Gold price breaks all records, new peak is a matter of time

Khương Duy |

World gold prices recorded a good increase in Tuesday's trading session and reached a new record high of 2,675.7 USD/ounce.

Technical charts show gold prices are rising, which is attracting speculators to buy. According to Kitco - the precious metal received some positive news when the People's Bank of China (PBOC) cut its key interest rate to support the country's stock and real estate markets.

This is China's biggest easing move since the COVID-19 pandemic. The PBOC's easing is likely to boost demand for raw commodities, including metals, from the world's second-largest economy.

Meanwhile, military conflicts in some regions of the world continue to escalate and show no signs of cooling down. This situation is maintaining the demand for safe haven gold.

Technically, December gold has the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a solid close at $2,750/oz.

Cap nhat gia vang the gioi luc 0h40 ngay 25.9.2024 (gio Viet Nam). Nguon: Kitco
Updated world gold price at 0:40 on September 25, 2024 (Vietnam time). Source: Kitco

In an interview with Kitco News, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said that gold's rally stems from its historical role as a safe haven.

Gold reaching $3,000 an ounce is just a matter of time, McGlone said, noting that hedge funds are positioning themselves to buy, reflecting their belief in the metal’s enduring strength.

“Hedge funds are net buyers of about 40% of gold futures,” McGlone said.

According to Nieuwenhuijs - gold analyst at Money Metals, the massive gold buying by many countries, especially from the East, has broken the correlation between stocks and gold.

The expert added that the Chinese and Saudi central banks (PBOC and SAMA) were largely responsible for the gold price rally starting in 2022. "Both have significantly increased their gold purchases after the West froze part of Russia's foreign exchange reserves," Nieuwenhuijs said.

Major overseas markets saw the US dollar index fall today. Nymex crude oil prices were higher and trading around $71.25 a barrel. The benchmark 10-year US Treasury yield is falling and currently stands at around 3.76%.

Update domestic gold price

Recorded at 6:00 a.m. on September 25, 2024, the price of SJC gold bars was listed by DOJI Group at 81.5 - 83.5 million VND/tael (buy - sell). The difference between the buying and selling prices of SJC gold at DOJI Group is 2 million VND/tael.

Meanwhile, Bao Tin Minh Chau listed the price of SJC gold at 81.5 - 83.5 million VND/tael (buy - sell). The difference between the buying and selling price of SJC gold at Saigon SJC Jewelry Company is at 2 million VND/tael.

At the same time, the price of 9999 Hung Thinh Vuong round gold rings at DOJI was listed at 80.6-81.65 million VND/tael (buy - sell). Bao Tin Minh Chau also adjusted the price of smooth round gold rings to increase to 80.54-81.64 million VND/tael (buy - sell).

Khương Duy
TIN LIÊN QUAN

Close-up of an abandoned dormitory about to be converted into public housing in Ninh Binh

|

Ninh Binh - After the merger, to avoid waste, the concentrated student dormitory in Ninh Binh was converted into a public housing area to serve cadres, civil servants...

Football prediction PSG vs Chelsea in the FIFA Club World Cup 2025 final

|

In Sports Perspective No. 223, commentator Quang Tung commented on the FIFA Club World Cup final between PSG and Chelsea.

Shocking statement about Germany's ability to make nuclear weapons

|

Germany has enough capacity and materials to develop nuclear weapons in just a few months if it wants to.

A plane carrying 300 people urgently landed on a strange island, stranded in the middle of the ocean

|

The US plane carrying nearly 300 people made an emergency landing in the middle of the ocean, stranded for more than 31 hours on a strange island.

Gold prices hit another record as hedge funds step up buying

Phương Anh (Theo Kitco) |

Despite the strong increase in gold prices, this precious metal is still expected to continue breaking records with many supporting factors.

Updated gold price closing session 9/24: Gold ring breaks record

Khương Duy |

Updated gold price closing session 24.9 increased simultaneously in both domestic and world markets. Precious metal is at record high.

Gold price today September 24: After gold rings, gold bars increase dramatically

Khương Duy |

Gold price today September 24: While the price of plain round gold rings increased and remained at a record level, the price of SJC gold bars was adjusted to increase by 1.5 million VND/tael.