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The global gold price continued to rise slightly today due to the weakening of the USD and expectations for the upcoming Federal Reserve (Fed) policy meeting, which increased the appeal of gold.

Domestic Gold Prices Today

Today, the domestic gold price for bars remains stable at 80.5 million VND per tael, while the price of gold rings from various brands has increased slightly. Specifically:

  • SJC Gold Bars: Agribank, BIDV, Vietcombank, and VietinBank sell at 80.5 million VND per tael, with buying prices at 78.5 million VND per tael.
  • SJC 9999 Gold Rings: Buying at 77.8 million VND per tael, selling at 79.1 million VND per tael, an increase of 100,000 VND.
  • DOJI Gold: Buying at 78 million VND per tael, selling at 79.2 million VND per tael, an increase of 100,000 VND.
  • PNJ Gold: Buying at 78 million VND per tael, selling at 79.2 million VND per tael, increases of 50,000 VND and 100,000 VND respectively.

Global Gold Prices Today

Global gold prices today recorded a slight increase, with spot gold rising by 7.5 USD to 2,583 USD/ounce and gold futures trading at 2,610 USD/ounce, up by 3.8 USD. The main reason for this increase is the weakening of the USD and expectations that the Federal Reserve (Fed) will cut interest rates in its upcoming meeting, which enhances the appeal of gold.

Experts estimate there is a 61% chance that the Fed will cut rates by 50 basis points, which would support further increases in gold prices. It is forecasted that gold prices could reach 2,700 USD/ounce in the short term and hit 2,900 USD/ounce by the end of 2025. Currently, domestic gold prices are stable, with a difference of about 3.5 million VND per tael compared to global gold prices.

Gold Price Analysis

According to expert Giovanni Staunovo (UBS), a Fed rate cut could weaken the USD and increase gold’s attractiveness as a safe-haven asset. Additionally, global macroeconomic and geopolitical concerns, particularly the US elections, are contributing to increased gold demand. ANZ notes that stock market volatility is driving investors to gold as a safe investment channel.

Gold Price Forecast

Gold prices are expected to reach 2,700 USD/ounce in the short term and could climb to 2,900 USD/ounce by the end of 2025. The potential for a 50 basis point rate cut by the Fed will continue to drive gold prices higher. Investors should closely monitor the situation to make informed buying and selling decisions.

Conclusion

On September 17, global gold prices rose slightly due to the weakening USD and expectations that the Federal Reserve will cut interest rates in its upcoming meeting. Domestic gold prices for bars remained stable, while the prices for gold rings from various brands increased slightly. Gold prices are forecasted to reach 2,700 USD/ounce in the short term. Investors should stay informed about market developments to make effective investment decisions.

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