Gold Prices Today: Market Trends and Forecast

As of September 11, 2024, gold prices on the international market have increased, albeit‌ with quiet trading. Investors ⁤are exercising caution ahead ⁣of the upcoming ‌US inflation​ report for August.

The ‍current price of gold on the ​Kitco floor is‍ $2,508.8/ounce, representing​ a 0.09% increase‍ from the beginning⁣ of the session. Meanwhile, the price of gold futures for⁣ delivery in December 2024 on the Comex New York ​floor is trading at $2,535.6/ounce.

At the start of the‍ trading session ‌on September 10 (US ‍time), world gold prices experienced a slight ‍increase, with trading ​remaining relatively quiet in anticipation of the US inflation ⁣report for August.

The ⁤precious metals market is expecting a decline in August inflation data, which could ⁣increase the likelihood of a sharp 50 basis point interest ‌rate cut by the US⁣ Federal Reserve‌ (Fed).

Peter A. Grant, vice president and​ senior metals strategist​ at​ Zaner Metals, ⁢predicts ​that the Fed will likely cut interest rates ‌by 25 basis points at its meeting on​ September 18. This expectation has caused gold prices to fluctuate between $2,470 and $2,520 per ounce⁣ in recent times.

However, Peter A. Grant ‌remains optimistic that the precious ​metal could set a new record as expectations for a 50 basis point Fed rate cut continue to ‌rise. Nevertheless, he ⁣cautions⁤ investors to be cautious with expectations of a sharp ​Fed rate ⁣cut.

Carlo Alberto ‌De Casa, currency ⁣market analyst ‌at Kinesis, notes that even the Fed’s low rate cut of 25 basis points did‌ not cause gold prices to⁤ fall sharply.

In the domestic market, the price of 9999 gold ⁤bars ‍at SJC was 78.5 million VND/tael ⁤(buy) and 80.5 million VND/tael (sell) at the end of the session ​on September 10. SJC listed the price of⁣ gold rings at 77.25-78.5 million VND/tael (buy‌ – sell).

Doji Hanoi and‍ Ho Chi Minh City listed gold bar prices at‌ 78.5 million VND/tael (buy) ​and 80.5 million VND/tael (sell).

Gold Price Forecast

According to ⁢the CME FedWatch ‍tool,‌ traders forecast a ‍73% chance that the‌ Fed will cut 25 basis ⁢points at its‌ September 18 meeting and a 27% chance of a 50 basis point cut.

However, experts⁤ predict that the⁣ inflation⁤ data to be released soon will not decrease as expected, which will not⁢ have much ​impact on the price of precious metals and the price will only decrease slightly.