Gold price movements today show that domestic gold rings fluctuated little this morning.
Specifically, Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 76.8-78.2 million VND/tael (buy - sell), unchanged from the closing price of yesterday's trading session.
Doji Gold and Gemstone Group listed the price of 9999 round smooth gold rings at 76.95-78.2 million VND/tael (buy - sell), unchanged from the close of yesterday's trading session.
Early morning of August 21 , SJC 9999 gold price increased by 1 million VND/tael in both buying and selling compared to the end of yesterday's trading session, up to 81 million VND/tael (selling).
The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:10 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:38 a.m. as follows:
| Buy | Sell | |
| SJC HCMC | 79,000,000 VND/tael | 81,000,000 VND/tael |
| Doji Hanoi | 79,000,000 VND/tael | 81,000,000 VND/tael |
| Doji HCMC | 79,000,000 VND/tael | 81,000,000 VND/tael |
SJC and Doji gold price list updated early morning August 20
At the close of August 19, the price of 9999 gold bars at SJC was 78 million VND/tael (buy) and 80 million VND/tael (sell). SJC listed the price of gold rings at 76.8-78.2 million VND/tael (buy - sell).
Doji Hanoi listed at 78 million VND/tael (buy) and 80 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 78 million VND/tael and sold at 80 million VND/tael.
Bao Tin Minh Chau listed the price of Golden Dragon gold bars at 76.93-78.23 million VND/tael (buy - sell).
The central exchange rate on August 20, 2024 announced by the State Bank is 24,251 VND/USD, down 10 VND compared to the previous trading session. The USD price at commercial banks this morning (August 20) was commonly listed at 24,770 VND/USD (buy) and 25,140 VND/USD (sell).
At 8:30 a.m. today (August 20, Vietnam time) , the world spot gold price stood at around 2,504 USD/ounce, up 15.8 USD/ounce compared to last night. The price of gold futures for December 2024 on the Comex New York floor was at 2,542.5 USD/ounce.
On the morning of August 20 , the world gold price converted to USD bank price was 76.7 million VND/tael, including tax and fees, about 4.3 million VND/tael lower than the domestic gold price.
The price of gold on the Kitco floor at 8:30 p.m. (August 19, Vietnam time) was trading at $2,488.2/ounce, down 0.72% from the beginning of the session. The price of gold futures for delivery in December 2024 on the Comex New York floor was trading at $2,532/ounce.
At the beginning of the trading session on August 19 (US time), the world gold price decreased, losing the 2,500 USD/ounce mark after the market recorded a sell-off by investors.
According to Bob Haberkorn, senior commodities broker at RJO Futures, the $2,500/ounce level of the precious metal is very difficult to hold. After reaching a new historical milestone, gold is susceptible to investors selling off to take profits. Not only that, the high price of gold makes it difficult to attract new buyers to the market, also causing this commodity to decline.
Sharing the same view, Anuj Gupta - Head of Commodities and Currencies at HDFC Securities - commented that the upward trend of gold prices is still there and the direction of the precious metal will depend on the policy direction of the US Federal Reserve (Fed).
He believes that Fed Chairman Jerome Powell's speech at the upcoming Jackson Hole symposium will give a clearer picture of the US central bank's monetary policy path.
Accordingly, if Mr. Powell appears concerned about the balance between economic growth and falling inflation, this will strengthen the case for a more aggressive rate cut. Conversely, if he is optimistic and does not make a specific commitment, the market may have to adjust current expectations.
Bob Haberkorn predicts that world gold will reach $2,600/ounce when the Fed cuts interest rates. However, in the short term, the price of this precious metal will go sideways or decrease.
Analysts say whether gold can reach $2,600 an ounce depends on expectations that the Fed will cut rates by 50 basis points.
Most experts believe that the market has predicted the Fed's 50 basis point cut too early. They see that the US Central Bank may not rush to cut this level at the upcoming meeting, because although inflation has decreased, it is still higher than the Fed's target level.
Source: https://vietnamnet.vn/gia-vang-hom-nay-20-8-2024-sjc-bong-vot-tang-1-trieu-dong-ca-hai-chieu-2313519.html
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