DNVN - On September 26, 2024, domestic gold prices were stable with gold bars remaining unchanged, while gold ring prices continued to record a sharp increase, bringing the prices of some brands close to 83 million VND/tael.
Gold rings continue to rise strongly
After the previous day's sharp increase, the domestic gold bar price remained stable, with no fluctuations. However, the price of gold rings continued to increase sharply, with some brands reaching nearly VND83 million/tael. Specifically, the gold prices at major brands are currently listed as follows:
Currently, SJC gold bars are listed for sale at VND83.5 million/tael by major banks such as Agribank, BIDV, Vietcombank, VietinBank and gold and gemstone companies. On the buying side, the gold price of brands is listed at VND81.5 million/tael.
For ring gold, the listed price of SJC 9999 gold is VND80.8 million/tael for buying and VND81.3 million/tael for selling, an increase of VND800,000 for buying and VND1 million for selling. In Hanoi and Ho Chi Minh City, DOJI adjusted the buying price by VND1.35 million and the selling price by VND1.3 million, up to VND81.95 million/tael and VND82.95 million/tael, respectively. PNJ brand ring gold also increased, listing the buying price and selling price at VND81.9 million/tael and VND82.95 million/tael, an increase of VND1.2 million for buying and VND1.3 million for selling.
Bao Tin Minh Chau listed the price of plain round gold rings at VND81.83 million/tael for buying and VND82.93 million/tael for selling, up VND1.29 million and VND1.75 million respectively. Phu Quy SJC also adjusted the price of buying gold rings to VND81.9 million/tael and selling to VND83 million/tael, up VND1.5 million in both directions compared to the previous trading session.
World gold price
According to data from Kitco, at 5:00 a.m. on September 26, 2024 (Vietnam time), the world spot gold price reached 2,657.18 USD/ounce. This price is unchanged from yesterday. Converted according to the current exchange rate at Vietcombank, the world gold price is currently about 77.898 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still about 3.602 million VND/tael higher than the world gold price.
Gold prices held steady despite profit-taking pressure after hitting a record high on Wednesday, as investors look ahead to upcoming remarks from Federal Reserve Chairman Jerome Powell and U.S. inflation data due this week, with the Fed likely to deliver another aggressive rate cut.
Last week, after a long wait, the US central bank decided to cut interest rates by 50 basis points. Traders now expect a 58% chance that the Fed will continue to cut interest rates by 0.5% at the upcoming meeting.
Exinity Group market analyst Han Tan said the recent gold rally was fueled by market optimism over the Fed’s aggressive move, and he predicted that gold could hit $2,700 an ounce by the end of 2024.
This expert even believes that if the soft landing scenario of the US economy does not happen, gold could reach the $3,000/ounce mark.
Blue Line Futures market strategist Phillip Streible has a similar view, saying gold could hit $2,700 an ounce this week if the labor market weakens and Fed officials reaffirm their decision to cut interest rates by another 50 basis points.
On September 25, the Swedish Central Bank (Riksbank) decided to lower its key interest rate by 0.25 percentage points to 3.25%/year. It is expected that the Riksbank will continue to cut interest rates further this year.
Gold also received support from technical analysis signals as prices continuously surpassed important resistance levels, including the threshold of $2,600/ounce and then $2,650/ounce.
Tensions in the Middle East are expected to continue to escalate and persist, driving gold prices to new highs. The conflict between Israel and Hezbollah has recently escalated, with Israeli airstrikes on Lebanon considered the most intense since 2006. Hezbollah has responded with missile attacks on Israel, demonstrating its military capabilities.
These tense developments have caused money to flow into safe-haven assets such as gold and silver.
Some forecasts suggest that gold prices could rise to $2,700-2,750 an ounce by the end of 2024 and reach $3,000 an ounce in the first half of 2025.
Cao Thong (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-26-9-2024-vang-nhan-tiep-tuc-tang-manh-tiem-can-moc-83-trieu-dong-luong/20240926081223614
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