Gold price movements today show that domestic gold rings fluctuated little this morning.

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), unchanged from the closing price of yesterday's trading session.

At the beginning of the trading session on August 30 , 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 8:29 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at the end of August 29 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 30

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).

The central exchange rate on August 30, 2024 announced by the State Bank is 24,224 VND/USD, an increase of 3 VND compared to the previous trading session. The USD price at commercial banks this morning (August 30) was commonly listed at 24,680 VND/USD (buy) and 25,050 VND/USD (sell).

At 8:38 a.m. today (August 30, Vietnam time) , the world spot gold price was at 2,518 USD/ounce, up 11.1 USD/ounce compared to last night. The price of gold futures for December 2024 on the Comex New York floor was at 2,552.4 USD/ounce.

On the morning of August 30 , the world gold price converted to USD bank price was nearly 76.8 million VND/tael, including tax and fees, about 4.2 million VND/tael lower than the domestic gold price.

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.

The US has the largest gold reserves, Russia and China rush to buy cheap gold before the fever, Southeast Asia is indifferent? The US is number 1 in the world in terms of gold holdings. Russia, China and India rushed to buy gold before the price jumped to a historic peak. How do Southeast Asian countries respond to gold imports and reserves?