World gold slightly decreased

Gold price today 9/28/2024

At the time of survey at 5:00 a.m. on September 28, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 81.5 million VND/tael for buying and 83.5 million VND/tael for selling.

Gold price today September 28, 2024. Photo PC

At Mi Hong Gold and Gemstone Company, the price of Mi Hong gold at the time of survey listed the price of SJC gold at 83-83.5 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 81.5-83.5 million VND/tael (buy in - sell out). Meanwhile, at Bao Tin Manh Hai, it is being traded at 81.6-83.5 million VND/tael (buy in - sell out).

The latest gold price list today, September 28, 2024 is as follows:

Gold price today	September 28, 2024 (million dong)		Difference (thousand dong/tael)
Gold price today	Buy	Sell	Buy	Sell
SJC in Hanoi	81.5	83.5	-	-
DOJI Group	81.5	83.5	-	-
Red Eyelashes	83.0	83.5	-	-
PNJ	81.5	83.5	-	-
Vietinbank Gold	-	83.5	-	-
Bao Tin Minh Chau	81.5	83.5	-	-
Bao Tin Manh Hai	81.6	83.5	-	-

1. DOJI - Updated: September 28, 2024 08:43 - Time of the source website - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
AVPL/SJC HN	81,500	83,500
AVPL/SJC HCM	81,500	83,500
AVPL/SJC DN	81,500	83,500
Raw material 9999 - HN	82,700	84,000
Raw material 999 - HN	82,600	83,900
AVPL/SJC Can Tho	81,500	83,500

2. PNJ - Updated: September 29, 2024 02:00 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	82,500	83,300
HCMC - SJC	81,500	83,500
Hanoi - PNJ	82,500	83,300
Hanoi - SJC	81,500	83,500
Da Nang - PNJ	82,500	83,300
Da Nang - SJC	81,500	83,500
Western Region - PNJ	82,500	83,300
Western Region - SJC	81,500	83,500
Jewelry gold price - PNJ	82,500	83,300
Jewelry gold price - SJC	81,500	83,500
Jewelry gold price - Southeast	PNJ	82,500
Jewelry gold price - SJC	81,500	83,500
Jewelry gold price - Jewelry gold price	PNJ 999.9 Plain Ring	82,500
Jewelry gold price - Jewelry gold 999.9	82,400	83,200
Jewelry gold price - Jewelry gold 999	82,320	83,120
Jewelry gold price - Jewelry gold 99	81,470	82,470
Jewelry gold price - 916 gold (22K)	75,810	76,310
Jewelry gold price - 750 gold (18K)	61,150	62,550
Jewelry gold price - 680 gold (16.3K)	55,330	56,730
Jewelry gold price - 650 gold (15.6K)	52,830	54,230
Jewelry gold price - 610 gold (14.6K)	49,500	50,900
Jewelry gold price - 585 gold (14K)	47,420	48,820
Jewelry gold price - 416 gold (10K)	33,360	34,760
Jewelry gold price - 375 gold (9K)	29,950	31,350
Jewelry gold price - 333 gold (8K)	26,210	27,610

3. AJC - Updated: 09/28/2024 00:00 - Source website time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
Jewelry 99.99	8,190	8,410
99.9 Jewelry	8,180	8,400
NL 99.99	8,200
Round ring, sealed in blister pack T.Binh	8,200
Round, 3A, Yellow T.Bình	8,270	8,350
Round, 3A, Yellow N.An	8,270	8,350
Round N., 3A, Yellow Street, Hanoi	8,270	8,350
SJC Thai Binh pieces	8,150	8,350
SJC Nghe An pieces	8,150	8,350
SJC Hanoi Piece	8,150	8,350

4. SJC - Updated: 09/27/2024 08:23 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L, 1KG	81,500	83,500
SJC 5c	81,500	83,520
SJC 2c, 1c, 5c	81,500	83,530
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	81,500	83,000
SJC 99.99 gold ring 0.3 chi, 0.5 chi	81,500	83,100
Jewelry 99.99%	81,450	82,700
Jewelry 99%	79,881	81,881
Jewelry 68%	53,892	56,392
Jewelry 41.7%	32,139	34,639

World gold price today September 28, 2024 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 5am today, Vietnam time, was at 2,653.42 USD/ounce. Today's gold price decreased by 0.7% compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 77.755 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 3.745 million VND/tael higher than the international gold price.

Chart of world gold price movements in the past 24 hours.

After hitting record highs over the past six days, the gold market is taking a breather as it comes under some technical selling pressure heading into the weekend.

Strong buying pushed gold prices above $2,700 an ounce on Thursday. However, some analysts expressed growing concerns that the precious metal’s rally may be getting a little too far. December gold futures last traded at $2,669 an ounce, down nearly 1% on the day; however, prices were up nearly 1% from Friday.

“ After hitting a series of new record highs following a surprising US rate cut, prices are showing signs of stabilizing. Some degree of buying fatigue is starting to set in, raising the question of whether we are approaching a long-overdue consolidation or even a correction. Based on my estimates, prices could fall 4–6% without damaging the overall bullish sentiment, ” said Ole Hansen, Head of Commodity Strategy at Saxo Bank.

Hansen added that he sees initial support at $2,670 an ounce, and if that level is broken, the next level to watch is $2,547. In the worst case, gold could fall to support at $2,500.

Alex Kuptsikevich, Senior Market Analyst at FxPro, said he also sees limited upside for gold, which increases the risk of a correction.

“ Technically, gold has broken through the 161.8% retracement of the two-year rally since August 2018—a typical bullish extension pattern along Fibonacci levels. Once the price has moved too far into historical high territory, finding new upside targets becomes more difficult ,” he explained.

Looking ahead, Kuptsikevich noted that next week's jobs data could pose some risks to gold.

“ The sharp rise in gold over the past three weeks is the most dangerous part of the trend for short-term traders to enter the short position without a reliable signal. On the weekly timeframe, such a signal would be a negative weekly close ,” he said. “ We could get this signal as early as next Friday. The release of monthly data on the US labor market will reinforce its importance for the market .”

Still, some analysts believe gold still has momentum. Bart Melek, head of commodity strategy at TD Securities, said he expects gold prices to rise back above $2,700, his year-end target. Last week, TDS exited a tactical short position at a loss of more than 4% as the bank positioned itself for market disappointment after the Fed meeting.

After cutting interest rates by 50 basis points and signaling that rates could fall to 3% by 2026, Melek said the Fed is clearly in easing mode, which bodes well for gold.

Gold remains in a favorable position as the Federal Reserve cuts interest rates to support a weakening labor market, even as inflation remains high, Melek added.

On Friday, the core U.S. Personal Consumption Expenditures (PCE) index, which strips out volatile food and energy costs and is the U.S. central bank's preferred inflation gauge, showed consumer prices remained elevated. The data showed the U.S. PCE rose 2.7% over the past 12 months, up from 2.6% in July.

However, inflation rose only 2.2% due to lower energy prices.

Economists note that the core PCE index remains elevated, suggesting inflation is weighing on the broader economy.

“ The Federal Reserve is clearly focused on the second half of its dual mandate, which is full employment, and that creates a perfect environment for gold,” Melek said. “There are risks that inflation will remain high and that with nominal interest rates falling, real interest rates will fall even faster .”

James Stanley, Senior Market Strategist at Forex.com, also sees gold prices going much higher.

“ Gold is overbought on the monthly chart, weekly chart and daily chart, but that doesn’t matter because the price could continue to rise into overbought territory ,” he noted.

However, while Stanley expects gold prices to rise, he does not recommend chasing the market. Instead, he suggests investors consider buying gold on dips. He sees initial support at $2,650, followed by $2,635 and $2,600.

Despite the potential for short-term volatility, Stanley said central bank easing, with the Federal Reserve cutting interest rates by 50 basis points and China announcing significant stimulus measures this week, has supported gold's bullish trend.

Stanley stressed that gold remains the only hedge against global currency depreciation as central banks around the world begin to ease interest rates.

“ The world’s two largest economies are now actively pressuring growth through the stock market. If the stock market rises, consumers will feel more confident in spending money. Gold reflects acceptance of this global easing trend and there is little reason for this trend to reverse ,” he explained. “ Gold is the only protection investors have against the dilution of global currencies .”

The nonfarm payrolls report will be the main event next week. However, other reports, including job openings and manufacturing activity data, are expected to generate some volatility. Markets will also be paying close attention to what Fed Chairman Jerome Powell has to say next week when he speaks at the National Association for Business Economics (NABE) annual meeting. It will be Powell’s first in-person event since the central bank’s monetary policy meeting last week.

“ So far, Fedspeak has coalesced around the idea that policymakers need to start easing restrictions. But while the direction is clear, the pace remains uncertain. Next week’s Fedspeak could provide more clarity, with Powell’s outlook at NABE drawing the most attention ,” said fixed income analysts at TDS.

Reference addresses of popular gold shops in Hanoi:

1. Bao Tin Minh Chau - 15 - 29 Tran Nhan Tong, Bui Thi Xuan, Hai Ba Trung, Hanoi

2. DOJI Gold and Gemstone Company - 5 Le Duan, Dien Bien, Ba Dinh, Hanoi

3. SJC store chain in the Northern region - 18 Tran Nhan Tong, Nguyen Du Ward, Hai Ba Trung District, Hanoi City

4. PNJ store chain in the Northern region - 222 Tran Duy Hung, Trung Hoa, Cau Giay, Hanoi

5. Phu Quy Gold and Silver - No. 30 Tran Nhan Tong, Hai Ba Trung, Hanoi

6. Ngoc Anh Gold and Silver – No. 47 Lo Duc, Pham Dinh Ho, Hai Ba Trung, Hanoi

7. Gold Quy Tung – No. 102 Khuong Dinh, Thanh Xuan, Hanoi

8. Bao Tin Lan Vy - No. 84A, Tran Duy Hung, Cau Giay, Hanoi

9. Hoang Anh Gold and Silver – No. 43 Thai Thinh, Dong Da, Hanoi

10. Huy Thanh Jewelry - No. 23/100 (old number: No. 30A, lane 8), Doi Can, Ba Dinh, Hanoi

Reference addresses of popular gold shops in Ho Chi Minh City: