Gold price today September 24, 2024: Gold price forecast to increase to 3,000 USD/Ounce

Domestic gold price today September 24, 2024

At the time of survey at 5:00 a.m. on September 24, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 80.10 million VND/tael for buying and 81.20 million VND/tael for selling. Compared to yesterday, the price of gold rings increased sharply by 700,000 VND/tael for buying and 650,000 VND/tael for selling.

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 81.2-82 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by businesses at 80-82 million VND/tael (buy in - sell out). Meanwhile, at Bao Tin Manh Hai, it is being traded at 80.1-82 million VND/tael (buy in - sell out).

The latest gold price list today, September 24, 2024 is as follows:

World gold price today September 24, 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 2,629.98 USD/Ounce. Today's gold price increased by 8.51 USD/Ounce compared to yesterday's gold price. Converted according to the USD exchange rate, on the free market (25,060 VND/USD), the world gold price is about 80.65 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 1.35 million VND/tael higher than the international gold price.

Gold prices have risen sharply due to confidence in the future monetary policy of the US Federal Reserve (Fed). The Fed has started to cut interest rates, paving the way for a new monetary easing cycle.

Investors expect the Fed to cut interest rates one or two more times this year. According to Robert Minter of Abrdn, history shows that interest rate cuts tend to increase investment demand for gold.

Demand for gold is currently high, especially from central banks in China and India, making it more attractive than other investments. Mr. Minter predicts that gold prices could soon surpass $3,000 an ounce.

Adam Button of Forexlive said the Fed could cut interest rates by another 25 basis points in November and December. The unstable geopolitical situation has investors looking to gold as a safe investment channel.

StoneX Bullion expert Fawad Razaqzada recommends investors be cautious of overbought conditions and short-term reversal signals.

The market is waiting for important US economic indicators, especially the August PCE index, to assess the impact on gold prices.

Gold Price Forecast

Investors are watching gold prices rise, with predictions it will hit $3,000 an ounce due to loose monetary policies and the US presidential election race.

Citi forecasts gold prices could reach $3,000 an ounce by mid-2025 and $2,600 by the end of 2024, driven by lower interest rates in the US and high demand from investment funds and physical gold trading.

Major banks are optimistic about gold prices, with expectations of reaching $2,700 an ounce this year or early next year, mainly due to the Fed's interest rate cut and factors such as geopolitical instability.

Kitco News' survey shows that retail investors still expect gold prices to rise in the short term, while experts are weighing between rising prices and price stability.

President Adrian Day believes gold prices will rise due to low interest rates and a slowing economy, attracting interest from Western investors.

ANZ Bank forecasts gold prices will rise to $2,900 an ounce by the end of next year, despite weak investment demand in the first half of 2024 and unaffected by high prices in central bank gold purchases.