World gold price at unprecedented high
According to Kitco, this price not only sets a new record for gold, but also marks the highest monetary value ever achieved by any precious metal (gold, silver, platinum and palladium) in history.
The steady rise in gold prices can be attributed to a combination of factors, including recent interest rate decisions by central banks.
The recent 50 basis point cut in interest rates by the US Federal Reserve (FED) to a range of 4.75% to 5% was a major catalyst. This move, echoed by other central banks around the world, has fueled the precious metal’s rally.
Market sentiment suggests another rate cut is on the horizon. The CME FedWatch tool shows a 51.1% chance of another 50 basis point cut at the FOMC’s next meeting on November 7.
Meanwhile, the remaining 48.9% favored a 25 basis point cut. This expectation of continued monetary easing has reinforced the appeal of gold as a hedge against potential currency devaluation.
Investors are now eagerly awaiting the release of the Personal Consumption Expenditures (PCE) report, a key inflation indicator closely watched by the Fed.
Economists surveyed by Dow Jones and the Wall Street Journal expect annual core U.S. inflation to continue to decline, forecast to fall to 2.2% in August from 2.5% in July. Such a trend would mark a significant slowdown from a 40-year high recorded in June 2022 and could strengthen the case for further rate cuts.
The core PCE price index for August is expected to have risen a modest 0.2% month-over-month and 2.7% year-over-year. These core numbers, which exclude food and energy prices, are particularly important because they represent the Fed’s preferred measure of inflation.
As gold continues its historic rally, market participants are closely watching economic indicators and central bank policies. The precious metal’s performance reflects not only its traditional role as a safe haven for money, but also the complex interplay of global economic forces shaping today’s financial landscape.
Update domestic gold price
As of 9:30 a.m. on September 27, the price of SJC gold bars was listed by DOJI Group at VND81.5 - 83.5 million/tael (buy - sell). The difference between the buying and selling prices of SJC gold at DOJI Group was VND2 million/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 ring at DOJI was listed at 82.5-83.35 million VND/tael (buy - sell); an increase of 550,000 VND/tael for buying and an increase of 400,000 VND/tael for selling.
Bao Tin Minh Chau also adjusted the price of plain round gold rings to increase to 82.23 - 83.33 million VND/tael (buy - sell), an increase of 400,000 VND/tael for both buying and selling.
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