Gold price on September 22, 2024: Ring gold sets new record, up to 80.2 million VND/tael

Gold rings set new record

At the time of survey at 5:00 a.m. on September 22, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 79.25 million VND/tael for buying and 80.35 million VND/tael for selling.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 81-82 million VND/tael (buy - sell). An increase of 500,000 VND/tael in both buying and selling directions.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded at 80-82 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 80-82 million VND/tael (buy - sell). Both increased slightly by 200,000 VND/tael in both buying and selling directions.

The listed price of SJC 9999 gold is 78.9 million VND/tael for buying and 80.2 million VND/tael for selling, up 200,000 VND in both directions. DOJI in Hanoi and Ho Chi Minh City markets adjusted the buying price up by 100,000 VND and the selling price up by 150,000 VND to 79.4 million VND/tael for buying and 80.55 million VND/tael for selling, respectively. The buying price and selling price of PNJ brand gold rings are listed at 79.5 million VND/tael and 80.55 million VND/tael, up 200,000 VND in both directions.

Bao Tin Minh Chau adjusted the buying price up by 110,000 VND and the selling price up by 160,000 VND to 79.39 million VND/tael and 80.54 million VND/tael, respectively. Phu Quy SJC is buying gold rings at 79.45 million VND/tael and selling at 80.55 million VND/tael, up 200,000 VND in both directions.

World gold price

According to Kitco, the world gold price recorded at 5am today, Vietnam time, was at 2,621.13 USD/ounce. The world gold price was the same as the USD compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 76.746 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 3.254 million VND/tael higher than the international gold price.

The Fed's decision to begin cutting interest rates for the first time since 2020 sent shockwaves through financial markets. The US central bank cut interest rates by 50 basis points, bringing the Fed funds rate to a range of 4.75% to 5%.

Illustration photo. (Photo source: Internet)

The dramatic cut marks the beginning of what the Fed calls “interest rate normalization,” with the ultimate goal of reaching its benchmark rate of 3% to 3.5% by 2025.

“If you look at the summary of economic projections, you will see that it is a process of recalibrating our policy stance, away from where we were a year ago when inflation was high and unemployment was low, to a position that is more consistent with where we are now and where we expect to be,” Fed Chairman Jerome Powell said at a press conference.

Jerry Prior, managing director and senior portfolio manager at KFA Mount Lucas Managed Futures Index Strategy, said gold prices are unlikely to spike after Powell’s comments, but he added that the market will continue to see steady gains.

Julia Khandoshko, CEO of European brokerage Mind Money, also expects gold prices to stabilize as they gradually move toward $3,000 an ounce. That long-term target is unlikely to be reached before the end of the year.

While gold remains in a strong technical uptrend, investors should be prepared to see some volatility in the near term, said Fawad Razaqzada, market analyst at StoneX Group. However, he added that lower prices could be seen as a long-term buying opportunity.

Analysts Lina Thomas and Daan Struyven point out that the Fed's rate cut could signal a return of Western capital to gold ETFs, something that was not seen during the recent bull run.

They also said that the growth in gold ETF holdings is likely to be gradual following the Fed's easing cycle, and that the magnitude of the increase is still difficult to predict accurately.

While there may be a short-term pullback, research from Goldman Sachs, UBS, TD Securities, and Bank of America all predict a bright future for gold in 2025. Many analysts also share an optimistic view on gold's prospects in the coming time.

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-22-9-2024-vang-nhan-lap-ky-luc-moi-len-muc-80-2-trieu-dong-luong/20240922085220506