It could rise to record levels.

Updated SJC gold prices

Domestic SJC gold prices closed on August 23, 2024.

Gold price movements in SJC gold over the past month. Source: Rong Viet Online Services Joint Stock Company (VDOS).

Price of 9999 pure gold ring

As of 6 PM today, the price of 9999 Hung Thinh Vuong gold rings at DOJI is listed at 77.1-78.3 million VND/ounce (buying price - selling price); a decrease of 50,000 VND/ounce in both buying and selling prices compared to the closing price of the previous trading session.

Saigon Jewelry Company listed the price of gold rings at 77 - 78.3 million VND/ounce (buying price - selling price); a decrease of 100,000 VND/ounce in both buying and selling prices compared to the closing price of the previous trading session.

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

World gold prices

As of 6:30 PM, the world gold price listed on Kitco was at $2,497.5 per ounce, down $6.4 per ounce compared to the close of trading last week.

Gold price forecast

Global gold prices fell but are recovering amid a decline in the US dollar index. As of 5:45 PM on August 23rd, the US Dollar Index, which measures the fluctuations of the greenback against six major currencies, stood at 101.292 points (down 0.1%).

On August 23, oil prices remained relatively stable as traders awaited a speech by the Chairman of the Federal Reserve (FED) at the annual central bank conference in Jackson Hole. Meanwhile, most stock markets rose.

Federal Reserve Chairman Jerome Powell is scheduled to deliver a speech at the annual central bank conference in Jackson Hole, Wyoming, at 9 PM (Vietnam time).

Federal Reserve policymakers on August 22nd supported beginning to lower interest rates next month, as inflation cools and the job market loosens. Traders believe there is a 76% chance the Fed will cut interest rates by 25 basis points next month. Lower interest rates tend to increase the attractiveness of gold.

According to independent metals trader Tai Wong, all the news favorable to the market has already arrived. The expert remains cautious, predicting gold could rise higher but unlikely to accelerate sharply unless an unexpected event occurs.

Han Tan, a market analyst at Exinity Group, believes that if the Fed chairman expresses more confidence about cutting interest rates in September, such dovish signals would trigger a surge in gold prices.

Meanwhile, Ricardo Evangelista, a senior analyst at ActivTrades, believes that Chairman Powell's upcoming speech will be the springboard for a cycle of interest rate cuts by the Fed. According to him, the US central bank may continue to cut interest rates until 2025, and the price of gold will rise to $3,000 per 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