Gold prices today, August 29, 2024, on the world market fell sharply, losing the 2,500 USD/ounce mark; gold rings climbed. Experts commented that China's progress shows its great role and influence in shaping the future of the world gold industry.
LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/29 and EXCHANGE RATE TODAY 8/29
| 1. SJC - Updated: 08/28/2024 08:23 - Website time of supply - ▼ / ▲ 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 | 77,350 ▲50K | 78,600 ▲50K |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 77,350 ▲50K | 78,700 ▲50K |
| Jewelry 99.99% | 77,250 ▲50K | 78,200 ▲50K |
| Jewelry 99% | 75,426 ▲50K | 77,426 ▲50K |
| Jewelry 68% | 50,831 ▲34K | 53,331 ▲34K |
| Jewelry 41.7% | 30,263 ▲21K | 32,763 ▲21K |
Update gold price today 8/29/2024
The domestic price of SJC brand gold remained stable at 79 million VND/tael for buying and 81 million VND/tael for selling. SJC Phu Quy gold: 79 million VND/tael for buying and 81 million VND/tael for selling - recorded by The Gioi va Viet Nam Newspaper at 7:00 p.m. on August 28.
Meanwhile, at the same time, the price of 9999 gold rings is at its highest level ever. Specifically: At SJC Company, the selling price of 9999 gold rings is 78.6 million VND/tael, buying price is 77.35 million VND/tael.
Bao Tin Minh Chau Company increased the selling price of 9999 gold rings to 78.66 million VND/tael, buying at 77.46 million VND/tael. Meanwhile, DOJI Company listed the buying and selling price of gold rings at 77.55 - 78.65 million VND/tael.
Over the past 3 months, the price of SJC gold bars sold by the State Bank has gone through 10 changes, the highest being 80 million VND/tael and the lowest being 75.98 million VND/tael.
The highest gold price sold to people by 4 state-owned commercial banks and SJC Company is 81 million VND/tael and the lowest is 76.98 million VND/tael.
Gold prices fell sharply, losing the $2,500/ounce mark as the dollar rose. Investors are waiting for the important US inflation report due this week to look for more clues on the size of the next interest rate cut in September 2024.
Recorded at 7:20 p.m. on August 28, the world gold price on the Kitco exchange was at 2,497.2 - 2,498.2 USD/ounce, down 26.7 USD compared to the previous trading session.
The market is expecting the start of a rate cutting cycle by the US Federal Reserve (Fed).
According to the CME FedWatch tool, the market is predicting a 66% chance that the Fed will cut interest rates by 25 basis points in September 2024 and a 34% chance of cutting by 50 basis points.
Last week, Fed Chairman Jerome Powell backed the upcoming start of interest rate cuts and expressed confidence that inflation is within reach of the bank's 2% target.
 |
| Gold price today September 29 (Source: Kitco News) |
Summary of SJC gold bar prices at major domestic trading brands at closing times of trading session on the afternoon of August 27 :
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.
China's gold market plays bigger role globally
According to World Gold Council (WGC) CEO David Tait, China's gold market has risen from being a laggard to a leader and is expected to play a larger role globally in the coming years.
Mr. Tait said that thanks to strong economic growth in recent decades, China has gained a leading position in the world gold market.
For 10 consecutive years, the world's second largest economy has been the world's largest consumer of gold. And for 15 consecutive years, it has been the world's leading producer of gold.
“China’s moves demonstrate its growing role and influence in shaping the future of the global gold industry. Its influence will extend beyond its borders, particularly in key sectors and through its own views on responsible mining and supply chains.
The growth of the Chinese gold market is a testament to what can be achieved through reforms,” the WGC CEO stressed.
According to the WGC’s 2024 mid-year outlook, the gold market has had a remarkable year so far, with prices rising 12% in US dollar terms in the first half of the year. This impressive growth has outpaced most other assets, driven by continued central bank purchases, strong consumer demand in Asia, rapidly rising global debt, concerns about currency devaluation and continued geopolitical uncertainty.
These uncertainties continue to underscore gold's role as a safe haven asset and impact the global gold market.
Thanks to increased demand for decentralized transactions, continued purchases by central banks, and slowing outflows from gold exchange-traded funds, gold prices reached a record quarterly average of $2,338/ounce in the second quarter of 2024, up 18% year-on-year.
Following the global gold price increase, the Chinese gold market has shown a divergence in consumption and investment. According to the WGC, in the second quarter of 2024, jewelry demand in the country was the lowest compared to the same period in 2009, at 86 tons, and in the first half of the year, consumption fell 18% to 270 tons.
Meanwhile, investment demand for gold bars and coins increased by 62% to 80 tonnes in the second quarter of 2024, the highest level since 2013. Total investment in the first half of the year increased by 65% to 190 tonnes.
Mr Tait said that as gold prices are expected to continue to rise, the decline in demand for gold jewellery may not last long and investment in gold bars and coins will be maintained due to its great potential.
Meanwhile, analyst Zhou Maohua at China Everbright Bank also said that some factors boosting confidence in the gold market are prices continuously setting new highs, geopolitical concerns, the possibility of major economies lowering interest rates, and central banks continuing to buy gold.
Source: https://baoquocte.vn/gia-vang-hom-nay-2982024-gia-vang-nhan-kich-tran-the-gioi-giam-soc-ky-vong-gi-o-thi-truong-trung-quoc-284173.html
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