Domestic gold price

At the end of last week's session (August 18), the price of 9999 gold bars at SJC was 78 million VND/tael (buy) and 80 million VND/tael (sell).

Doji listed at 78 million VND/tael (buy) and 80 million VND/tael (sell).

International gold price

The world spot gold price closed last week at $2,507/ounce. The December 2024 gold futures price traded at $2,546/ounce.

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Experts predict gold prices will increase. Photo: Minh Hien

Last week, the world gold price surpassed the $2,500/ounce mark. This is the price that many organizations have predicted since the beginning of the year. Gold prices increased amid increased demand for shelter due to geopolitical instability.

According to experts, gold prices may increase sharply when the US Federal Reserve (Fed) cuts interest rates. The record high level of many decades (5.25-5.5%/year) has been maintained by the Fed for a long time. Signals from the market show that the Fed will almost certainly lower interest rates at the meeting in September.

The world gold market has seen many new buyers, not only central banks but also other organizations. The wave of gold buying has become strong and global.

This week, the market is interested in some notable information such as speeches by Fed officials, minutes of the FOMC meeting in July, initial unemployment claims, manufacturing index, and home sales in the US.

Economists are awaiting further data on the personal consumption expenditures (PCE) price index for July, the Fed's preferred inflation gauge.

Gold Price Forecast

Investors on both Wall Street and Main Street agree that gold prices will hold above $2,500 and move higher this week.

Gold prices have been steadily rising since late last week and have consolidated above $2,470 an ounce, according to Alex Kuptsikevich, senior market analyst at FxPro. Gold prices rise and fall in line with the stock market, but they fall less during times of crisis and have seen more rallies.

Kuptsikevich said that gold prices are recovering amid increased global demand for safe assets. World gold prices could reach $2,800-2,900/ounce.