Gold price today September 25, 2024: Continuously increasing, breaking new peak

Domestic gold price today September 25, 2024

At the time of survey at 5:00 a.m. on September 25, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 80.50 million VND/tael for buying and 81.60 million VND/tael for selling. Compared to yesterday, the price of gold rings increased sharply by 400,000 VND/tael for both buying and selling.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 85.5-83.5 million VND/tael (buy - sell). Compared to yesterday, the gold price increased sharply by 1.3 million VND/tael for buying and 1.5 million VND/tael for selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded at 81.5-83.5 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 81.6-83.5 million VND/tael (buy - sell). Gold bar prices at both stores increased by 1.5 million VND in both buying and selling directions compared to yesterday.

The latest gold price list today, September 25, 2024 is as follows:

World gold price today September 25, 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 2,636.07 USD/Ounce. Today's gold price increased by 5.12 USD/Ounce compared to yesterday's gold price. Converted according to the USD exchange rate, on the free market (25,070 VND/USD), the world gold price is about 80.13 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 3.37 million VND/tael higher than the international gold price.

Ole Hansen of Saxo Bank said that the recent rise in global gold prices was due to the fear of missing out after the US Federal Reserve cut interest rates. He felt that the market needed a strong consolidation to influence hedge funds, who were betting big on gold prices at their highest level since 2020.

Gold’s relative strength index, which is at 71, has been overbought since last Friday. Soni Kumari of ANZ reports that investors are paying attention to whether the Fed could cut interest rates by another 50 basis points this year.

Asian markets traded near record highs after the Fed cut interest rates, with expectations of further rate cuts.

Gold demand in India has surged as the government has slashed import duties, pushing global gold prices to new highs. Although global gold prices have risen 25% since the start of the year, India’s tax cut has spurred fresh demand.

Strong demand for jewelry and gold bars, along with central bank buying, helped keep gold prices high.

China, the world's top gold importer, saw a decline in retail sales of gold jewelry due to high prices, while sales of gold bars and coins rose 62% in the second quarter of 2024 compared to a year earlier.

Paul Wong, of Sprott Asset Management, highlighted the strong correlation between investment demand for gold and gold prices, which has helped to stabilise the gold market and offset the impact of high gold prices on demand. Gold is considered a popular savings asset in some parts of Asia due to its easy convertibility into currency.

Investment demand from the West has also increased, with $7.6 billion invested in gold ETFs in the past four months, and the market may correct after gold prices hit new highs.

Adrian Ash from BullionVault predicts there may be a correction in gold prices, but demand for gold jewellery in India remains strong due to the upcoming wedding season.

Commerzbank notes that the gold rally may not last, with the Fed only expected to cut rates by another 0.25% at its next two meetings, but some analysts remain optimistic about the potential for a further spike in gold prices in the future.

Gold Price Forecast

Global experts predict that gold prices could rise to $2,750 - $2,800 per ounce by the end of this year and could reach $3,000 per ounce next year.

Mr. Huynh Trung Khanh, Vice President of the Vietnam Gold Business Association, expects gold prices to reach new records in the fourth quarter of 2024 and the first quarter of 2025.

Gold expert Tran Duy Phuong also believes that gold prices will continue to increase until June 2025. Mr. Phuong believes that gold prices will hardly exceed $2,750/ounce by the end of this year and predicts that the peak will be in June 2025, when prices may reach $2,800 - $2,900/ounce.

If the world gold price reaches 2,750 USD/ounce, the domestic price of 4-9 gold rings could be around 84 - 85 million VND/tael and the price of SJC gold bars could be 88 - 89 million VND/tael.

Mr. Phuong warned that buying gold at the moment is risky because the price is high and may fall before rising again. He recommended not buying gold now and waiting for the price to fall after October for a better chance of profit, or if buying, only invest a portion of the capital.

Financial expert Nguyen Tri Hieu recommends investors to be cautious because the gold market is adjusting. He predicts that global gold prices will increase this year and next year, possibly reaching $3,000/ounce by 2025.

If the world gold price increases, the domestic gold price will also be affected. The price of gold rings may increase at the end of this year and next year if the price of gold bars continues to be controlled.

Mr. Hieu warned that if gold rings become too hot, it could be put under price control like gold bars. Investors should be cautious when investing in gold due to the uncertainty about the solution for the gold market.

Mr. Hieu also proposed that it is necessary to amend Decree 24 so that the Vietnamese gold market can operate freely and connect with the international market.