Gold price today September 28, 2024: World gold may reach 3,000 USD by the end of this year
Gold price today September 28, 2024: The price of 9999 gold rings increased sharply, almost equal to that of gold bars, the highest price was 83.45 million VND. UOB forecasts that world gold could surpass 3,000 USD/ounce by the end of this year.
Domestic gold price today September 28, 2024
At the time of survey at 5:00 a.m. on September 28, 2024, the gold price on the trading floors of some companies was as follows:
The price of 9999 gold today is listed by DOJI at 82.75 million VND/tael for buying and 83.45 million VND/tael for selling. Compared to yesterday, the price of gold rings increased by 250,000 VND/tael for buying - increased by 100,000 VND/tael for selling.
At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 83-83.5 million VND/tael (buy - sell).
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 28, 2024 is as follows:
| Gold price today | September 28, 2024 (Million VND) | Difference (thousand dong/tael) | ||
| Buy | Sell out | Buy | Sell out | |
| SJC in Hanoi | 81.5 | 83.5 | - | - |
| DOJI Group | 81.5 | 83.5 | - | - |
| Mi Hong | 83 | 83.5 | - | - |
| PNJ | 81.5 | 83.5 | - | - |
| Vietinbank Gold | - | 83.5 | - | - |
| Bao Tin Minh Chau | 81.5 | 83.5 | - | - |
| Bao Tin Manh Hai | 81.6 | 83.5 | - | - |
| 1.DOJI- Updated: 9/28/2024 05:10 - Source website time - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| AVPL/SJC HN | 81,500 | 83,500 |
| AVPL/SJC HCM | 81,500 | 83,500 |
| AVPL/SJC DN | 81,500 | 83,500 |
| Raw material 9999 - HN | 82,700▲250K | 83,150▲400K |
| Raw materials 999 - HN | 82,600▲250K | 83,050▲400K |
| AVPL/SJC Can Tho | 81,500 | 83,500 |
| 2.PNJ- Updated: 9/28/2024 05:10 - Source website time - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| HCMC - PNJ | 82,500▲400K | 83,300▲100K |
| HCMC - SJC | 81,500 | 83,500 |
| Hanoi - PNJ | 82,500▲400K | 83,300▲100K |
| Hanoi - SJC | 81,500 | 83,500 |
| Da Nang - PNJ | 82,500▲400K | 83,300▲100K |
| Da Nang - SJC | 81,500 | 83,500 |
| Western Region - PNJ | 82,500▲400K | 83,300▲100K |
| Western Region - SJC | 81,500 | 83,500 |
| Jewelry gold price - PNJ | 82,500▲400K | 83,300▲100K |
| Jewelry gold price - SJC | 81,500 | 83,500 |
| Jewelry gold price - Southeast | PNJ | 82,500▲400K |
| Jewelry gold price - SJC | 81,500 | 83,500 |
| Jewelry gold price - Jewelry gold price | PNJ 999.9 Plain Ring | 82,500▲400K |
| Jewelry gold price - Jewelry gold 999.9 | 82,400▲400K | 83,200▲400K |
| Jewelry gold price - 999 jewelry gold | 82,320▲400K | 83,120▲400K |
| Jewelry gold price - 99 jewelry gold | 81,470▲400K | 82,470▲400K |
| Jewelry gold price - 916 gold (22K) | 75,810▲360K | 76,310▲360K |
| Jewelry gold price - 750 gold (18K) | 61,150▲300K | 62,550▲300K |
| Jewelry gold price - 680 gold (16.3K) | 55,330▲280K | 56,730▲280K |
| Jewelry gold price - 650 gold (15.6K) | 52,830▲260K | 54,230▲260K |
| Jewelry gold price - 610 gold (14.6K) | 49,500▲240K | 50,900▲240K |
| Jewelry gold price - 585 gold (14K) | 47,420▲230K | 48,820▲230K |
| Jewelry gold price - 416 gold (10K) | 33,360▲160K | 34,760▲160K |
| Jewelry gold price - 375 gold (9K) | 29,950▲150K | 31,350▲150K |
| Jewelry gold price - 333 gold (8K) | 26,210▲140K | 27,610▲140K |
| 3.SJC- Updated: 9/28/2024 05:10 - Source website time - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell out |
| SJC 1L, 10L, 1KG | 81,500 | 83,500 |
| SJC 5c | 81,500 | 83,520 |
| SJC 2c, 1C, 5 phan | 81,500 | 83,530 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 81,500▲200K | 83,000▲300K |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 81,500▲200K | 83,100▲300K |
| 99.99% Jewelry | 81,450▲250K | 82,700▲300K |
| 99% Jewelry | 79,881▲297K | 81,881▲297K |
| Jewelry 68% | 53,892▲204K | 56,392▲204K |
| Jewelry 41.7% | 32,139▲125K | 34,639▲125K |
World gold price today September 28, 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 2,662.32 USD/Ounce. Today's gold price decreased by 4.02 USD/Ounce compared to yesterday's gold price. Converted according to the USD exchange rate, on the free market (25,210 VND/USD), the world gold price is about 82.81 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is 680 thousand VND/tael higher than the international gold price.
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The US Federal Reserve (Fed) is expected to cut interest rates in the coming period, which could weaken the US dollar and lower USD interest rates. UOB forecasts the Fed will cut interest rates two more times in 2024, each time by 25 basis points, and continue to cut four more times in 2025, each time by 25 basis points.
The Fed funds rate is expected to fall from 5% now to 3.25% in the first quarter of 2026. This rate cut could provide a boost to gold prices.
Central banks globally, especially in emerging markets and Asia, still consider gold an important part of their reserves and plan to increase their investment in gold.
The People's Bank of China's (PBOC) new monetary policy could also boost demand for physical gold and jewelry in China.
China's property market is correcting, and this may prompt investors to turn to gold as a safe haven. There are reports of strong retail demand for gold bars and "grains" in China.
Gold prices have been rising steadily this year, making investors nervous about the possibility of a prolonged bull run. Dylan Smith, an economist at Rosenberg Research, said there is no need to worry because there are many new factors supporting another rally in gold prices.
Mr. Smith predicts that gold prices could soon surpass $3,000 an ounce. In an interview, Mr. Smith said that gold is going through two bull cycles with separate factors, and the bull market is not over yet.
Economic and geopolitical factors have increased the appeal of gold as a safe haven investment. Geopolitical tensions and economic stimulus measures by the US and China are seen as the main causes of gold price fluctuations.
The US presidential election and increased demand for gold during the festive and wedding seasons also affect gold prices, making it more unpredictable.
Gold price forecast
UOB Bank (Singapore) has just released its latest report on the world gold price outlook. UOB Bank predicts that gold prices will increase in the future, with a positive view on gold from March 2022 when gold prices begin to test the resistance level of 2,000 USD/oz.
Gold prices are expected to reach $2,700/oz by the end of 2024, and gradually increase to $3,000/oz by the third quarter of 2025. Factors supporting gold prices include a weaker US dollar and low interest rates, along with increased investment demand for gold.
The risk to this forecast is that inflation could rise faster than expected, forcing the Fed to ease its rate cuts, increasing the value of the USD and interest rates, which could hurt gold prices. However, gold has shown resilience to USD appreciation since late 2023.
Analysts from Intesa Sanpaolo predict that gold prices could hit a new record of $3,000/oz in the near term and the average price in the fourth quarter of 2024 will be $2,595/oz due to profit-taking.
Finally, it is important to note that, despite the strong price increases so far this year, gold is likely to experience occasional short-term price corrections.