Domestic gold price

At the end of the trading session on August 28, 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

International gold price

As of 8:30 p.m. on August 28 (Vietnam time), the spot gold price today on the world market was at $2,507/ounce. Gold for December 2024 delivery on the Comex New York floor was at $2,543/ounce.

The world gold price on the night of August 28 was about 21.5% higher (444 USD/ounce) than at the end of 2023. The world gold price converted to the bank USD price was 76.3 million VND/tael, including taxes and fees, about 4.7 million VND/tael lower than the domestic gold price as of the end of the afternoon session on August 28.

The world gold price fell sharply and then rose quickly again, now not far from its historical peak. The world gold market is in a period of intense fluctuations after reaching its historical peak in the first session of the week. Profit-taking selling pressure is high as the world gold price is above the threshold of 2,500 USD/ounce.

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Gold ring prices continuously set new peaks. Photo: HH

Gold was also under pressure as the US dollar rebounded after plunging last week. The DXY index, which measures the volatility of the US dollar, rose back to 101.12 points, compared to 100.8 points on August 23 after the statement of "time to reverse monetary policy" by US Federal Reserve Chairman Jerome Powell at the Jackson Hole conference. At the end of April, the DXY was at 106.25 points and on July 9 it was above 105 points.

Gold was also under pressure to take profits as tensions in the Middle East remained high but did not escalate as many feared. Furthermore, Iran did not retaliate after the assassination of Hamas political leader Ismail Haniyeh in Iran.

On Kitco, experts said that Iran does not want to directly attack Israel because that would mean giving Israel the green light with its superior air force to attack and destroy Iran's important nuclear facilities. Israel is said to be waiting for a legitimate excuse to weaken Iran's nuclear capabilities.

Gold Price Forecast

Investors are now waiting for the Fed's first rate cut, expected at its September meeting. The market is also looking at how much the Fed is likely to cut interest rates this year.

Gold is also forecast by many major organizations to increase following the Fed's interest rate cut for the rest of this year as well as in 2025.

The People’s Bank of China (PBoC) has stopped buying gold in the past three months. However, China is expected to return to buying gold soon as the US dollar depreciates rapidly and Beijing continues to reduce the proportion of the greenback in its foreign exchange reserves. Many large ETFs in the world have recently increased their net buying of gold.

Domestically, the price of gold rings has continuously reached new peaks. The price of 9999 gold rings at SJC Company as well as at some other businesses is sold at around 78.6-78.65 million VND/tael, about 2.3 million VND/tael higher than the converted world gold price. The selling price of SJC gold bars has remained unchanged at 81 million VND/tael in the past several sessions.

Gold price hits record high: Will it reverse or skyrocket to a new peak? The world gold price has increased dramatically and set a new historical peak, but it has also fluctuated strongly. Many people are worried that there will be a deep correction, but many experts predict that gold will reach 92 million VND/tael.