On the morning of September 19, the price of gold bars stabilized at 82 million VND/tael. Similarly, the price of gold rings stabilized at over 79 million VND/tael. Currently, the gold prices of the brands are listed specifically as follows:
SJC gold bars are being sold by Agribank , BIDV, Vietcombank, VietinBank and gold and gemstone companies at 82 million VND/tael. On the buying side, the gold price of the brands is listed at 80 million VND/tael.
At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 81.0-82.0 million VND/tael (buy - sell).
SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 80.0-82.0 million VND/tael (buy in - sell out). Meanwhile, at Bao Tin Manh Hai, it is being traded at 80.0-82.0 million VND/tael (buy in - sell out).
For ring gold, the listed price of SJC 9999 gold is 77.9 million VND/tael for buying and 79.2 million VND/tael for selling, unchanged from yesterday morning. DOJI in Hanoi and Ho Chi Minh City markets increased the buying price by 100,000 VND to 78.1 million VND/tael but kept the selling price the same as yesterday morning at 79.2 million VND/tael. The buying and selling prices of PNJ brand ring gold are fixed at 78 million VND/tael and 79.2 million VND/tael.
The price of Bao Tin Minh Chau's plain round rings is currently at 77.98 million VND/tael for buying and 79.18 million VND/tael for selling. Phu Quy SJC is buying gold rings at 78 million VND/tael and selling at 79.2 million VND/tael, unchanged from early this morning.
World gold price turns down sharply
According to Kitco, the world gold price recorded at 5am today, Vietnam time, was at 2,559.87 USD/ounce. The gold price decreased by 0.39 USD compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 75.168 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 4.832 million VND/tael higher than the international gold price.
Despite little change from the early morning, the price of the yellow metal fell sharply during the day. Previously, gold rose to an all-time high of $2,592.30 an ounce when the US Federal Reserve decided to cut interest rates by 50 basis points and signaled that this was the start of a broader easing cycle.
The Fed said the half-percentage-point decision was made after considering inflation, economic data, and risks. Along with the policy pivot, many economists noted that there will be more than one rate adjustment this year. The dotted line chart shows the central bank expects rates to fall to 4.4% by year-end, down from the 5.1% estimate in June.
Investors are now looking to comments from Chairman Jerome Powell for more information on the policy path. Forexlive.com's chief currency strategist Adam Button said the new dot plot implies a 25 basis point cut at both the November and December meetings. However, Button expects Powell to emphasize that more aggressive action will be taken if the employment situation or outlook deteriorates.
“A further significant rate cut of 50 basis points could push gold prices even higher… Future rate cuts will be the main driver for gold prices to peak at $3,000 an ounce,” said Julia Khandoshko, CEO of European brokerage Mind Money.
“As the Fed begins to ease policy, the question will not be whether gold prices will reach all-time highs, but when,” Khandoshko said.
Gold prices are always sensitive to US interest rate adjustments. A weaker USD makes gold more attractive to investors.
Goldman Sachs bank notes the possibility of gold prices falling in the event of a 25 basis point rate cut by the Fed. Gold prices could reach their target of $2,700/ounce by early 2025.
Soni Kumari and Daniel Hynes, senior commodity strategists at ANZ, said gold prices broke a technical level above $2,550 an ounce, as investors were optimistic about the prospect of the Fed preparing to cut interest rates.
Lower interest rates and a weaker dollar could boost demand for gold. Experts expect increased investment demand, further pushing gold prices higher. Two experts predict gold prices could rise to $2,900 an ounce by the end of next year.
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-19-9-2024-thi-truong-the-gioi-giam-gia-manh/20240919080634684
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