Could rise to record levels

Update SJC gold price

Domestic SJC gold price closed on August 23, 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 77.1-78.3 million VND/tael (buy - sell); down 50,000 VND/tael for both buying and selling compared to the close of the previous trading session.

Saigon Jewelry Company listed the price of gold rings at 77 - 78.3 million VND/tael (buy - sell); down 100,000 VND/tael for both buying and selling compared to 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 6:30 p.m., the world gold price listed on Kitco was at $2,497.5/ounce, down $6.4/ounce compared to the close of last week's trading session.

Gold Price Forecast

World gold prices fell, but are recovering amid a decline in the USD index. Recorded at 5:45 p.m. on August 23, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 101.292 points (down 0.1%).

Oil prices were almost stable on August 23, while traders awaited the speech of the Chairman of the US Federal Reserve (FED) at the annual central bank conference in Jackson Hole. Meanwhile, most stock markets rose.

FED Chairman Jerome Powell is scheduled to speak at the annual central bank conference in Jackson Hole, Wyoming at 9:00 p.m. (Vietnam time).

Fed policymakers on Aug. 22 favored starting to cut interest rates next month as inflation cools and the job market loosens. Traders see a 76 percent chance the Fed will cut rates by 25 basis points next month. Low interest rates tend to increase the appeal of gold.

According to independent metals trader Tai Wong, all the positive news for the market is already there. The expert is cautious, predicting that gold will likely rise higher but is unlikely to accelerate sharply without any unexpected events.

Han Tan, a market analyst at Exinity Group, said that if the Fed Chairman expressed more confidence in cutting interest rates in September, such dovish signals would push gold prices up sharply.

Meanwhile, Ricardo Evangelista, senior analyst at ActivTrades, said that Chairman Powell’s upcoming speech will be a launching pad for the Fed’s interest rate cutting cycle. According to him, the US Central Bank will likely continue to cut interest rates until 2025 and the price of gold will rise to $3,000/ounce.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-chot-phien-238-co-the-tang-len-muc-ky-luc-1383896.ldo