Gold prices are high, investors are used to the "roller coaster", gold is in a "ripe, clean" environment

Gold prices today, August 26, 2024, are high, with positive signs as central banks are buying and investors are enjoying a "ripe, healthy" environment. Experts see a new high ahead.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/26 and EXCHANGE RATE TODAY 8/26

1. SJC - Updated: 08/23/2024 08:16 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L, 1KG	79,000	81,000
SJC 5c	79,000	81,020
SJC 2c, 1c, 5c	79,000	81,030
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	77,100	78,400
SJC 99.99 gold ring 0.3 chi, 0.5 chi	77,100	78,500
Jewelry 99.99%	76,950	77,950
Jewelry 99%	75,178	77,178
Jewelry 68%	50,661	53,161
Jewelry 41.7%	30,158	32,658

Update gold price today 8/26/2024

Domestic gold prices recorded SJC gold bars remaining unchanged at VND79 million for buying and VND81 million for selling for many days. However, compared to last weekend, each tael of gold bar increased by VND1 million.

Meanwhile, 9999 gold bars fluctuated up and down but ended the week flat. Specifically, SJC Company bought 4-number-9 gold rings at 77.1 million VND and sold at 78.4 million VND, an increase of 100,000 VND in buying compared to the end of last week, but the selling price remained unchanged.

The price of 4-number 9 gold at Bao Tin Minh Chau Company increased by 150,000 VND in buying price after a week, up to 77.23 million VND, and the selling price increased by 50,000 VND, up to 78.43 million VND.

World gold prices ended the trading session on the weekend of August 23, spot gold prices increased by 1.2% to 2,511.91 USD/ounce, but lower than the record high of 2,531.60 USD/ounce recorded on August 20. Gold futures prices also increased by 1.2% to 2,546.30 USD/ounce.

Gold prices surged last week when the US Federal Reserve (Fed) signaled its readiness to cut interest rates for the first time in September. Investors expect the Fed to cut interest rates by 0.5 percentage points in its first rate cut. The market even hopes to cut interest rates by 0.75 points or 1 percentage point this year.

The above information caused the USD to plummet when the DXY index fell deeply to 100.6 points and caused the world gold price to skyrocket.

Gold price today August 26, 2024: Gold price is anchored high, investors are used to the 'roller coaster', gold is in a 'ripe, clean' environment. (Source: Market Watch)

Summary of SJC gold bar and gold ring prices at major domestic trading brands at the closing time of August 25:

Saigon Jewelry Company: SJC gold bars 79.0 - 81.0 million VND/tael.

Doji Group: SJC gold bars 79.0 - 81.0 million VND/tael.

PNJ system: SJC gold bars 79.0 - 81.0 million VND/tael.

Phu Quy Gold and Silver Group: SJC gold bars: 79.0 - 81.0 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 79.0 - 81.0 million VND/tael.

New highs are ahead for gold

Precious metals investors embarked on a familiar roller coaster ride last week. Spot gold opened the week trading around $2,505 an ounce, then fell sharply before slowly and steadily rising over the weekend.

The latest Kitco News weekly gold survey shows that a majority of both industry professionals and retail investors believe that gold will rise above its recent all-time high this week.

Gold hit a record high of nearly $2,531.75 an ounce in the spot market and held steady for the rest of the week, with the low of the week just below $2,471 an ounce, said Marc Chandler, managing director at Bannockburn Global Forex.

“The yellow metal could make new highs. My outlook for the US dollar and rates suggests that gold could see a period of consolidation. Initial support could be in the 2,460-2,470 area,” Chandler added.

Meanwhile, Adam Button, head of currency strategy at Forexlive.com, asserted: “There is no sense in fighting the rally.”

Darin Newsom, senior market analyst at Barchart.com, sees gold prices trending lower in the coming days.

“I will hold this line for another week based on the idea that the short-term trend in December gold has turned down. The downside target is near $2,493 an ounce,” he said.

The gold market is focused entirely on the expected Fed rate cut, and for good reason, said Kevin Grady, president of Phoenix Futures and Options.

“They’re talking about cutting rates,” he said. “Now we’re starting to see a 55% chance that the Fed could cut 50 basis points instead of a quarter, but I think rates are coming down.

Central banks are buying gold and investors are getting a ripe, clean environment for gold. I think new highs are ahead for gold."

Gold's performance even in a high-interest-rate environment means the precious metal will move higher when rates start to fall, the expert added.

“We’ve been waiting for this and gold has been holding steady all this time, even with all the Fed meetings where you don’t get a rate cut. I think right now is the best time for gold. It’s like a ‘perfect storm’ in a positive way for gold, so I think you’re going to see higher prices,” the president of Phoenix Futures and Options predicted.

This week, 12 analysts participated in the Kitco News Gold Survey, with the majority of Wall Street seeing potential gains above this week’s new all-time high. Seven experts, or 58%, expect gold prices to rise next week, while two analysts, or 17%, see gold trading lower next week. The remaining three experts, or 25%, see the precious metal trading sideways.

Meanwhile, 225 votes were cast in Kitco’s online poll, with Main Street investors more bullish on balance than their professional counterparts. 146 retail traders, or 65 percent, predict gold prices will rise next week. Another 41, or 18 percent, predict the yellow metal will trade lower. Meanwhile, 38, or 17 percent, see prices holding steady next week.

Source: https://baoquocte.vn/gia-vang-hom-nay-2682024-gia-vang-neo-cao-nha-dau-tu-da-quen-voi-tau-luon-sieu-toc-vang-o-moi-truong-chin-muoi-trong-lanh-283816.html