Domestic gold price

At the close of trading on August 22, Saigon Jewelry Company Limited (SJC) listed the price of 9999 gold bars at VND79 million/tael (buy) and VND81 million/tael (sell). Meanwhile, the price of gold rings was VND77.1-78.4 million/tael (buy - sell), a record high ever.

The price of gold bars at Doji Hanoi and Ho Chi Minh City is similar to the listed price of gold bars at SJC.

The price of Dragon Gold bars is listed by Bao Tin Minh Chau at 77.08-78.38 million VND/tael (buy - sell).

International gold price

The price of gold on the Kitco floor at 8:30 p.m. (August 22, Vietnam time) was trading at $2,495.1/ounce, down 0.71% 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 $2,534.3/ounce.

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The sell-off sentiment caused gold prices to fall. Photo: Kitco

At the beginning of the trading session on August 22 (US time), world gold prices decreased slightly due to cautious sentiment in the market before the upcoming Jackson Hole meeting of the US Federal Reserve (Fed), leading to profit-taking activities of investors.

Gold prices remained hovering around all-time highs, after minutes of the Fed’s latest meeting showed US central bank officials were inclined to favor a rate cut at its September policy meeting.

Markets are looking forward to Fed Chairman Jerome Powell's keynote speech at the Jackson Hole symposium later in the week for further clues on the pace of rate cuts.

Besides exploring interest rate policy, investors are waiting for Mr. Powell's comments on the US economy ; from there, there will be a direction for investment flows into secured assets such as gold.

Many experts recommend that investors should be cautious during this sensitive time of the market, when many US economic and employment data will be released this week as well as before the Fed's meeting in September.

Gold Price Forecast

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

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

In the market, the forecast for the Fed to cut interest rates for the first time in September is up to 100%. There are 70% forecasts for the Fed to cut 25 basis points and 30% forecast the Fed to cut 50 basis points.