Gold prices today, September 25, 2024: Continuing to rise, breaking new records.

Domestic gold prices today, September 25, 2024

As of 5:00 AM on September 25, 2024, the gold prices on the exchanges of several companies were as follows:

Today, DOJI lists the price of 9999 gold at 80.50 million VND/ounce for buying and 81.60 million VND/ounce for selling. Compared to yesterday, the price of gold rings has increased sharply by 400,000 VND/ounce in both buying and selling directions.

Meanwhile, at Mi Hong Gold and Gemstone Company, the price of SJC gold at the time of the survey was listed at 85.5-83.5 million VND/ounce (buying price - selling price). Compared to yesterday, the gold price increased sharply by 1.3 million VND/ounce for the buying price and 1.5 million VND/ounce for the selling price.

The price of SJC gold at Bao Tin Minh Chau Co., Ltd. is also being traded at 81.5-83.5 million VND/ounce (buying price - selling price). At Bao Tin Manh Hai, it is being traded at 81.6-83.5 million VND/ounce (buying price - selling price). The price of gold bars at both stores has increased by 1.5 million VND in both buying and selling prices compared to yesterday.

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

World gold price today, September 25, 2024, and chart of world gold price fluctuations over the past 24 hours.

According to Kitco, the spot price of gold in the world market at 5:00 AM Vietnam time today was $2,636.07 USD/Ounce. Today's gold price increased by $5.12 USD/Ounce compared to yesterday's price. Converted using the USD exchange rate on the free market (25,070 VND/USD), the world gold price is approximately 80.13 million VND/ounce (excluding taxes and fees). Therefore, the price of SJC gold bars is currently 3.37 million VND/ounce higher than the international gold price.

Ole Hansen from Saxo Bank believes that the recent rise in global gold prices is due to concerns about missing out after the US Federal Reserve cut interest rates. He feels the market needs strong consolidation to influence hedge funds, who are placing large bets on gold prices reaching their highest levels since 2020.

Gold's Relative Strength Index, currently at 71, suggests that gold has been overbought since last Friday. Soni Kumari from ANZ reports that investors are paying close attention to whether the Fed might cut interest rates by another 50 basis points this year.

Asian markets saw near-record highs after the Fed cut interest rates, amid expectations of further rate cuts.

Demand for gold in India has surged due to government reductions in import taxes, pushing global gold prices to new highs. Although world gold prices have already risen 25% year-to-date, India's tax cuts have stimulated renewed demand for gold.

Strong demand for jewelry and gold bullion, coupled with central bank purchases, has helped keep gold prices high.

China, the world's leading gold importer, has seen a decline in retail sales of gold jewelry due to high prices, while sales of gold bars and coins increased by 62% in the second quarter of 2024 compared to the previous year.

Paul Wong, from Sprott Asset Management, highlighted the strong link between investment demand for gold and gold prices, which helps stabilize the gold market and mitigate 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.

Western investment demand has also increased, with $7.6 billion invested in gold ETFs over the past four months, and the market may correct after gold prices reach new highs.

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

Commerzbank notes that the rise in gold prices may not last, with the Fed expected to cut interest rates by only 0.25% in the next two meetings, but some analysts remain optimistic about the possibility of a sharp increase in gold prices in the future.

Gold price forecast

Global experts predict that the price of gold 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 Chairman 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 rise until June 2025. He predicts that gold prices are unlikely to exceed $2,750 per ounce by the end of this year and forecasts a peak in June 2025, potentially reaching $2,800 - $2,900 per ounce.

If the world gold price reaches $2,750/ounce, the price of 9999 gold rings in Vietnam could be around 84-85 million VND/ounce, and the price of SJC gold bars could be 88-89 million VND/ounce.

Mr. Phuong warned that buying gold at the present time carries high risks because prices are high and may fall before rising again. He recommended against buying gold now and advised waiting for prices to drop after October for a higher chance of profit, or if buying, only investing a portion of the capital.

Financial expert Nguyen Tri Hieu advises investors to be cautious as the gold market is undergoing a correction. He predicts that global gold prices will rise this year and next year, potentially reaching $3000 per ounce by 2025.

If world gold prices rise, domestic gold prices will also be affected. The price of gold rings could increase significantly by 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 expensive, they could be subject to price controls like gold bars. Investors need to be cautious when investing in gold due to the uncertainty surrounding the gold market.

Mr. Hieu also suggested that Decree 24 needs to be amended so that the Vietnamese gold market can operate freely and connect with the international market.