Update on the closing price of gold on August 20: Vertical increase

Update SJC gold price

Domestic SJC gold price closed on August 20, 2024.

SJC gold price developments last month. Source: Rong Viet Online Service Joint Stock Company VDOS

Price of round gold ring 9999

As of 6:00 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 77.05 - 78.30 million VND/tael (buy - sell); an increase of 100,000 VND/tael for buying and a decrease of 200,000 VND/tael compared to the close of the previous trading session.

Saigon Jewelry Company listed the price of gold rings at 77.05 - 78.35 million VND/tael (buy - sell); an increase of 250,000 VND/tael for buying and 150,000 VND/tael for selling compared to the previous trading session.

Bao Tin Minh Chau listed the price of gold rings at 76.96 - 78.28 million VND/tael (buy - sell); an increase of 50,000 VND/tael for both buying and selling compared to the close of the previous trading session.

In recent sessions, the price of gold rings has often fluctuated in the same direction as the world market. Investors can refer to the world market and expert opinions before making investment decisions.

World gold price

As of 6:00 p.m., the world gold price listed on Kitco was at 2,522.3 USD/ounce, up 35.7 USD/ounce compared to the closing price of last week's trading session.

World gold price developments. Source: Kitco

Gold Price Forecast

World gold prices fell sharply despite the decline in the USD index. Recorded at 6:30 p.m. on August 20, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 101,660 points (down 0.07%).

Sabrin Chowdhury, head of commodity analysis at BMI Market Research, predicts that gold will peak many more times in 2024 because this metal is always considered a safe haven asset.

According to her, gold is a very sensitive commodity to instability, which is currently at its peak as 2024 is the year of the US election and geopolitical tensions in many regions.

Another factor driving bullion prices is the possibility of the US Federal Reserve (FED) cutting interest rates in September. The FED meeting in July reinforced investors' confidence that a rate cut next month is entirely possible.

Gold could hit $2,700 an ounce when the Fed starts cutting rates, according to BMI analysts. Lower interest rates reduce the opportunity cost of buying gold, making it more attractive compared to interest-bearing assets like Treasury bonds, which are also a form of safe haven.

Lower interest rates also put pressure on the US dollar, making dollar-denominated bullion attractive to holders of other currencies.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-chot-phien-208-tang-dung-dung-1382443.ldo