Gold price today August 27, 2023, Gold price increased rapidly, the worst day is over, a new wind is about to welcome, SJC gold increased strongly

Gold price today August 27, 2023, gold price increased sharply, the market maintained its resilience in the face of headwinds. However, the precious metal is still stuck in "wait and see" mode. In a complex environment, gold's growth momentum may be limited. SJC gold price increased sharply.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/27 and EXCHANGE RATE TODAY 8/27

1. PNJ - Updated: August 27, 2023 01:00 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	56,100	57,100
HCMC - SJC	67,300	67,950
Hanoi - PNJ	56,100	57,100
Hanoi - SJC	67,300	67,950
Da Nang - PNJ	56,100	57,100
Da Nang - SJC	67,300	67,950
Western Region - PNJ	56,100	57,100
Western Region - SJC	67,600	68,050
Jewelry gold price - PNJ rings (24K)	56,100	57,000
Jewelry Gold Price - 24K Jewelry	55,900	56,700
Jewelry Gold Price - 18K Jewelry	41,280	42,680
Jewelry Gold Price - 14K Jewelry	31,920	33,320
Jewelry Gold Price - 10K Jewelry	22,340	23,740

Domestic gold prices increased sharply last week.

Opening the first trading session of the week on August 21, domestic gold prices were adjusted by businesses in a slightly downward trend. In the Hanoi market, SJC gold prices were listed by Saigon Jewelry Company at VND67.05 - 67.67 million/tael (buy - sell), up VND50,000/tael for buying and down VND50,000/tael for selling compared to the previous closing session.

After 3 sessions of strong fluctuations in the middle of the week, by the session of August 25, in the Hanoi market, the price of SJC gold was listed by Saigon Jewelry Company at 67.25 - 67.87 million VND/tael (buy - sell), down 100 thousand VND/tael in both buying and selling compared to the previous session's closing price.

At the end of the week on August 26, Saigon Jewelry Company listed the price of SJC gold at 67.35 - 68.05 million VND/tael.

Thus, compared to the first session of the week on August 21 (at 67.05 - 67.67 million VND/tael), the price of SJC gold in the Hanoi market of Saigon Jewelry Company at the end of the week on August 26 increased by 300 thousand VND/tael for buying and increased by 380 thousand VND/tael for selling.

Gold price today August 27, 2023, Gold price increased like 'possessed', the worst day is over, about to welcome a new wind, SJC gold increased strongly. (Source: Kitco News)

World gold prices also increased sharply this week after 4 consecutive weeks of decline. However, at the end of the week, August 25, gold prices decreased due to the strengthening of the USD.

At the end of the week on August 25, the price of gold for December delivery decreased by 7.2 USD, or 0.4%, to 1,939.9 USD/ounce.

According to the World & Vietnam , the world gold price closed the trading week (August 25) on the Kitco floor at 1,915.8 USD/ounce.

Summary of SJC gold prices at major domestic trading brands at the closing time of August 26:

Saigon Jewelry Company listed the price of SJC gold at 67.35 - 68.05 million VND/tael.

Doji Group currently lists the price of SJC gold at: 67.2 - 68.1 million VND/tael.

PNJ system listed at: 67.3 - 67.95 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 67.45 - 67.98 million VND/tael; Rong Thang Long gold brand is traded at 56.13 - 56.98 million VND/tael; jewelry gold price is traded at 55.60 - 56.80 million VND/tael.

Converted according to the USD price at Vietcombank on August 26, 1 USD = 24,150 VND, the world gold price is equivalent to 55.74 million VND/tael, 12.31 million VND/tael lower than the selling price of SJC gold.

Gold prices await catalyst

The gold market remains resilient in the face of significant headwinds. However, according to some analysts, the precious metal is in dire need of a catalyst to push prices out of the current downtrend.

After four straight weeks of declines, gold prices ended the week with gains. December gold futures last traded at $1,9410.90 an ounce, up 1.27%.

Despite the gains, analysts note that the gold market is generally stuck in “wait and see” mode and next week’s economic data could create some serious volatility.

US economic data continues to play a key role in gold market sentiment, with the Federal Reserve indicating that it will keep interest rates higher for longer as healthy economic activity continues to support a tightening labor market.

Fed Chairman Powell reiterated that stance on August 25 in a speech at the Jackson Hole central banking symposium. While he did not provide much new information, Powell reiterated the Fed’s view of reducing inflation to its 2% target.

“We are navigating by the stars under a cloudy sky. In such circumstances, it is important to consider risk management. At our upcoming meetings, we will assess our progress in light of the overall economic data and the evolving outlook and risks,” Mr. Powell stressed.

Weak data centered on the Sept. 1 nonfarm payrolls report could breathe new life into the precious metal, sending an early signal that the central bank’s tightening cycle is over, said Phillip Streible , chief market strategist at Blue Line Futures. However, he added, the market has some significant hurdles to clear.

“Even if the market turns around, investors may still hesitate to return. They will be more cautious on gold in the near term. The precious metal needs to break above $1,971 an ounce to turn neutral, but it cannot even break above the resistance level of $1,951 an ounce.”

While some analysts described Mr Powell's statement as “dull”, they pointed out that the status quo remains a complicated environment for gold.

Gold's upside could be limited in the near term, said Craig Erlam , senior market analyst at OANDA.

“The comments from Powell did not put traders at ease and they are increasingly forced to accept higher rates for longer, which again strengthens the dollar and puts pressure on gold. Currently, the precious metal is still above $1,900 an ounce. Clearly, the Fed is far from done tightening,” said Craig Erlam.

With bond yields holding near 15-year highs, gold prices are likely to be much lower, said Christopher Vecchio , head of futures and forex at Tastylive.com .

However, he said he suspected growing economic uncertainty in China and the threat of stagflation in Europe were helping support safe-haven demand for gold.

“The Chinese government is going to have to throw a lot of money at investments that aren’t working,” he said. “This uncertainty is helping to put a floor under gold and silver. I think the worst days for gold and silver are behind us. The market isn’t ready to go higher, but I expect prices to trend around $1,900 for a while.”

Any signs of economic weakness could convince the US central bank that it does not need to raise interest rates further, Mr Vecchio added.

Although the US August employment report will not be released until September 1, some prominent economic data reports will be released next week, such as: consumer confidence index, ADP private payrolls, preliminary first-quarter GDP, core PCE index, personal income and spending, and weekly unemployment claims.

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