Domestic gold price

At the end of the trading session on August 21, the domestic 9999 gold price was listed by SJC and Doji Gold and Gemstone Group in the following order of buying and selling:

Doji Hanoi : 79,000,000 VND/tael - 81,000,000 VND/tael
SJC HCMC: 79,000,000 VND/tael - 81,000,000 VND/tael
Doji HCMC: 79,000,000 VND/tael - 81,000,000 VND/tael

International gold price

As of 8:30 p.m. on August 21 (Vietnam time), the spot gold price today on the world market was at $2,506/ounce. Gold for December 2024 delivery on the Comex New York floor was at $2,542/ounce.

The world gold price on the night of August 21 was about 21.5% higher (443 USD/ounce) than at the end of 2023. The world gold price converted to the bank USD price was 76.5 million VND/tael, including taxes and fees, about 4.4 million VND/tael lower than the domestic gold price as of the end of the afternoon session on August 21.

The world gold price is hanging above the sensitive threshold of 2,500 USD/ounce and profit-taking pressure is quite large. Investors are waiting for signals from the meeting of central bank leaders of many countries taking place at the end of the week.

On Kitco, according to SP Angel, the amount of money investors bet on the possibility of gold prices rising increased by 18%, with total new futures contracts reaching over $6.7 billion last week. Huge money is pouring into this investment channel.

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World gold prices are at a "sensitive threshold". Photo: HH

US investors are also buying gold ETFs to protect their assets against a weakening US dollar.

The US is about to enter a period of monetary easing, with lower interest rates, which will weaken the USD.

Gold is also expected to be buoyed by strong demand from India, where pre-wedding gold purchases are strong. Pre-Christmas jewelry purchases in India also tend to push prices up in the fall.

In addition, China is expected to return to net gold purchases as many private investors lose confidence in local banks and investment funds.

Moreover, the Chinese government's statement that "real estate is for living, not for investment" also encouraged investors to jump into other types of assets, including gold.

Gold Price Forecast

Investors are now looking for policy clues from the minutes of last week's meeting of the Federal Open Market Committee (FOMC).

Investors are also awaiting speeches from central bank officials, including US Federal Reserve Chairman Jerome Powell, at the Jackson Hole conference this weekend.

The USD is on a downward trend. By the evening of August 21, the DXY index in the Asian market had dropped to 101.45 points, compared to 102.9 points on August 16 and 106.25 points at the end of April.

Many Fed officials have recently advocated cutting interest rates at a rapid pace to help the US economy avoid a recession.

According to experts from Citi, gold is on an upward trend in the next 3-6 months. Spot gold prices will average $2,550/ounce in the fourth quarter of 2024.

Some forecast that gold prices will reach $2,700/ounce (equivalent to VND82 million/tael) in the rest of the year.

Gold price hits record high: Will it reverse or skyrocket to a new peak? The world gold price has increased dramatically and set a new historical peak, but it has also fluctuated strongly. Many people are worried that there will be a deep correction, but many experts predict that gold will reach 92 million VND/tael.