Gold price on September 20, 2024: SJC slightly decreased, world gold increased sharply

SJC gold slightly decreased

On the morning of September 20, the price of domestic gold bars was adjusted down by VND200,000 for both buying and selling. Similarly, the price of gold rings also fluctuated slightly. Currently, SJC gold bars are being sold by Agribank, BIDV, Vietcombank, VietinBank and gold and gemstone companies at VND81.8 million/tael. For buying, the price of gold brands is listed at VND79.8 million/tael.

Mi Hong gold price is traded at 80.05 million VND/tael for buying and 81.5 million VND/tael for selling, down 200,000 VND/tael in both directions compared to yesterday. The difference between the two directions is 2,000,000 VND/tael.

At Bao Tin Manh Hai, the buying price of gold is 79.8 million VND/tael and the selling price is 81.8 million VND/tael, down 200,000 VND/tael in both directions compared to yesterday. The difference between the two directions is 2,000,000 VND.

For ring gold, the listed price of SJC 9999 gold is 77.9 million VND/tael for buying and 79.2 million VND/tael for selling, unchanged from yesterday morning. DOJI in Hanoi and Ho Chi Minh City markets kept the same buying and selling prices as yesterday morning at 78.1 million VND/tael and 79.2 million VND/tael. The buying and selling prices of PNJ brand ring gold are listed at 78.1 million VND/tael and 79.2 million VND/tael, an increase of 100,000 VND in buying price.

Bao Tin Minh Chau adjusted the buying price up by VND100,000 to VND78.08 million/tael but kept the selling price unchanged at VND79.18 million/tael. Phu Quy SJC is buying gold rings at VND78.1 million/tael and selling at VND79.2 million/tael, an increase of VND100,000 in the buying price.

World gold increased sharply

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,586.67 USD/ounce. The gold price increased by 26.8 USD compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 75.768 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 4.032 million VND/tael higher than the international gold price.

World gold prices reversed to increase with spot gold increasing by 26.4 USD to 2,586.1 USD/ounce. Gold futures last traded at 2,11.7 USD/ounce, up 27.2 USD compared to early yesterday morning.

The US Federal Reserve's policy pivot with a half-percentage-point cut continued to push gold prices higher. On September 19 (US time), the price of this precious metal increased and remained near the all-time high reached the previous day. On Wednesday, after the Fed lowered the benchmark policy interest rate by 0.5 percentage points to 4.75-5%, spot gold prices soared to nearly $2,600/ounce.

Fed policymakers also forecast another half-percentage-point cut in the benchmark interest rate later this year, one percentage point next year and half a percentage point in 2026.

“In our view, this rally is likely to continue. We target $2,700/oz by mid-2025. Coupled with near-term risk factors, we expect demand for gold ETFs to increase sharply in the coming months,” UBS said in a note.

Elsewhere, spot silver rose 3.5% to $31.11 an ounce.

“We maintain our view that silver will benefit from a bullish gold price environment,” UBS added.

Mr. Robert Minter predicts that in the new easing cycle, it is only a matter of time before gold surpasses the $3,000/ounce mark.

Julia Khandoshko, CEO of European brokerage firm, predicts that in the long term, a 50 basis point interest rate cut will boost gold prices strongly. Lower interest rates will be the main driver for gold prices to reach $3,000 an ounce.

ANZ analysts forecast gold prices to rise to $2,900 an ounce by the end of the year after seeing lackluster investment demand in the first half of 2024. Higher prices are unlikely to deter central bank buying.

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-20-9-2024-sjc-giam-nhe-vang-the-gioi-tang-manh/20240920073100473