Gold price today September 21: World gold price climbed to a record high of 2,608 USD/ounce for the first time in history, after the Fed shocked the market with a strong interest rate cut. The Fed signaled a turning point in monetary policy, according to which the stronger the interest rate reduction, the faster the gold price increases.
| 1. SJC - Updated: 09/20/2024 09:52 - Website time of supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 80,000 ▲200K | 82,000 ▲200K |
| SJC 5c | 80,000 ▲200K | 82,020 ▲200K |
| SJC 2c, 1c, 5 phan | 80,000 ▲200K | 82,030 ▲200K |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 78,700 ▲800K | 80,000 ▲800K |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 78,700 ▲800K | 80,100 ▲800K |
| Jewelry 99.99% | 78,600 ▲800K | 79,600 ▲800K |
| Jewelry 99% | 76,812 ▲792K | 78,812 ▲792K |
| Jewelry 68% | 51,783 ▲544K | 54,283 ▲544K |
| Jewelry 41.7% | 30,847 ▲334K | 33,347 ▲334K |
Update gold price today 9/21/2024
World gold prices continue to increase sharply, the precious metal market has become a "black hole" sucking capital in the financial market.
According to the World and Vietnam Newspaper at 6:00 p.m. on September 20 (Hanoi time), world gold trading was at 2,613.10 - 2,614.10 USD/ounce, an increase of 29 USD compared to the previous trading session.
The first and strongest interest rate cut by the US Federal Reserve (Fed) since March 2022 was the focus of pushing gold prices to an all-time high. Gold, with the advantage of being the safest haven asset, suddenly became a "black hole" that sucked capital from all other markets. In addition, factors including the weak US dollar, US Treasury bond yields, combined with geopolitical instability further increased the attractiveness of holding gold.
There has been a significant shift in the Fed's monetary policy, signaling the beginning of a turnaround in the US policymaker's approach. The decision to cut by a more aggressive 50 basis points, rather than the expected 25 basis points, at the Fed's September 19 meeting appears to mark the start of a normalization of interest rates, with the Fed aiming to reduce its benchmark funds rate from its current range of 5.25% - 5.50% to around 3.50% next year. The steeper the rate cut, the faster gold prices will rise.
At a press conference, Fed Chairman Jerome Powell stated, "The recalibration of our policy stance will help maintain the strength of the economy and the labor market, and will continue to allow inflation to rise further as we begin the process of moving toward a more neutral stance."
After that drastic decision, Fed Chairman Powell faced the challenge of explaining the choice without implying an impending economic crisis. PGIM economist Tom Porcelli paraphrased Powell's story as saying, "It really allows him to push the idea that this easing cycle is not about us being in a recession, but about extending the economic expansion. I think that's a really powerful idea."
Domestic gold prices increased sharply following world gold trends.
The price of SJC gold bars has exceeded 82 million VND/tael (selling price). Saigon SJC Jewelry Company, Doji Group and Phu Quy Group all announced the price of 80 - 82 million VND/tael (buying - selling price) , an increase of 200,000 VND/tael compared to the morning session.
The price of plain round gold rings was also adjusted by domestic businesses to increase sharply from 700,000 VND to 1.15 million VND/tael, officially setting the highest record ever at over 80 million VND.
Bao Tin Minh Chau Company listed the price of 9999 round gold rings at 79.23 - 80.33 million VND/tael, an increase of 1.15 million VND/tael. Phu Quy Company listed the price of 999.0 round gold rings at 79.10 - 80.20 million VND, an increase of 700,000 VND/tael.
Converted to the USD exchange rate at Vietcombank, the world gold price is currently equivalent to 78 million VND/tael. Accordingly, compared to the world gold price, the price of SJC gold bars is 4.5-5 million VND higher, while gold rings are 2-2.5 million VND higher.
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| World gold prices are still being pushed up, gold rings are at their highest in history; Investing in gold is a big win? (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 19 :
Saigon Jewelry Company: SJC gold bars 80.00 - 82.00 million VND/tael; SJC gold rings 78.70 - 80.10 million VND/tael.
Doji Group: SJC gold bars 80.00 - 82.00 million VND/tael; 9999 round rings (Hung Thinh Vuong): 79.35 - 80.35 million VND/tael.
PNJ system: SJC gold bars 80.00 - 82.00 million VND/tael; PNJ 999.9 plain gold rings: 79.35 - 80.35 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars: 80.00 - 82.00 million VND/tael; Phu Quy 999.9 round gold rings: 79.25 - 80.35 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 80.00 - 82.00 million VND/tael. The price of plain round gold rings at Vang Rong Thang Long is listed at 79.23 - 80.33 million VND/tael.
The more interest rates fall, the faster gold prices rise
Gold prices have been on a strong upward trend since 2015 and are currently trading 30% higher than their 2011 peak. With gold prices hitting record highs, many investors who bought gold have won big. According to Gold Price, those who bought and held gold for the past 6 months are making a profit of up to $405/ounce, equivalent to VND12 million/tael.
People who bought gold and held it for the past year are making a profit of up to 665 USD/ounce, equivalent to 19.8 million VND/tael.
The market is pricing in more and larger rate cuts, given the US deficits in both the budget and trade, said Alex Ebkarian, CEO of Allegiance Gold . This would weaken the dollar further, he said. The more interest rates fall, the faster gold prices will rise.
This expert believes that the "resonance" between geopolitical risks, the current deficit situation, the low government bond yield environment and the weakening USD will push gold prices to continue to improve.
Meanwhile, the trend of easing monetary policy by banks around the world, along with strong gold buying by central banks and geopolitical concerns have pushed gold prices to record highs several times. Gold prices have reached a six-month high and are up about 24% this year to date.
Looking beyond short-term market volatility, gold prices are likely to move higher throughout the rest of the year, although a push to $3,000 an ounce is considered unlikely, according to George Milling-Stanley, chief gold strategist at State Street Global Advisors.
The expert believes that the current gold price movement is a reasonable reaction to the Fed's latest monetary policy decision. The Fed's monetary policy decision will continue to support broader gold price targets, with the expert's optimistic scenario being around $2,500 to $2,700 an ounce.
Source: https://baoquocte.vn/gia-vang-hom-nay-219-gia-vang-the-gioi-dung-dung-vang-nhan-tang-vu-vu-dau-tu-mua-vang-thang-lon-287046.html
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