Gold price increases surprisingly, 'nothing lasts forever', beware of profit-taking signals, domestic gold buyers make big profits

Gold price today September 22, 2024, gold price increased rapidly. After months of speculation, the big day has finally arrived and it did not disappoint the precious metals market. Domestic gold prices increased sharply amid the world "wave".

1. SJC - Updated: 09/20/2024 09:52 - 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	78,900 ▲200K	80,200 ▲200K
SJC 99.99 gold ring 0.3 chi, 0.5 chi	78,900 ▲200K	80,300 ▲200K
Jewelry 99.99%	78,800 ▲200K	79,800 ▲200K
Jewelry 99%	77,010 ▲198K	79,010 ▲198K
Jewelry 68%	51,919 ▲136K	54,419 ▲136K
Jewelry 41.7%	30,930 ▲83K	33,430 ▲83K

Update gold price today 9/22/2024

Domestic gold prices increased sharply last week.

On the morning of September 16, the price of round gold rings continued to increase, reaching a historical peak of 79.2 million VND/tael, while SJC gold bars remained at 80.5 million VND/tael (afternoon sale).

Specifically, Saigon Jewelry Company (SJC) announced the selling price of SJC gold bars at 78.5 - 80.5 million VND/tael (buy - sell), keeping the listed price in both buying and selling directions unchanged compared to the previous closing price.

Meanwhile, the price of gold rings continued to increase to a historical record. Specifically, DOJI Gold and Gemstone Group listed the price of gold rings at 78 - 79.2 million VND/tael (buy - sell), an increase of 100 thousand VND/tael in both buying and selling compared to the previous session's close.

After 3 sessions of strong fluctuations in the middle of the week, along with the world gold price continuing to increase by more than 1% in the trading session on September 19 thanks to the impact of the US Federal Reserve's decision to sharply reduce interest rates, the domestic price of SJC gold bars and gold rings on the morning of September 20 turned to increase.

Specifically, DOJI Gold and Gemstone Group announced the selling price of SJC gold bars at 80 - 82 million VND/tael (buy - sell), an increase of 200 thousand VND/tael in both buying and selling compared to the previous session.

While the price of SJC gold bars increased slightly by VND200,000/tael, the price of gold rings increased sharply. Specifically, DOJI Gold and Gemstone Group listed the price of gold rings at VND78.6 - 79.7 million/tael (buy - sell), an increase of VND600,000/tael in both buying and selling compared to the previous session.

Gold price today September 22, 2024: Gold price increases surprisingly, 'nothing lasts forever', beware of profit-taking signals, domestic gold buyers make big profits. (Source: Kitco)

Summary of SJC gold bar and gold ring prices at major domestic trading brands at the closing time of September 21:

Saigon Jewelry Company: SJC gold bars 80.0 - 82.0 million VND/tael; SJC gold rings 78.9 - 80.2 million VND/tael.

Doji Group: SJC gold bars 80.0 - 82.0 million VND/tael; 9999 round rings (Hung Thinh Vuong) 79.4 - 80.55 million VND/tael.

PNJ system: SJC gold bars 80.0 - 82.0 million VND/tael; PNJ 999.9 plain gold rings at 79.5 - 80.55 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: 79.45 - 80.55 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at 80.0 - 82.0 million VND/tael; plain gold rings are traded at 79.39 - 80.54 million VND/tael.

Thus, compared to the first session of the week on September 16, the price of Doji Group's gold rings increased by 1.4 million VND/tael for buying and 1.35 million VND/tael for selling; meanwhile, the price of gold bars of other businesses increased by 1.5 million VND/tael for both buying and selling.

According to The Gioi & Viet Nam Newspaper , at 4:25 p.m. on September 21 (Vietnam time), the world gold price at goldprice.org was at 2,622.3 USD/ounce, an increase of 34.95 USD/ounce compared to the previous trading session.

Converted according to the USD price at Vietcombank on September 21, 1 USD = 24,740 VND, the world gold price is equivalent to 78.16 million VND/tael, 3.84 million VND/tael lower than the selling price of SJC gold bars.

World gold prices skyrocket

The world gold price surpassed the $2,600/ounce mark again in the last session of the week on September 20. With this increase, the gold price has increased by 27% since the beginning of 2024, the largest increase since 2010, in the context of investors seeking to hedge against the instability caused by the prolonged conflicts in the Middle East and other regions.

So, after months of speculation about when the Fed would finally begin its easing cycle, followed by weeks of market swings between 25 and 50 basis points, the big day has finally arrived and it did not disappoint the precious metals market.

The latest Kitco News weekly gold survey shows that retail investors are broadly bullish on gold’s potential price gains next week, while industry experts are evenly split between further gains and near-term consolidation.

“Up,” said Adrian Day , chairman of Adrian Day Asset Management. “Gold’s rally looks unstoppable at the moment, although there will be a pause or pullback at some point. Chinese central banks and investors have dominated gold buying over the past two years, but now Western investors are starting to return to the market as macro conditions turn positive, with lower interest rates and a clearly slowing economy.”

Marc Chandler , CEO of Bannockburn Global Forex, sees the precious metal trending sideways next week. “Gold has hit its target of $2,600 an ounce… Next week will be quieter and this could mean some momentum traders liquidate, especially if US interest rates and the dollar adjust higher.”

“I remain bullish on gold next week,” said Colin Cieszynski , chief market strategist at SIA Wealth Management. “After hitting a new record high, it looks like a new rally may have started technically.”

Meanwhile, Mark Leibovit , at VR Metals/Resource Letter, expects gold prices to fall next week. “Down, as this is the trading top this week based on cycles.”

Sean Lusk , co-director of commercial hedging at Walsh Trading, said he expects gold prices to continue to rise, at least in the short term, while warning that “nothing goes up forever and we know we’re due for a healthy correction.”

This week, 19 analysts participated in the Kitco News Gold Survey, with an overwhelming majority seeing prices moving sideways or with even greater upside potential. Nine experts, or 47%, expect gold prices to rise next week, while eight analysts, or 42%, predict the precious metal will trade sideways. Only two experts, or 11%, believe gold will trade lower next week.

Meanwhile, 189 votes were cast in Kitco’s online poll, with most Main Street investors returning with an optimistic outlook. 129 retail traders, or 68%, expect gold prices to rise next week, while 29, or 15%, expect the yellow metal to trade lower. The remaining 31 respondents, or 17%, see prices holding steady next week.

"I would remain bullish," said James Stanley , senior market strategist at Forex.com. "While this is a tough move to follow, I think it's even harder to let go and buyers are still very aggressive on dips. I have no reason to think that has changed so I would remain bullish next week on gold."

Meanwhile, StoneX Bullion market analyst Fawad Razaqzada is bearish on gold's outlook for next week but remains bullish in the long term.

“Technically, gold is still in a strong uptrend, so no one can predict how far the metal can go,” he said. “But be wary of short-term profit-taking and reversal signals as momentum indicators like RSI are pointing to overbought conditions.”

“If you look back at the last year, gold has passed every test,” said Adam Button , head of currency strategy at Forexlive.com. “Even in the last six months, China stopped buying, the PBoC officially stopped buying, and we quickly recovered from that. The dollar was a little strong… Gold has passed every test with flying colors.”

Gold convinced the last skeptics this week, said Alex Kuptsikevich , senior market analyst at FxPro.

“Gold started the week at a fresh high and ended the week up 1.3%, overcoming a 2% loss due to profit-taking following the Fed rate decision,” he said. “Monetary policy was looser than economists expected and expectations of further aggressive cuts boosted demand for risk assets.”

And Kitco senior analyst Jim Wyckoff sees a period of consolidation for gold prices in the near term. “It’s choppy and sideways, as the gold market will have some normal ‘support and fill’ in the current uptrend,” he said. “Technically, the bulls remain firmly in control.”

Source: https://baoquocte.vn/gia-vang-hom-nay-2292024-gia-vang-tang-ngo-ngang-khong-co-gi-la-mai-mai-canh-giac-voi-tin-hieu-chot-loi-nguoi-mua-vang-trong-nuoc-lai-to-287169.html