Gold price today September 21, 2024: World gold price up to more than 2,600 USD

Domestic gold price today September 21, 2024

At the time of survey at 5:00 a.m. on September 21, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 79.25 million VND/tael for buying and 80.35 million VND/tael for selling. Compared to yesterday, the price of gold rings increased sharply by 1,150,000 VND/tael in both buying and selling directions.

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). An increase of 500,000 VND/tael in both buying and selling directions.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded at 80-82 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 80-82 million VND/tael (buy - sell). Both increased slightly by 200,000 VND/tael in both buying and selling directions.

The latest gold price list today, September 21, 2024 is as follows:

World gold price today September 21, 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 2,614.5 USD/Ounce. Today's gold price increased by 31.33 USD/Ounce compared to yesterday's gold price. Converted according to the USD exchange rate, on the free market (25,065 VND/USD), the world gold price is about 79.9 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.1 million VND/tael higher than the international gold price.

In an unprecedented move since 2020, the US Federal Reserve (Fed) cut its benchmark interest rate by 0.5%, bringing the current rate to a range of 4.75% to 5%. The decision triggered a wave of USD sell-off in financial markets, leading to a significant decline in the value of this currency.

Meanwhile, gold, the precious metal, has become more attractive to those holding other currencies, sending prices soaring, reaching a high of $2,600 an ounce.

Analysts Lina Thomas and Daan Struyven point out that the Fed's rate cut could signal a return of Western capital to gold ETFs, something that was not seen during the recent bull run.

They also said that the growth in gold ETF holdings is likely to be gradual following the Fed's easing cycle, and that the magnitude of the increase is still difficult to predict accurately.

While there may be a short-term pullback, research from Goldman Sachs, UBS, TD Securities, and Bank of America all predict a bright future for gold in 2025. Many analysts also share an optimistic view on gold's prospects in the coming time.

Gold Price Forecast

Heng Koon How, head of market strategy at UOB, is bullish on gold's prospects, predicting prices could rise to $2,700 an ounce by 2025 and continue to rise to $3,000.

Major banks around the world also support this view, predicting that gold could reach a price of $2,600 to $2,700 next year.

Goldman Sachs, one of the leading banks, believes that gold is in a solid bull cycle and has raised its year-end price forecast to $2,700 an ounce.

Analysts at UBS also maintained a positive view on gold prices, although they said the price of $2,700/ounce could only be reached by mid-2025, after the Fed begins its monetary easing process.