Gold price today September 14, 2024: Ring gold and world gold both increase to record levels

Domestic gold price today September 14, 2024

At the time of survey at 5:00 a.m. on September 14, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 77.90 million VND/tael for buying and 79.10 million VND/tael for selling. The domestic price of 9999 gold rings increased by more than 400 thousand VND/tael compared to yesterday.

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 79.5-80.5 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 78.5-80.5 million VND/tael (buy in - sell out). Meanwhile, at Bao Tin Manh Hai, it is being traded at 78.5-80.5 million VND/tael (buy in - sell out).

The latest gold price list today, September 14, 2024 is as follows:

World gold price today September 14, 2024 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,574.42 USD/Ounce. Today's gold price increased by 24.38 USD/Ounce compared to yesterday's gold price. Converted according to the USD exchange rate, on the free market (25,080 VND/USD), the world gold price is about 78.70 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 1.79 million VND/tael higher than the international gold price.

Each tael of plain gold ring increased by 500,000 VND, exceeding 79 million VND, the highest level ever.

This is a record high for gold rings ever. Compared to the beginning of the year, each tael of 24K plain rings is now 16.15 million VND more expensive, equivalent to nearly 26%.

Gold prices rose to a record high as the European Central Bank cut interest rates by 0.25%. The depreciation of the US dollar also contributed to the increase in gold prices. The market expects the US Federal Reserve to cut interest rates from 0.25% to 0.5% at its upcoming meeting.

Scott Helfstein, an investment strategist at Global X, said that stable producer prices could encourage investment and support the economy. He believes that it is time for the Federal Reserve to cut interest rates, although this may be done slowly and cautiously.

Markets now see a 27% chance the Fed will cut interest rates by 50 basis points this month, down from the 50% seen late last week.

For 2024, market expectations suggest the Fed will likely cut rates by a total of 108 basis points, down from the 113 basis points forecast at the start of the week. Low interest rates make gold more attractive to investors.

Mr. Heng Koon How from UOB said that gold is a safe investment channel. He predicted that the price of gold could reach 2,700 USD/ounce by mid-2025.

Safe-haven demand and central bank buying are key factors driving gold prices higher. Lower global interest rates are expected to boost demand for gold in the near term.

Gold Price Forecast

Experts predict gold prices will rise in the coming period, with Mr. Heng Koon How from UOB optimistic that prices could reach $2,700/ounce by mid-2025 and possibly as high as $3,000 thereafter.

Major global banks also believe that gold prices could reach $2,600-2,700 an ounce next year. Goldman Sachs also predicts an "inexorable bull market" with gold prices reaching $2,700 an ounce by the end of the year.

Positive factors for gold prices include the Fed (US Federal Reserve) expected to cut interest rates next week, along with geopolitical tensions and central bank buying demand, all of which have been strong drivers for gold prices recently and are expected to continue.