Gold price today August 24: Gold rings set a new record but buyers still lose money

Domestic gold prices skyrocketed to a new record at the end of the week. Specifically, Saigon Jewelry Company - SJC bought gold bars at VND125.6 million/tael and sold at VND126.6 million, an increase of VND2.1 million compared to the end of last week. The difference between buying and selling prices remained at VND1 million/tael as at the end of last week. This helped gold bar buyers earn a profit of VND1.1 million per tael after a week.

Similarly, the 4-number-9 gold ring at SJC Company also reached a historical peak when buying at 118.5 million VND, selling at 121 million VND, an increase of 1.9 million VND after a week. However, the difference in buying and selling prices of gold rings at SJC remained at 2.5 million VND per tael, so buyers after a week still lost 600,000 VND. Particularly at many other companies such as Bao Tin Minh Chau Company, the difference in buying and selling prices of gold rings was fixed at 3 million VND/tael, causing buyers to still lose 900,000 VND even though the selling price reached a record of 121.7 million VND...

Gold price hits record high but gold ring buyers still suffer losses (PHOTO: NGOC THANG)

The world gold price also skyrocketed to $3,370.3/ounce, $36.2 higher than last weekend. The precious metal jumped after the speech of the Chairman of the US Federal Reserve (Fed) Jerome Powell at the Jackson Hole Symposium, raising investors' expectations that the Fed will soon cut interest rates.

Many experts and investors believe that the gold price increase will continue. In a Kitco News survey of 13 analysts on the trend next week, no one predicted a decrease. Meanwhile, 8 people, equivalent to 62%, said it would increase and the remaining 5 people, equivalent to 38%, said gold would go sideways. Similarly, in an online Main Street survey of 194 individual investors, 115 people, or 63%, predicted gold prices would increase. On the contrary, 35 people, equivalent to 18%, said gold would go down and the remaining 44 investors, equivalent to 23%, said the precious metal would go sideways./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/gia-vang-hom-nay-2482025-vang-nhan-lap-ky-luc-moi-nhung-nguoi-mua-van-lo-185250824070615767.htm

Source: https://baolongan.vn/gia-vang-hom-nay-24-8-vang-nhan-lap-ky-luc-moi-nhung-nguoi-mua-van-lo-a201253.html