Gold price today September 13, 2024: World gold prices have recorded strong increases, approaching the threshold of 2,550 USD/ounce. Analysts affirm that the long-term upward trend of gold is still intact, but of course it will not go in a straight line.
| 1. SJC - Updated: 09/12/2024 08:31 - Website time of supply source - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 78,500 | 80,500 |
| SJC 5c | 78,500 | 80,520 |
| SJC 2c, 1c, 5c | 78,500 | 80,530 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 77,300 ▼100K | 78,600 ▼50K |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 77,300 ▼100K | 78,700 ▼50K |
| Jewelry 99.99% | 77,200 ▼100K | 78,200 ▼50K |
| Jewelry 99% | 75,426 ▼49K | 77,426 ▼49K |
| Jewelry 68% | 50,831 ▼34K | 53,331 ▼34K |
| Jewelry 41.7% | 30,263 ▼21K | 32,763 ▼21K |
Update gold price today 9/13/2024
World gold prices increased sharply.
According to the World and Vietnam Newspaper at 9:15 p.m. on September 12 ( Hanoi time), the world gold price on the Kitco exchange was at 2,546.00 - 2,547.30 USD/ounce, a sharp increase of 35.5 USD compared to the previous trading session. The price of gold for December delivery increased by 11.70 USD to 2,553.80 USD/ounce.
Converted at the current USD exchange rate (excluding taxes and fees), the world gold price is currently equivalent to nearly 74.9 million VND/tael, the difference between the domestic and world markets is about 5.6 million VND/tael.
Expectations of a rate cut at next week’s policy meeting were dampened after the Consumer Price Index (CPI) report put some pressure on gold, sending the yellow metal down 0.2% on the day. Accordingly, the latest report showed that the CPI in the US economy increased slightly in August, but core inflation remained stable, which may prevent the US Federal Reserve (Fed) from deciding to cut interest rates by 50 basis points next week as many had previously predicted.
Meanwhile, the European Central Bank (ECB) today cut its main interest rate by 0.25% to 3.5%. Markets expect a cut. At the same time, the interest rates on its main refinancing operations and marginal lending facility will be cut to 3.65% and 3.90%, respectively.
Major outside markets saw the dollar index edge up slightly today. Nymex crude oil prices edged higher on short selling after hitting a 16-month low on September 10 and traded around $68.50 a barrel. Global oil demand continues to slow, the International Energy Agency said today. The benchmark 10-year U.S. Treasury yield is falling and is currently at 3.67%.
Looking ahead to the gold price trend, independent metals trader Tai Wong said that the increase in the core CPI has more or less reinforced the possibility of the Fed cutting by 25 basis points next week. Therefore, gold prices may have to wait a while longer to reach new highs.
Domestic gold prices have dropped sharply for plain round gold rings at some businesses.
Specifically, the price of 9999 Hung Thinh Vuong round gold ring at Doji Group is listed at 77.5 - 78.65 million VND/tael (buy - sell), keeping both buying and selling prices unchanged.
Saigon Jewelry Company listed the price of gold rings at 77.3 - 78.6 million VND/tael, down 100,000 VND/tael for buying and down 50,000 VND/tael for selling.
The listed price of SJC gold bars at licensed trading units remains at 78.5 - 80.5 million VND/tael (buy - sell), stable in recent times.
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| Gold price today September 13, 2024: World gold price 'vertically' rises, domestic gold ring price decreases, long-term uptrend remains intact. (Source: Kitco News) |
Specifically, the price of SJC gold bars listed at major domestic trading brands at the closing time of the trading session on the afternoon of September 12:
Saigon Jewelry Company: SJC gold bars 78.5 - 80.5 million VND/tael.
Doji Group: SJC gold bars 78.5 - 80.5 million VND/tael.
PNJ system: SJC gold bars 78.5 - 80.5 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars: 78.5 - 80.5 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 78.5 - 80.5 million VND/tael.
Gold prices may face hurdles in the short term
Global gold prices are testing a key resistance level against the Euro, surpassing April’s all-time high. The precious metal is seeing solid upside momentum as the ECB continues its easing cycle with another 25 basis point cut.
Meanwhile, the long-term uptrend in gold remains intact, according to Capital Economics. However, the precious metal is currently considered quite sensitive, making it vulnerable to a significant sell-off before the end of the year. In the latest precious metals report, David Oxley, Chief Climate and Commodities Economist at Capital Economics, raised his 2025 gold price forecast to $2,750 an ounce. However, he warned that prices will not rise in a straight line and may face short-term headwinds.
David Oxley maintains his 2024 end-of-year price target of $2,200 an ounce. At current levels, the market could fall 12% in the coming months. In recent weeks, the gold market has faced strong resistance at $2,550 an ounce.
“While we currently forecast gold prices to end next year about 10% higher than current levels, the path from now to then is unlikely to be smooth. In fact, we believe gold prices are more likely to fall – potentially sharply – before rising again,” he said.
Gold prices could struggle as market expectations for aggressive Fed rate cuts continue to decline, Oxley noted. From an economic perspective, the opportunity cost of holding non-yielding gold will decline as the easing cycle accelerates over the next 12-18 months.
According to the CME FedWatch Tool, the market sees just a 17% chance of a 50 basis point cut next week.
Agreeing with Capital Economics analysts, most market experts remain bullish on the precious metal in the medium to long term. According to BCA Research strategist Roukaya Ibrahim , central bank demand for gold, a key factor behind the impressive rally in gold prices this year, will continue to be a catalyst for the gold price increase. According to this expert, the appeal of gold continues to outperform other commodities as demand for the precious metal increases strongly, especially from central banks in emerging markets.
Source: https://baoquocte.vn/gia-vang-hom-nay-1392024-gia-vang-the-gioi-len-dung-dung-vang-nhan-trong-nuoc-giam-doi-mat-voi-tro-ngai-trong-ngan-han-285980.html
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