Gold ring price up to nearly 80 million VND/tael, highest in history

Specifically, at 8:45 a.m., the price of gold rings was listed by Doji Group at 78.6 - 79.7 million VND/tael, an increase of 500,000 VND/tael compared to early this morning. At the same time, the price of gold rings was listed by SJC at 77.9 - 79.2 million VND/tael, unchanged compared to early this morning.

While the price of gold rings increased sharply, the price of gold bars increased by 200,000 VND/tael this morning, currently fluctuating at 80 - 82 million VND/tael.

The domestic gold ring price increased sharply this morning due to fluctuations in the world gold price. On the morning of September 20, the world gold price reversed and increased sharply and is predicted to conquer many historical peaks in the near future.

The world gold price today is listed on Kitco at 2,585 USD/ounce, up 27 USD/ounce compared to early this morning. The gold price reversed sharply and approached the threshold of 2,600 USD/ounce after the US Federal Reserve (Fed) lowered interest rates.

Fed policymakers also forecast another half-percentage-point cut in the benchmark interest rate later this year, one percentage point next year and half a percentage point in 2026.

The market is pricing in more, bigger rate cuts, and that will further weaken the overall value of the dollar, according to Allegiance Gold CEO Alex Ebkarian. Combining geopolitical risks with the current deficit, along with a low-yield environment and a weaker greenback, all bodes well for the yellow metal, Ebkarian said.

Global monetary policy easing, coupled with strong central bank buying, coupled with geopolitical concerns, have pushed gold prices to record highs several times this year.

Mr. Robert Minter predicts that gold surpassing the $3,000/ounce mark is just a matter of time.

Julia Khandoshko, CEO of European brokerage firm, also believes that in the long term, the Fed's interest rate cut will boost gold prices strongly. Lower interest rates will be the main driver for gold prices to reach $3,000/ounce.

ANZ analysts forecast gold prices to rise to $2,900 an ounce by the end of the year after seeing lackluster investment demand in the first half of 2024. Higher prices are unlikely to deter central bank buying.