bp) cut by the US central bank this month and a 33% chance of a 50 basis point cut, according to CME's FedWatch tool.
Investors now look ahead to ADP employment data and the US non-farm payrolls report due later this week.
On the geopolitical front, protests have gripped Israel following the deaths of six hostages in Gaza as frustration grows with the country's leadership over its failure to reach a ceasefire.
China leads the global gold market
According to World Gold Council (WGC) CEO David Tait, China's gold market has risen from being a laggard to a leader and is expected to play a larger role globally in the coming years.
Mr Tait said that thanks to strong economic growth in recent decades, China has gained a leading position in the world gold market. For 10 consecutive years, China has been the world's largest gold consumer. And for 15 consecutive years, this country has been the world's leading gold producer.
China’s moves demonstrate its growing role and influence in shaping the future of the global gold industry, the expert said. In his view, China’s influence will extend beyond its borders, particularly in key sectors and through its own views on responsible mining and supply chains. The growth of China’s gold market is a testament to what can be achieved through reform.
According to the WGC’s 2024 Mid-Year Outlook, the gold market has had a remarkable year so far, with prices rising 12% in USD terms in the first half of the year. This impressive growth has outpaced most other assets, driven by continued central bank purchases, strong consumer demand in Asia, rapidly rising global debt, concerns about currency devaluation, and continued geopolitical uncertainties. These uncertainties continue to underscore gold’s role as a safe-haven asset and impact the global gold market.
Analyst Zhou Maohua at China Everbright Bank said that some factors boosting confidence in the gold market are prices continuously setting new highs, geopolitical concerns, the possibility of major economies cutting interest rates and central banks continuing to buy gold.
Source: https://baoquocte.vn/gia-vang-hom-nay-392024-gia-vang-linh-xinh-truoc-cu-chot-ha-cua-fed-thi-truong-trung-quoc-di-sau-ve-truoc-vang-nhan-bam-sat-sjc-284793.html
![[Photo] Magical moment of double five-colored clouds on Ba Den mountain on the day of the Buddha's relic procession](https://vphoto.vietnam.vn/thumb/1200x675/vietnam/resource/IMAGE/2025/5/9/7a710556965c413397f9e38ac9708d2f)
![[Photo] General Secretary To Lam begins official visit to Russia and attends the 80th Anniversary of Victory over Fascism](https://vphoto.vietnam.vn/thumb/1200x675/vietnam/resource/IMAGE/2025/5/8/5d2566d7f67d4a1e9b88bc677831ec9d)
Comment (0)