Gold price today September 14, 2024: Domestic gold ring price jumped to 79.1 million VND/tael, the highest in history. World gold price far exceeded the old record to 2,570.21 USD/ounce. The cycle of monetary easing that can be prolonged and frequent is a good scenario for non-yielding assets like gold.
| 1. SJC - Updated: 09/12/2024 08:31 - 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, 5c | 78,500 | 80,530 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 77,800 | 79,100 |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 77,800 | 79,200 |
| Jewelry 99.99% | 77,700 | 78,700 |
| Jewelry 99% | 75,921 | 77,921 |
| Jewelry 68% | 51,171 | 53,671 |
| Jewelry 41.7% | 30,471 | 32,971 |
Update gold price today 9/14/2024
World gold prices increased sharply due to signs of a slowdown in the world's leading economy.
According to the World and Vietnam Newspaper at 5:50 p.m. on September 13 (Hanoi time), the world gold price on the Kitco exchange was at 2,546.00 - 2,567.80 USD/ounce, a sharp increase of 35.5 USD compared to the previous trading session. The last traded gold futures price was at 2,587.2 USD/ounce, an increase of 46.9 USD compared to the early morning of September 12.
Gold prices have just had a series of sharp increases, hitting a record high of $2,570.21 an ounce. Meanwhile, the US dollar fell to a one-week low in the session, making gold - traded in greenbacks - more attractive to traders holding other currencies.
Asset prices have been trending higher since September 12, as the latest US inflation and labor data continued to support expectations that the Federal Reserve will start cutting interest rates more aggressively next week, after more than a year at the highest level in more than a decade. Accordingly, the price of the yellow metal rose more than 1% to a record high as the data showed signs of a slowdown in the world's leading economy.
Regardless of the size of the Fed's initial rate cut, it suggests a cycle of monetary easing that could be long and frequent, which is a good scenario for non-yielding assets like gold, said market analyst Tim Waterer at KCM Trade .
However, forecasting the path of gold from now until the end of 2024, Capital Economics economist David Oxley said that the long-term uptrend remains intact, but the precious metal is likely to see significant sell-offs before the end of the year.
Meanwhile, BCA Research strategist Roukaya Ibrahim said that central bank demand for gold remains a key catalyst for the gold price rally. The expert predicted that gold will continue to outperform other commodities as demand for the precious metal increases sharply at the end of the year, especially from central banks in emerging markets. In addition, in the current context, the role of precious metals as a natural hedge against inflation and currency devaluation, in an environment of geopolitical tension, gold is even more of a top choice.
With the new price threshold of world gold, if converted according to the USD exchange rate at Vietcombank (excluding taxes and fees), it is equivalent to nearly 76.4 million VND/tael, the difference with the domestic gold price is about 4.1 million VND/tael.
Domestic gold prices skyrocketed with plain round gold rings.
The price of plain round gold rings set a new record, surpassing the threshold of 79 million VND/tael (selling) at some leading brands. Specifically, Doji Group listed the price of Hung Thinh Vuong 9999 round gold rings at 77.9-79.1 million VND/tael (buying - selling), an increase of 400,000 VND/tael for buying and an increase of 450,000 VND/tael for selling.
Saigon Jewelry Company listed the price of gold rings at 77.8-79.1 million VND/tael, an increase of 500,000 VND/tael for both buying and selling.
Phu Quy Group listed round rings at 77.5 - 78.65 million VND/tael, unchanged from yesterday.
The price of a plain round gold ring of the Thang Long Dragon Gold brand is listed by Bao Tin Minh Chau Company at 77.48 - 78.63 million VND/tael.
Meanwhile, the price of SJC gold bars is trading at 78.5 - 80.5 million VND/tael (buy - sell), keeping the price stable in both buying and selling directions in recent sessions.
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| Gold price today September 14, 2024: Gold price increases 'dizzily', breaking all records; this is the most successful de-dollarization tool. (Source: Kitco) |
Specifically, the price of SJC gold bars listed at major domestic trading brands at the closing time of the trading session on the afternoon of September 13:
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.
Gold is the most successful "de-dollarization" tool
De-dollarization has become a hot topic amid the rise of the BRICS bloc and soaring US debt. But while many are focused on competing currencies or digital assets, the real non-dollar “game” is gold, not some other instrument, according to one analyst.
“People don’t see that de-dollarization is actually happening,” mathematical statistician Nassim Taleb wrote on X. It’s not about trade deals or dollar-denominated transactions, he said, but central banks (especially BRICS) putting their reserves into gold. “Gold is up ~30% year-on-year,” Taleb noted.
Meanwhile, Luke Gromen, founder and president of Forest for the Trees , notes that the de-dollarization of gold has been quietly underway for 10 years. It became more vocal after sanctions on Russia’s foreign exchange reserves in 2022. Gromen notes that talk of de-dollarization has increased over the past few years. In particular, Russia’s decision to freeze its assets after its military campaign in Ukraine has served as a wake-up call for those who keep the bulk of their reserves in US Treasuries.
Geopolitical and financial analyst Angelo Giuliano agrees, stating that “De-dollarization is happening”. “Instead of buying US debt, countries are buying gold,” he added. “The US dollar Ponzi scheme is collapsing… the privilege of printing unlimited US paper money is over. Gold hit an all-time high on September 12. Annual performance of +30% - just the beginning.”
According to Expert Taleb, “the current developments show that while USD instruments can function as a medium of exchange and unit of account, their role as a store of value is being questioned by some of the world's largest economies.” “BRICs and others want to take us into the future.”
According to the World Gold Council's Central Bank Gold Reserves Survey 2024, 29% of respondents plan to increase their gold holdings in the next 12 months, the highest proportion since the survey began in 2018. Additionally, 62% of respondents believe that the share of the US dollar in total reserve assets will decline within five years, up from 55% in 2023.
Source: https://baoquocte.vn/gia-vang-hom-nay-1492024-gia-vang-tang-chong-mat-pha-moi-ky-luc-brics-phan-cong-day-moi-la-cong-cu-phi-usd-hoa-thanh-cong-nhat-286113.html
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