Gold Prices Take a Hit: September 7, 2024 Sees Sudden Reversal and Domestic Market Stabilizes
Gold Price Today: Market Reverses After Sudden Recovery
The gold price today, September 7, 2024, on the world market reversed and decreased after a sudden recovery, increasing over 2,500 USD/ounce. The gold market is waiting for the Fed’s interest rate cut.
At the close of the session on September 6, the price of 9999 gold bars at SJC was 78.5 million VND/tael (buy) and 80.5 million VND/tael (sell). Doji listed it at 78.5 million VND/tael (buy) and 80.5 million VND/tael (sell).
The world spot gold price at 8:30 p.m. (September 6, Vietnam time) was at $2,512/ounce, down 0.12% from the beginning of the session. The December 2024 gold futures price was trading at $2,543/ounce.
Nonfarm payrolls increased by 142,000 units last month, lower than the forecast of 164,000, according to the US Bureau of Labor Statistics. The unemployment rate fell slightly to 4.2%.
Previously, according to a survey by the Institute for Supply Management (ISM), US service sector activity increased in August, and initial jobless claims fell last week.
The market is expecting the Federal Reserve (Fed) to lower interest rates in September.
Atlanta Fed President Raphael Bostic has expressed support for the central bank to cut interest rates. The jobs report is a key factor in determining the extent of the Fed’s rate cut.
Gold is considered a safe investment asset during times of falling interest rates and economic and political instability.
The US Dollar Index (DXY), which measures the greenback’s movements against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF) stood at 101.14 points.
Gold Price Forecast
Gold prices have held support above $2,500 an ounce and remain close to record highs. Although the rally has slowed, experts say the rally is far from over. The long-term outlook for gold remains positive as interest rates fall and global economic and political developments remain complex.
Gold prices have risen more than 22% this year, said Callum Thomas, founder of Topdown Charts. The precious metal is in a new uptrend that is unlikely to stop anytime soon.
Thomas analyzed that the weakness of the USD continues to support gold prices. A weak USD and low interest rates will boost gold prices in the future.