The domestic gold price on the morning of September 14th remained “stuck” while the world gold price set a new peak. Currently, SJC gold is only about 3.65 million VND/tael higher than the world gold price and 9999 gold rings are 2.25 million VND/tael higher.
At around 9:15 am, the price of 9999 gold rings was anchored by businesses at the peak price set yesterday. Specifically, SJC Company listed it at 77.8 million VND/tael for buying and 79.1 million VND/tael for selling. PNJ Company traded at 77.9 million VND/tael for buying and 78.7 million VND/tael for selling. The price remained unchanged from the previous day.
SJC gold price also remained unchanged: SJC Company, PNJ, Doji Group still traded SJC gold at 78.5 million VND/tael for buying and 80.5 million VND/tael for selling, unchanged from yesterday.
In the world gold market, the closing price of gold in New York on the night of September 13 continued to increase to 2,577.7 USD/ounce, an increase of 19.4 USD/ounce compared to the previous session. The closing price of gold on the Kitco floor at the end of the week continued to increase to 2,578.7 USD/ounce - surpassing the peak just set to establish a new peak. This price after conversion is equivalent to 76.85 million VND/tael, lower than SJC gold by about 3.65 million VND/tael and lower than 9999 ring gold by about 2.25 million VND/tael.
The world gold price continues to increase strongly in the context of the USD falling quite rapidly. The DXY index - measuring the fluctuations of the USD compared to a basket of 6 major currencies - decreased to 101.1 points. This index has decreased by 0.06% this week and decreased by 1.32% in the past 1 month.
Traders are betting on a 100% chance of a deeper rate cut by the Federal Reserve at its meeting on September 17-18 next week, according to data from the CME Group's FedWatch Tool. The probability of a 25 basis point cut has fallen to 55% from more than 70% at the start of the week. Conversely, the probability of a 50 basis point cut has risen to 45%, from less than 30% at the start of the week.
According to some analysts, the $3,000/ounce mark is the target of gold bulls. Factors supporting the price of this precious metal in the medium term include the loosening of monetary policy by major central banks and the US presidential election in November. However, experts warn: the strong upswing and consecutive new record highs also pose a risk of the world gold price turning down, even though in the long term this commodity is forecast to remain in an upward trend, possibly reaching $2,700/ounce, or even $3,000/ounce in 2025.
Nhung Nguyen
Source: https://www.sggp.org.vn/vang-the-gioi-thiet-lap-dinh-moi-chuyen-gia-canh-bao-rui-ro-post758865.html
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