Gold price today September 24, 2024, gold ring price skyrocketed to a new record high, closely following the gold bar button. Asian powers increase reserves. The world is going against the domestic trend, what do experts say?
| 1. SJC - Updated: 09/24/2024 08:10 - Website time of supply source - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 81,500 ▲1500K | 83,500 ▲1500K |
| SJC 5c | 81,500 ▲1500K | 83,520 ▲1500K |
| SJC 2c, 1c, 5c | 81,500 ▲1500K | 83,530 ▲1500K |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 79,800 ▲300K | 81,100 ▲300K |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 79,800 ▲300K | 81,200 ▲300K |
| Jewelry 99.99% | 79,700 ▲300K | 80,700 ▲300K |
| Jewelry 99% | 77,901 ▲297K | 79,901 ▲297K |
| Jewelry 68% | 52,531 ▲204K | 55,031 ▲204K |
| Jewelry 41.7% | 31,305 ▲125K | 33,805 ▲125K |
Update gold price today 9/24/2024
Domestic gold prices fluctuate strongly
At the beginning of the trading session on the morning of September 23, the price of gold rings remained unchanged while the price of SJC gold bars remained at 82 million VND/tael.
Specifically, at 9:00 a.m., DOJI Gold and Gemstone Group and Saigon Jewelry Company (SJC) listed the selling price of SJC gold bars at 80 - 82 million VND/tael (buy - sell), keeping the listed price for both buying and selling unchanged from the previous session.
Similar to the price of SJC gold bars, the price of gold rings remained stable. Specifically, DOJI Gold and Gemstone Group listed the price of gold rings at 79.4 - 80.55 million VND/tael (buy - sell), keeping the listed price in both buying and selling directions unchanged compared to the previous closing price.
By noon on September 23, the price of gold bars remained unchanged while the price of gold rings jumped above 81 million VND/tael and set a new record at 81.1 million VND/tael.
Specifically, DOJI Gold and Gemstone Group listed the price of gold rings at 79.95 - 81.1 million VND/tael (buy - sell), an increase of 400 thousand VND/tael for buying and an increase of 550 thousand VND/tael for selling compared to the closing price of the early morning session this morning.
Thus, the domestic gold ring price continues to set a new record at 81.1 million VND/tael.
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| Gold price today September 24, 2024: Gold ring price sets all-time high record, world reverses, Asian power increases hoarding, what do experts say? (Source: Shutterstock) |
Summary of SJC gold bar prices at major domestic trading brands at closing times of trading session on the afternoon of September 23 :
Saigon Jewelry Company: SJC gold bars 80.0 - 82.0 million VND/tael; SJC gold rings 79.5 - 80.8 million VND/tael.
Doji Group: SJC gold bars 80.0 - 82.0 million VND/tael; 9999 round rings (Hung Thinh Vuong): 80.1 - 81.2 million VND/tael.
PNJ system: SJC gold bars 80.0 - 82.0 million VND/tael; PNJ 999.9 plain gold rings: 79.9 - 81.1 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars 80.0 - 82.0 million VND/tael; Phu Quy 999.9 round gold rings: 80.1 - 81.2 million VND/tael.
The price of SJC gold at Bao Tin Minh Chau is listed at 80.0 - 82.0 million VND/tael. The price of round gold rings at Vang Rong Thang Long is listed at 79.98 - 81.08 million VND/tael.
According to the World & Vietnam Newspaper , information on Kitco News , as of 4:20 p.m. Vietnam time on September 23, the world gold price was listed at 2,618.6 USD/ounce, down 3.8 USD/ounce compared to the previous trading session.
Converted according to the USD price at Vietcombank on September 23, 1 USD = 24,800 VND, the world gold price is equivalent to 78.24 million VND/tael, 3.76 million VND/tael lower than the selling price of SJC gold.
According to Reuters , world gold prices tended to decrease on September 23 after reaching a record high as strong market sentiment and geopolitical tensions were balanced by a stronger US dollar, causing some investors to take profits.
Spot gold was at $2,622.16 an ounce, after hitting an all-time high of $2,631.31 an ounce earlier in the session.
The rally is a continuation of the “fear of missing out” momentum following the US Federal Reserve’s aggressive interest rate cut last week, said Ole Hansen , head of commodity strategy at Saxo Bank.
Gold prices have risen more than 27% this year, on track for their biggest annual gain in 14 years.
“The market is increasingly in need of consolidation, but at this point it needs to be deep consolidation to shake up the hedge funds that are holding the biggest bets on higher prices since 2020,” said Mr Hansen.
Technically, gold's Relative Strength Index, currently at 71, has been in "overbought" territory since Friday.
“Investors are closely watching the likelihood of future rate cuts. The key factors going forward will be the pace of Fed rate cuts – specifically whether there will be another 50 basis point cut this year – and the overall trajectory of this easing cycle,” said ANZ commodity strategist Soni Kumari .
Meanwhile, in the Asian market, trading near last week's record high on September 23 as traders welcomed the positive effect after the Fed cut interest rates sharply and signs of more cuts in the future.
The Fed began easing monetary policy with a 0.5 percentage point interest rate cut on September 18, and forecast another 0.5 percentage point cut by year-end, 1 percentage point in 2025 and 0.5 percentage point in 2026.
A surge in demand from Indian consumers for gold jewellery and bars after the government recently lowered import duties on gold is helping push global gold prices to new record highs.
According to Indian government data released on September 24, India's gold imports hit an all-time high in August 2024, totaling $10.06 billion. According to preliminary estimates from consultancy Metals Focus, this figure is equivalent to about 131 tons of imported gold, ranking sixth in history in terms of volume.
The global gold price surge, up about 25% since the beginning of the year, has deterred price-sensitive Asian buyers. However, the Indian government cut gold import duties by 9 percentage points in late July 2024, spurring a new wave of demand in the world’s second-largest gold buyer.
“The impact of the tax cuts has been incredible and unprecedented,” said Philip Newman , managing director of Metals Focus in London. “It really appeals to consumers.”
Expectations of a quick Fed rate cut are a major factor driving gold prices higher this year, analysts say.
Lower interest rates increase the appeal of non-yielding assets such as gold and can also put pressure on the dollar, the currency in which gold is priced. The Fed cut interest rates by half a percentage point at its meeting last week, sending gold prices to a new record high, surpassing $2,600 an ounce on September 20, continuing a rally fueled by expectations of further Fed rate cuts and rising tensions in the Middle East.
However, strong demand for jewelry and gold bars, as well as increased buying by central banks, also contributed to the strength of gold prices.
India accounted for about a third of global gold jewelry demand last year and has become the world’s second-largest market for gold bars and coins, according to data from the World Gold Council (WGC). However, this demand has caused domestic gold prices in India to quickly return to pre-import duty levels.
India’s central bank has also stepped up gold purchases, adding 42 tonnes to its reserves in the first seven months of the year, more than double the total for all of 2023. A source familiar with the central bank’s thinking said the gold purchases were a “routine” part of managing foreign exchange reserves and stabilizing the currency.
In China, the world's largest importer of physical gold, high prices have dampened jewelry sales, but sales of gold bars and coins in the second quarter of 2024 jumped 62% year-on-year.
“We see a strong positive correlation between gold investment demand and gold prices,” said Paul Wong , market strategist at Sprott Asset Management. “All these factors have helped support the physical gold market and mitigate the impact of higher prices that could weaken demand. In some parts of Asia, gold is easily convertible into fiat currency, making it a popular savings item.”
Demand from Western investors has also been a big factor in the gold rally, with $7.6 billion in net inflows into gold-backed ETFs over the past four months. After hitting a new record high last week, analysts are warning that the precious metal could see a correction.
“I think there is a chance of a correction in gold along with other assets,” said Adrian Ash , research director at BullionVault, an online gold exchange in London. “Whether or not gold prices fall from their record highs, demand for gold jewelry in India looks set to remain strong during the upcoming wedding season.
In a recent note, Commerzbank said that the gold rally “should not last forever,” citing speculation that the Fed will only cut interest rates by 0.25 percentage points at its next two meetings. However, some analysts believe that global gold prices could see further spikes in the coming period.
Source: https://baoquocte.vn/gia-vang-hom-nay-2492024-gia-vang-nhan-cao-nhat-moi-thoi-dai-the-gioi-nguoc-chieu-cuong-quoc-chau-a-tang-tich-tru-chuyen-gia-noi-gi-287381.html
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