At the end of the session on August 29, the price of 9999 gold bars at SJC remained at 79-81 million VND/tael (buy - sell), while the price of gold rings remained at a historical peak of 77.4-78.65 million VND/tael (buy - sell).

At Doji Hanoi and Ho Chi Minh City, gold bar prices are also listed at the same level above, unchanged for nearly ten days.

Bao Tin Minh Chau listed the price of Golden Dragon gold bars at 77.46-78.66 million VND/tael (buy - sell).

Gold price on Kitco floor at 9:00 p.m. (August 29, Vietnam time) was trading at 2,506.9 USD/ounce, down 0.1% compared to the beginning of the session. Gold futures price for December 2024 delivery on Comex New York floor was trading at 2,554.2 USD/ounce.

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US unemployment benefit applications fall, making gold less attractive: Photo: Hoang Ha

At the beginning of the trading session on August 29 (US time), the world gold price fell nearly 2,500 USD/ounce after the US announced that it had reached 231,000 applications for unemployment benefits, down from the initial estimate of 233,000.

The data shows that US inflation is under control, increasing the possibility that the US Federal Reserve will cut interest rates by 50 basis points lower than expected. This will be unfavorable for gold prices.

In addition, gold is still under pressure from the gradually strengthening USD. At the same time, profit-taking pressure from investors has also caused gold to lose its investment advantage in recent times.

Investors are now focusing on US inflation data released at the end of the week to find a clearer direction for gold. According to experts, this wait-and-see attitude has also slowed down gold buying, even pulling down gold prices in the remaining sessions of the week.

Some experts said that if inflation data is released, it will further strengthen the case for a less drastic interest rate cut by the Fed at its September meeting.

However, most experts believe that in the long term, the Fed's move to lower interest rates, combined with central banks' net buying of gold and continued geopolitical tensions in the Middle East, act as fundamental factors for gold's price increase.

Gold Price Forecast

According to CME's FedWatch tool, the market is pricing in a 66.5% chance of a 25 basis point cut in US interest rates and a 34.5% chance of a 50 basis point cut in September.

Gold is likely to trade sideways or slightly lower and could only see strong volatility when US inflation data is released, said David Meger, director of metals trading at High Ridge Futures.

Experts said that China's gold imports started to increase by 17% in July, marking the first increase since March, which is also good news and important support for the world gold market.

Gold price today August 29, 2024 in the country increased rapidly, the world is near the historical peak . Gold price today August 29, 2024 in the world continued to increase rapidly again, maintaining the threshold of 2,500 USD/ounce. Domestic gold ring price continuously set new high records, SJC gold bars remained unchanged.