World gold price exceeds 2,600 USD/ounce, gold rings around 80 million VND/tael

Gold price sets new record

The US Federal Reserve's decision to start cutting interest rates for the first time since 2020 has created a ripple effect in the financial market. The Fed's 50 basis point interest rate cut has had a strong impact on world gold prices this week. After the Fed's decision on September 19, gold prices immediately skyrocketed to $2,594/ounce.

From its peak, the world gold price fell slightly, then rebounded to a new record. The gold price increase was driven by increasing geopolitical tensions in the Middle East. The White House expressed deep concern about the escalating conflict between Israel and Hezbollah.

In times of political and economic uncertainty and low interest rates, gold is seen as a safe haven asset. Gold’s steady performance reflects growing investor demand.

From 2,573 USD/ounce, the world gold price skyrocketed to 2,617 USD/ounce. By the end of the week, a new record was set, the gold price reached 2,625.79 USD/ounce.

At the end of the week, the world gold price traded at 2,621 USD/ounce. The December 2024 gold futures price traded at 2,647 USD/ounce.

Adrian Day, Chairman of Adrian Day Asset Management, said that there is nothing stopping the gold price from rising. Gold prices only fell slightly and then broke out strongly, recording many new records in a short time.

Chinese central banks and investors have dominated the market for the past two years. Now the West is returning to the gold market due to low interest rates and slowing economies.

According to experts, with monetary policy, geopolitical developments, and positive gold investor sentiment, gold prices are likely to fluctuate strongly in the coming months.

Domestic gold priceSeptember 22 is listed at At the end of the trading session on September 21, the price of gold rings at Saigon Jewelry Company (SJC) was listed at 78.9 - 80.2 million VND/tael (buy - sell), up 200,000 VND in both directions.

DOJI Group increased the buying price by 100,000 VND/tael and the selling price by 150,000 VND/tael to 79.4 - 80.55 million VND/tael, respectively.

At the two brands Bao Tin Minh Chau and Bao Tin Manh Hai, the buying price and selling price were adjusted up by 110,000 VND/tael and 160,000 VND/tael, respectively, to 79.39 - 80.54 million VND/tael.

For gold bars, at SJC, it is listed at 80 - 82 million VND/tael (buy - sell), unchanged from the trading session on September 21.

80 - 82 million VND/tael (buy - sell) is also the transaction price of other gold brands for SJC gold bars such as: DOJI Group, PNJ, Bao Tin Minh Chau, Bao Tin Manh Hai.

Gold Price Forecast

Assessing the outlook, according to experts, as the Fed begins its rate easing cycle, gold prices are likely to move higher next week and throughout the rest of the year.

Jerry Prior, managing director and senior portfolio manager at KMLM, said that following Fed Chairman Powell's comments, gold prices are unlikely to go parabolic but the market will continue to see steady gains.

Julia Khandoshko, CEO of European brokerage Mind Money, expects gold prices to stabilize as they move toward $3,000 an ounce. However, it is unlikely that prices will reach that level this year.