Gold price today September 26, 2024: Gold ring price reaches 83 million VND

Domestic gold price today September 26, 2024

At the time of survey at 5:00 a.m. on September 26, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold today at 82 million VND/tael for buying and 83 million VND/tael for selling. Compared to yesterday, the price of gold rings increased sharply by 1.4 million VND/tael for buying - increased by 1.35 million VND/tael for selling.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 82.7-83.5 million VND/tael (buy - sell). Compared to yesterday, the gold price increased sharply by 1.2 million VND/tael for buying, remaining unchanged for selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 81.5-83.5 million VND/tael (buy in - sell out). Meanwhile, at Bao Tin Manh Hai, it is being traded at 81.6-83.5 million VND/tael (buy in - sell out).

The latest gold price list today, September 26, 2024 is as follows:

World gold price today September 26, 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 2,666.07 USD/Ounce. Today's gold price increased by 27.4 USD/Ounce compared to yesterday's gold price. Converted according to the USD exchange rate, on the free market (25,080 VND/USD), the world gold price is about 81.2 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 2.3 million VND/tael higher than the international gold price.

World gold prices have skyrocketed, worrying investors, with an increase of nearly 2%, reaching about 2,666 USD/ounce.

Due to the unstable political situation and poor economic reports in the US, investors have bought gold, a safe investment channel, leading to a rapid increase in gold prices.

Domestic gold prices also kept up with the global upward trend, with a significant increase in this morning's trading session, pushing the price of each tael of gold ring to VND83 million, the highest level ever.

Recently, the price of gold rings often fluctuates according to the world gold market. Investors should closely monitor the market and listen to the opinions of experts before deciding to invest in gold.

Tensions in the Middle East are boosting demand for gold as a hedge against risk. Geopolitical uncertainty, including the conflict between Israel and Hezbollah, has boosted gold prices.

Gold is considered a safe haven investment, attracting investors amid economic and geopolitical uncertainty. Gold prices have reached new highs due to increased interest from investors.

China's central bank has cut key interest rates and reserve requirements, supporting the stock and real estate markets, which could also have a positive impact on demand for gold.

Gold prices were supported by positive statements from US Federal Reserve (Fed) officials, said expert Yeap Jun Rong.

Speculative demand for gold is at a four-year high, with strong gains from last week, Kitco News reports. Gold prices have held steady above $2,600 an ounce thanks to recent gains.

Some experts say the rise in gold prices may have been a bit overdone, but it is still supported after the US Federal Reserve (Fed) cut interest rates.

According to analysts at TD Securities, the Fed's policy is increasingly geared towards supporting employment, leading investors to expect a lower interest rate environment, reducing the cost of holding gold.

Gold is seen by many investors as a portfolio diversifier, especially amid expectations of loose monetary policy and budget deficits.

Some analysts at Kitco say that while speculative positions in gold may have become overextended, the gold market still has a lot of potential.

The CME FedWatch tool currently shows a 51% chance the Fed will cut rates another 0.5% by November 2024, and a 49% chance of a 0.25% cut.

Gold price forecast

Bob Haberkorn, a market strategist at RJO Futures, said gold prices could rise above $2,700 an ounce as early as this weekend if tensions in the Middle East do not ease and there is more news about interest rate cuts.

The recent rise in gold prices is also linked to the US central bank's policy change. Lower interest rates reduce the cost of holding non-yielding gold, especially after the bank cut interest rates by 0.5% last week.

Observers are concerned that the situation in the Middle East may not stabilize in the near future, which is expected to last for a long time and may become more complicated. This is expected to increase the price of gold.

Gold prices have increased by about 28% since the beginning of the year and are expected to continue to rise in the coming period, possibly reaching new highs later this year and in 2025.

Gold prices are expected to reach $2,700 an ounce by the end of this year and could rise to $3,000 an ounce in the first half of next year.

A weakening US dollar and geopolitical uncertainty are factors expected to boost gold prices. Demand from countries like China and India is also contributing to the price increase.

The gold market is expected to enter a busy trading season with the upcoming Christmas and wedding seasons in Asia.