Gold price today, September 18, 2024, recorded a shocking move for gold rings, the world market is expected to continue to break the peak when the Fed lowers interest rates. Experts said that the price of precious metals will continue to increase sharply during the Fed's policy meeting.
| 1. SJC - Updated: 09/17/2024 08:35 - Website time of supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 80,000 | 82,000 |
| SJC 5c | 80,000 | 82,020 |
| SJC 2c, 1c, 5c | 80,000 | 82,030 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 77,900 | 79,200 |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 77,900 | 79,300 |
| Jewelry 99.99% | 77,800 | 78,800 |
| Jewelry 99% | 76,020 | 78,020 |
| Jewelry 68% | 51,239 | 53,739 |
| Jewelry 41.7% | 30,513 | 33,013 |
Update gold price today 9/18/2024
The domestic gold price closed the trading session on September 17 with an increase of 1.5 million VND each way, after 12 consecutive sessions of unchanged price. The difference between buying and selling prices was 2 million VND.
Specifically, SJC Company and Big 4 banks increased the selling price of SJC gold bars to 82 million VND/tael. The buying price of gold bars at SJC Company also increased to 80 million VND/tael.
Meanwhile, the price of gold rings remained at a record level of 79.2 million VND/tael, buying at 77.9 million VND/tael.
Bao Tin Minh Chau Company listed the selling price of 9999 gold rings at 79.18 million VND/tael, and the buying price at 77.98 million VND/tael.
Meanwhile, DOJI Company listed the buying and selling price of gold rings at 79.2 million VND/tael, buying at 78 million VND/tael.
Compared to the beginning of the year, the price of plain gold rings increased by more than 16.25 million VND/tael, equivalent to an increase of 26%.
World gold price recorded a slight decrease of 6.5 USD/ounce, trading at 2,575.8 - 2,575.8 USD/ounce - recorded by World and Vietnam Newspaper at 20:46 on September 17.
World gold prices are expected to continue to break the peak in the context of investors predicting that the US Federal Reserve (Fed) will reduce the basic interest rate for the first time on September 18, possibly by 25 or 50 basis points (ie 0.25% or 0.5%).
Investors are currently focusing on information from the Fed meeting. With the current data, the market is betting on a 100% chance that the Fed will cut interest rates, but the amount of the cut will be very important because it will determine the price of gold.
The market is expecting the Fed to cut interest rates by 0.5%. Experts predict that if this happens, the world gold price will increase slightly, then fall to around 50-70 USD/ounce.
If the Fed cuts interest rates by 0.25%, the drop will be huge, possibly more than $100/ounce.
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| Gold price today September 18, 2024: SJC gold price jumps, the world is forecast to break the peak, investors may turn away. (Source: Kitco) |
Summary of SJC gold bar prices at major domestic trading brands at closing times of trading session on the afternoon of September 17 :
Saigon Jewelry Company: SJC gold bars 80 - 82 million VND/tael; SJC gold rings 77.9 - 79.2 million VND/tael.
Doji Group: SJC gold bars 80 - 82 million VND/tael; 9999 round rings (Hung Thinh Vuong): 78.0 - 79.2 million VND/tael.
PNJ system: SJC gold bars 80 - 82 million VND/tael; PNJ 999.9 plain gold rings: 78.0 - 79.2 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars: 80 - 82 million VND/tael; Phu Quy 999.9 round gold rings: 78.0 - 79.2 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 80 - 82 million VND/tael. The price of plain round gold rings at Vang Rong Thang Long is listed at 77.98 - 79.18 million VND/tael.
Gold will be hurt if...
Commenting on the direction of precious metals, Mr. Mark Leibovit, expert of VR Metals/Resource Letter, said that interest rate cuts are an important catalyst for the gold market.
He said that gold prices will continue to increase sharply during the Fed's policy meeting.
However, experts say gold may be at risk as the market over-expects the Fed to cut interest rates by 50 basis points, which could cause investors to turn their backs on gold.
"If the decline is 25 basis points, it will still help the USD rise again, which will definitely hurt gold," predicted Colin Cieszynski, market strategist at SIA Wealth Management.
Goldman Sachs Group Inc. said gold prices could face a minor correction in the short term if the Fed decides to cut interest rates by just 0.25 percentage points this week, but the precious metal could then rally to a record high thanks to increased buying from gold exchange-traded funds (ETFs).
Analysts Lina Thomas and Daan Struyven predict that the Fed’s rate cut will attract Western capital back into gold ETFs, which could push gold prices higher in the coming period, as Western capital inflows into gold ETFs have not been as strong over the past two years as other factors behind the meteoric rise in gold.
In a note, the analysts reiterated Goldman Sachs' forecast that gold prices could rise to $2,700 an ounce by early 2025.
Gold has been one of the best-performing commodities this year, rising about 25% and hitting back-to-back records as central banks ramp up buying and traders eye the Fed's shift toward monetary easing.
Investors are still divided on how much the Fed will cut interest rates this week.
While gold prices may see a temporary dip in the short term if the Fed cuts rates by 0.25 percentage points, they should rise in the long term as investors gradually buy more gold ETFs as the Fed cuts rates, analysts said. However, the current market has not fully priced in this increase.
According to Bloomberg , the amount of gold held in gold ETFs has recovered in recent months after falling to its lowest level since 2029. Although gold prices have increased, they are still 25% lower than the peak recorded during the pandemic period in 2020.
Source: https://baoquocte.vn/gia-vang-hom-nay-1892024-gia-vang-sjc-nhay-vot-the-gioi-duoc-du-bao-pha-dinh-gioi-dau-tu-co-the-quay-lung-286685.html
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