Gold costs as of late, September 21, 2024, at the global marketplace higher. The Fed’s determination to decrease rates of interest and tensions within the Heart East area boosted the call for for protected haven gold.
The arena gold value at 8:30 p.m. (September 20, Vietnam time) was once buying and selling at $2,603/ounce, up 0.69% from the start of the consultation. The December 2024 gold futures value was once buying and selling at $2,629/ounce.
Gold costs rose sharply at the start of the USA buying and selling consultation. The gold marketplace won certain information from the USA Federal Reserve (Fed) in its determination to chop rates of interest.
Gold costs hit a brand new file prime above $2,600 an oz after the Fed minimize rates of interest via 50 foundation issues. Traditionally, the dear steel hasn’t ever set such a lot of all-time prime value data in this kind of brief time frame.
Global gold costs build up sharply. Picture: C.Hung
Some other necessary issue affecting gold costs is the location within the Heart East. Escalating tensions within the Heart East have higher call for for protected havens.
The USA Greenback Index (DXY), which measures the buck’s efficiency towards six primary currencies (EUR, JPY, GBP, CAD, SEK, CHF), stood at 100.72 issues.
The yield at the benchmark 10-year U.S. Treasury notice is at 3.713%. Nymex crude oil costs are moderately decrease, buying and selling round $71.50 a barrel.
In the meantime, the Financial institution of Japan stored its key rate of interest unchanged at 0.25% as anticipated, leaving open the opportunity of a charge hike one day. China stored its key lending charge unchanged.
On September 20, the cost of 9999 gold bars at SJC was once 80 million VND/tael (purchase) and 82 million VND/tael (promote). Doji indexed it at 80 million VND/tael (purchase) and 82 million VND/tael (promote).
Home gold ring value higher sharply via greater than 1 million VND/tael, environment a brand new file of over 80 million VND/tael (promoting).
Gold Value Forecast
George Milling-Stanley, head of gold technique at State Boulevard World Advisors, mentioned the present gold value motion is a becoming response to the Fed’s newest financial coverage determination.
The Fed’s financial coverage choices will proceed to beef up gold’s long term value goals. In June, Milling-Stanley raised his gold value forecast to $2,200-$2,500 an oz. He now sees gold buying and selling within the $2,500-$2,700 an oz vary.
Milling-Stanley sees cast doable for gold costs to upward push to $2,700 an oz via year-end.