Gold price today September 18, 2024: World gold remains at the top, SJC breaks the ice to a new level

Domestic gold price today September 18, 2024

At the time of survey at 5:00 a.m. on September 18, 2024, the gold price on the trading floors of some companies was as follows:

The price of 9999 gold today is listed by DOJI at 78.00 million VND/tael for buying and 79.20 million VND/tael for selling.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 81-82 million VND/tael (buy - sell). The price of SJC gold increased by 1.5 million VND/tael for both buying and selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded at 80-82 million VND/tael (buy in - sell out). At Bao Tin Manh Hai, it is being traded at 80-82 million VND/tael (buy in - sell out). Both increased by 1.5 million VND/tael for both buying and selling.

The latest gold price list today, September 18, 2024 is as follows:

World gold price today September 18, 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 2,572.81 USD/Ounce. Today's gold price decreased by 7.53 USD/Ounce compared to yesterday's gold price. Converted according to the USD exchange rate, on the free market (25,000 VND/USD), the world gold price is about 78.40 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 3.6 million VND/tael higher than the international gold price.

Mark Leibovit, from VR Metals/Resource Letter, emphasized that the interest rate cut is the main driver of the gold price increase. He predicted that the gold price will continue to rise during the Fed's policy meeting.

Some experts worry that gold could face risks if the market overestimates a 50 basis point rate cut by the Fed, which could lead to investors fleeing the metal. The odds of a 25 basis point cut have now fallen to 59%, down from 70% last week.

A 25 basis point cut could help the dollar recover, but this may not be good for gold prices, said Colin Cieszynski of SIA Wealth Management.

Everett Millman from Gainesville Coins agreed, saying that the Fed's 25 basis point rate cut could disappoint investors, leading to a possible drop in gold prices after the policy meeting on September 18.

Gold price forecast

UOB Bank released an analysis report showing that due to concerns about instability in international trade and political conflicts, central banks in Asia and emerging economies tend to increase their gold reserves. This is considered a positive development for the value of gold.

Analysts from UOB said that these uncertainties could push gold prices to $2,700 an ounce by mid-2025 and possibly further to $3,000 an ounce over the longer term.

Some experts also predict that, although gold is at a high price, there may be a sell-off to take profits from investors, which could lead to gold prices going sideways or decreasing slightly in the near future.