Gold price today, September 12, 2024, recorded a stable world price, remaining above 2,500 USD/ounce as investors "waited" for the Fed's interest rate cut. According to Goldprice, currently, gold buyers and holders in the past month are making a profit of up to 58 USD/ounce, equivalent to 1.7 million VND/tael.
| 1. SJC - Updated: 09/11/2024 08:18 - Website time of supply source - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 78,500 | 80,500 |
| SJC 5c | 78,500 | 80,520 |
| SJC 2c, 1c, 5 phan | 78,500 | 80,530 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 77,400 | 78,650 |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 77,400 | 78,750 |
| Jewelry 99.99% | 77,300 | 78,250 |
| Jewelry 99% | 75,475 | 77,475 |
| Jewelry 68% | 50,865 | 53,365 |
| Jewelry 41.7% | 30,284 | 32,784 |
Update gold price today 9/12/2024
Domestic gold price recorded Saigon Jewelry Company (SJC) announced the selling price of SJC gold bars at 78.5 - 80.5 million VND/tael (buy - sell) in the session of September 11.
Four state-owned banks (BIDV, Vietcombank, Agribank, Vietinbank) continue to list the selling price of SJC gold bars to people at 80.5 million VND/tael.
Meanwhile, the price of 9999 gold rings has reached 78.65 million VND/tael.
At SJC Company, 99.99 gold rings of type 1-5 were listed at only 77.4 - 78.65 million VND/tael, an increase of 150,000 VND compared to the closing price of the previous session. The difference was maintained around the threshold of more than 1 million VND/tael.
Or DOJI Group increased the price of 9999 Hung Thinh Vuong round gold rings by 150,000 VND, currently firmly anchored at 77.5 - 78.65 million VND/tael (buy - sell).
Currently, the price of 9999 gold rings at the national gold brand has approached very close to the peak set in April (nearly reaching 79 million VND/tael).
Compared to the beginning of the year, the price of gold rings here has increased by about 15 million VND/tael.
World gold prices were stable on September 11, remaining above $2,500/ounce as investors await the Federal Reserve's interest rate cut next week.
According to the World and Vietnam Newspaper at 6:00 p.m. on September 12, the world gold price on the Kitco News exchange was at 2,520.9 - 2,521.9 USD/ounce, a slight increase of 4.4 USD compared to the previous trading session.
The upcoming Federal Open Market Committee (FOMC) meeting is the main focus for gold's rally. Investors expect the Fed to cut interest rates for the first time since 2020, the highest in 23 years.
According to the CME FedWatch tool, the market is 100% certain of a rate cut in September. The tool shows a 73% chance of a 25 basis point cut and a 27% chance of a 50 basis point cut.
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| Gold price today September 12, 2024: Gold price nears peak, world 'excitedly' waiting for Fed, gold buyers 1 month profit 58 USD/ounce. (Source: Kitco News) |
Summary of SJC gold bar prices at major domestic trading brands at closing times of trading session on the afternoon of September 11:
Saigon Jewelry Company: SJC gold bars 78.5 - 80.5 million VND/tael.
Doji Group: SJC gold bars 78.5 - 80.5 million VND/tael.
PNJ system: SJC gold bars 78.5 - 80.5 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars: 78.5 - 80.5 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 78.5 - 80.5 million VND/tael.
Fed's change in interest rates largely supports gold prices
According to Goldprice , people who bought and held gold for the past month are making a profit of up to 58 USD/ounce, equivalent to 1.7 million VND/tael.
People who bought gold and held it for the past 6 months are making a profit of up to 362 USD/ounce, equivalent to 11 million VND/tael.
Experts predict that the Fed's change in interest rates will largely support gold prices, because lower interest rates often boost the appeal of non-yielding assets like gold.
Mr. Phan Dung Khanh, Investment Consulting Director of Maybank Investment Bank, commented that in theory, the Fed's interest rate cut will support gold prices, because more money is expected to be pumped out.
However, in reality, the Fed's interest rate is at 5-5.5%, which is still very high and far from the neutral interest rate. Therefore, the Fed's rate cut does not mean that the era of cheap money has arrived.
"Although gold prices may continue to increase in the coming time, the possibility of a sharp increase is unlikely. In my opinion, gold prices may continue to surpass their peak in the coming time, but the possibility of a sharp increase, bringing huge profits to investors, or exceeding 3,000 USD/ounce this year is very unlikely," said the Investment Consulting Director of Maybank Investment Bank.
According to Mr. Khanh's observation, in about 10 years, there will be about 1-2 years when the gold price is above the historical peak. Meanwhile, the gold price has reached the historical peak since the end of 2023, and is now entering the second half of 2024.
This expert predicted: "The increase has slowed down in the past few months, so I do not deny the possibility that gold prices will continue to increase, but a strong increase like the first half of this year is more difficult in my opinion. It is possible that when the Fed lowers interest rates, gold prices will already be close to their historical peak."
Source: https://baoquocte.vn/gia-vang-hom-nay-1292024-gia-vang-nhan-can-dinh-the-gioi-hao-hung-cho-fed-nguoi-mua-vang-1-thang-lai-58-usdounce-285858.html
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