According to Kitco data, the spot gold price on the world market surged past the $2,600/ounce mark this afternoon (Sep 20). Specifically, the spot gold price was recorded at $2,607/ounce at 2:20 pm, up $22.7, or 0.84%, from yesterday’s close, and an all-time high.
World gold price surpasses $2,600/ounce. (Source: Kitco)
Gold price set a new record after the US Federal Reserve (Fed) decided to cut the benchmark interest rate by 0.5 percentage points to a range of 4.75 – 5% at the September policy meeting. In addition, Fed policymakers also projected a further half-point cut by the end of this year, one percentage point next year, and another half-point in 2026.
According to Allegiance Gold’s Executive Director, Alex Ebkarian, the market is anticipating larger and more frequent rate cuts from the Fed, which will further weaken the US dollar. Ebkarian stated that combining geopolitical risks with the current deficit, along with a low-yield environment and a softer greenback, all bode well for gold prices.
Global central banks’ monetary easing policies, coupled with strong buying from central banks, and geopolitical concerns have propelled gold prices to record highs multiple times this year.
In a recent note, UBS bank suggested that the gold rally could extend further, targeting $2,700/ounce by mid-2025. Along with short-term risks, demand for larger gold exchange-traded funds is expected to accelerate in the coming months.
Domestically, gold ring prices also surged and peaked above VND 80 million/tael.
According to the price list posted by Bao Tin Minh Chau at 2:30 pm, the buying and selling prices of plain gold rings were VND 79.13-80.23 million/tael. DOJI also listed the price of Tròn 9999 (Hung Thinh Vuong) gold rings at VND 79.25 – 80.35 million/tael; PNJ listed the price at VND 79.15 – 80.2 million/tael.
Gold price listed by PNJ at 2:30 pm
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