Gold Price Today: International Market Sees Record High

The gold price on the international market has increased vertically, setting a new record. As of September 26, the price of domestic gold rings has also seen a rapid increase, reaching an unprecedented peak of over 83 million VND/tael, close to the price of SJC gold bars.

International Gold Prices

The gold price on Kitco at 8:30 p.m. (September 26, Vietnam time) was trading at 2,662.4 USD/ounce, up 0.21% compared to the beginning of the session. Gold futures price delivered in December 2024 on the Comex New York floor is trading at 2,702.3 USD/ounce.

At the beginning of the trading session on September 26 (US time), world gold prices increased sharply, soaring to 2,684.2 USD/ounce, a new record high for the precious metal.

Factors Influencing Gold Prices

Gold prices are being boosted by China’s introduction of measures to stimulate economic growth. Additionally, the need for safe haven assets has increased sharply after political instability in the Middle East.

Gold investors also hope that the upcoming statements of US Federal Reserve Chairman Jerome Powell and the upcoming US inflation data will prompt another 50 basis point cut this year.

Market Analysts’ Predictions

Han Tan, market analyst at Exinity Group, believes that gold’s recent strong increase is due to market optimism and the Fed’s stronger decision to cut interest rates. He predicts that gold can reach 2,700 USD/ounce by the end of 2024.

Phillip Streible, market strategist at Blue Line Futures, forecasts that gold could conquer the $2,700/ounce mark this week if the labor market weakens and Fed officials reaffirm their cuts.

Domestic Gold Prices

In the domestic market, the price of 9999 gold bars at SJC was 81.5 million VND/tael (buy) and 83.5 million VND/tael (sell) on September 26.

Doji Hanoi and Ho Chi Minh City are both listed at 81.5 million VND/tael (buy) and 83.5 million VND/tael (sell).

Bao Tin Minh Chau listed Thang Long Golden Dragon gold bar price at 82.23-83.33 million VND/tael (buy – sell).

Gold Price Forecast

Han Tan predicts that gold can conquer the 3,000 USD/ounce mark if the US economy does not fall into recession after the next interest rate adjustments by the US Central Bank.

David Meger, director of metals trading at High Ridge Futures, believes that exchange-traded fund flows and other factors such as geopolitical tensions across the Middle East and major economic stimulus measures issued by China will continue to support gold prices in the near future.

Daniel Hynes, senior commodity strategist at ANZ, notes that the weakening of the USD and falling US Treasury yields have also boosted investor demand for gold.