Gold price developments today show that domestic gold rings this morning were adjusted up, setting a new record.
Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 77.4-78.65 million VND/tael (buy - sell), an increase of 100 thousand VND/tael in both buying and selling compared to the end of yesterday's trading session.
Doji Gold and Gemstone Group also increased by 100,000 VND/tael in both buying and selling prices compared to the closing price of yesterday's trading session, listing the price of 9999 round gold rings at 77.55-78.65 million VND/tael (buy - sell).
Opening the trading session on August 28 , the price of SJC 9999 gold remained unchanged compared to the closing session yesterday, at 81 million VND/tael (selling).
The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:27 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:36 a.m. as follows:
| Buy | Sell | |
| SJC HCMC | 79,000,000 VND/tael | 81,000,000 VND/tael |
| Doji Hanoi | 79,000,000 VND/tael | 81,000,000 VND/tael |
| Doji HCMC | 79,000,000 VND/tael | 81,000,000 VND/tael |
SJC and Doji gold price list updated early morning August 28
At the end of the trading session on August 27, 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
The central exchange rate on August 28, 2024 announced by the State Bank is 24,212 VND/USD, down 12 VND compared to the previous trading session. The USD price at commercial banks this morning (August 28) was commonly listed at 24,630 VND/USD (buy) and 25,000 VND/USD (sell).
At 8:40 a.m. today (August 28, Vietnam time) , the world spot gold price was at 2,520 USD/ounce, up 9 USD/ounce compared to last night. The price of gold futures for December 2024 on the Comex New York floor was at 2,555.8 USD/ounce.
On the morning of August 28 , the world gold price converted to USD bank price was over 76.7 million VND/tael, including tax and fees, about 4.3 million VND/tael lower than the domestic gold price.
As of 8:10 p.m. on August 27 (Vietnam time), the spot gold price today on the world market was at $2,511/ounce. Gold for December 2024 delivery on the Comex New York floor was at $2,547/ounce.
The world gold price on the night of August 27 was about 21.7% higher (448 USD/ounce) than at the end of 2023. The world gold price converted to the bank USD price was 76.4 million VND/tael, including taxes and fees, about 4.6 million VND/tael lower than the domestic gold price as of the end of the afternoon session on August 27.
World gold prices are on a downward trend due to high profit-taking pressure as this commodity has just reached a historical peak. However, large cash flows are forecast to be pouring in at any time, prices may set a new record.
World gold prices tend to slow down after a strong surge from the end of last week, from 2,480 USD/ounce recorded on August 22 to 2,528 USD/ounce in the first session of the week, August 26.
The spot gold price then fell back to $2,500/ounce. However, strong bottom-fishing demand helped the precious metal stay above this threshold.
Gold prices surged in the first session of the week after Federal Reserve Chairman Jerome Powell delivered a historic speech at the Jackson Hole conference, marking a reversal in US monetary policy.
Accordingly, Mr. Jerome Powell signaled that "it is time to adjust policy", reducing interest rates to support the economy.
Inflation has been moving closer to the 2% target, Mr. Powell said, while expressing concerns about the US labor market.
The USD immediately fell sharply, thereby pushing up gold prices.
There is no strong enough catalyst to push the commodity higher yet, while investors are cautiously considering how hawkish the Fed will be and how much the US central bank will cut interest rates in the remaining months of 2024.
Caution and profit-taking pressure could be factors that prevent gold from continuing its upward momentum.
However, many recent forecasts show that the medium and long-term trend of gold is still quite bright. Demand for this commodity is forecast to increase further.
China is expected to soon return to net buying of gold in the context of the rapid decline of the US dollar and Beijing's strategy to reduce the proportion of the greenback in its foreign exchange reserves.
Moreover, the peak season for gold consumption is also coming. Demand for gold jewelry in the last months of the year is usually high in China and India. India recently reduced import tax on gold. This is a move that contributes to increasing demand for this item.
Many large ETF funds in the world have recently increased their net gold purchases.
Citi Bank recently forecast that spot gold prices will average $2,550/ounce in the fourth quarter of 2024.
According to technical analysis, gold prices are still showing a strong upward trend in the short term. The strong resistance level is 2,600 USD/ounce, and the closer level is 2,554.5 USD/ounce. Meanwhile, the very strong support level is 2,475 USD/ounce.
Domestically, the price of gold rings is high. The price of 9999 gold rings at SJC Company as well as at some other businesses is sold at around 78.5-78.6 million VND/tael. The selling price of SJC gold bars is at 81 million VND/tael.
Source: https://vietnamnet.vn/gia-vang-hom-nay-28-8-2024-vang-nhan-lap-dinh-cao-moi-the-gioi-tang-vot-2316167.html
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