Domestic gold price

At the end of the session on August 26, the price of 9999 gold bars at SJC was 79 million VND/tael (buy) and 81 million VND/tael (sell). SJC listed the price of gold rings at 77.3 - 78.55 million VND/tael (buy - sell).

Doji Hanoi listed at 79 million VND/tael (buy) and 81 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 79 million VND/tael and sold at 81 million VND/tael.

Bao Tin Minh Chau listed the price of Golden Dragon gold bars at 77.32-78.52 million VND/tael (buy - sell).

International gold price

Gold price on Kitco floor at 8:30 p.m. (August 26, Vietnam time) was trading at 2,526.9 USD/ounce, up 0.47% compared to the beginning of the session. Gold futures price for December 2024 delivery on Comex New York floor was trading at 2,562.3 USD/ounce.

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World gold is approaching a historic high. Photo: Hoang Ha

At the beginning of the trading session in the US, the world gold price increased, approaching the historical high of 2,531 USD/ounce (set on August 20), due to the demand for safe havens after the military conflict between Israel and Hezbollah last weekend.

In addition, experts say that the gold price increase is not over yet, because the US Federal Reserve (Fed) is about to begin a cycle of easing monetary policy.

Recent moves by the Fed have shown that officials of the US Central Bank have shown their support for a policy pivot at the next meeting. The Fed Chairman emphasized that it is time to cut interest rates. This information continues to create confidence for investors as the direction of gold prices becomes clearer.

Currently, according to the CME FedWatch tool, the market is 36.5% certain that interest rates will be cut by 50 basis points at the monetary policy meeting next month.

Experts say the move to loosen monetary policy will negatively impact the USD, which will support the upward trend of gold prices.

The biggest risk for the precious metals market in the coming period is inflation data, focusing on the US personal consumption expenditure (PCE) index in July. If inflation falls, it will strengthen the case for the Fed to ease monetary policy. Conversely, if inflation rises, it will be a drag on precious metals.

Gold Price Forecast

According to the forecast of senior analyst Jim Wyckoff from Kitco, the current increase in gold is only short-term.

Forex senior market strategist James Stanley predicts that gold prices will trend lower next week. The gold market will see some profit-taking, causing gold to fall below $2,500 an ounce.

But according to Forexlive's Head of Currency Strategy, Adam Button, in the current environment, the downward correction in the gold market will not last long.

Gold price today August 26, 2024 increased continuously, gold rings set a new record high . Gold price today August 26, 2024 on the world market continued to increase slightly. Domestic gold rings were more expensive by 100,000 VND per tael, setting a new record of 78.5 million VND/tael (sold), while SJC gold bars remained the same.