Update on the closing price of gold on September 17: Mixed developments

Update SJC gold price

Domestic SJC gold price closed on September 17, 2024.

SJC gold price movements last month. Source: Rong Viet Online Services JSC VDOS.

Price of round gold ring 9999

As of 6:15 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 78-79.2 million VND/tael (buy - sell); both buying and selling prices remain unchanged.

Saigon Jewelry Company listed the price of gold rings at 77.9-79.2 million VND/tael (buy - sell); keeping both buying and selling prices unchanged compared to the closing price of the previous trading session.

Bao Tin Minh Chau listed the price of gold rings at 77.98-79.18 million VND/tael (buy - sell); keeping both buying and selling prices unchanged compared to the closing price of last week's trading session.

In recent sessions, the price of gold rings has often fluctuated in the same direction as the world market. Investors can refer to the world market and expert opinions before making an investment decision.

World gold price

As of 6:15 p.m., the world gold price listed on Kitco was at 2,574.2 USD/ounce, down nearly 10 USD/ounce compared to the close of last week's trading session.

Gold price forecast

World gold prices fell slightly despite the downward trend of the USD index. Recorded at 6:15 p.m. on September 17, the US Dollar Index, which measures the fluctuations of the greenback against 6 major currencies, was at 100.365 points (down 0.07%).

World gold prices fell but are still anchored at a very high level. Experts say all attention is focused on the two-day policy meeting of the US Federal Reserve (FED) , ending on September 18. The market is currently predicting a 69% chance that the FED will cut interest rates by 0.5 percentage points, compared to 43% on September 13.

Mark Leibovit, an expert at 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 strongly during the FED's policy meeting.

However, experts say gold could be at risk as the market is over-expecting the FED to cut interest rates by 50 basis points, which could turn investors away from gold. Currently, the odds of the FED cutting interest rates by 25 basis points are falling, to only 59% compared to more than 70% last week.

Gold prices could fall temporarily even if the Fed cuts interest rates as expected, said market analyst Nicholas Frappell at ABC Refinery, because some of the factors supporting gold prices could ease as expectations are met and investors could reduce their gold purchases.

Colin Cieszynski, market strategist at SIA Wealth Management, said that if the decline is 25 basis points, it will still help the USD rise again, which will definitely hurt gold.

Sharing the same view with Colin Cieszynski, market analyst Everett Millman of Gainesville Coins also said that the scenario of the FED cutting 25 basis points could disappoint many investors, causing gold prices to fall after the policy meeting on September 18.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-chot-phien-179-dien-bien-trai-chieu-1395680.ldo