Gold prices today, August 29, 2024, on the world market fell sharply, dropping below the $2,500/ounce mark; gold rings rose. Experts believe that China's progress shows its significant role and influence in shaping the future of the global gold industry.
LIVE UPDATE TABLE OF GOLD PRICES AND EXCHANGE RATES TODAY, AUGUST 29TH
| 1. SJC - Updated: 28/08/2024 08:23 - Time of issue on source website - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 79,000 | 81,000 |
| SJC 5c | 79,000 | 81,020 |
| SJC 2c, 1C, 5 phân | 79,000 | 81,030 |
| SJC 99.99 gold rings, 1 tael, 2 taels, 5 taels. | 77,350 ▲50K | 78,600 ▲50K |
| SJC 99.99 gold rings, 0.3 tael, 0.5 tael | 77,350 ▲50K | 78,700 ▲50K |
| 99.99% Authentic Jewelry | 77,250 ▲50K | 78,200 ▲50K |
| 99% Jewelry | 75,426 ▲50K | 77,426 ▲50K |
| Jewelry 68% | 50,831 ▲34K | 53,331 ▲34K |
| Jewelry 41.7% | 30,263 ▲21K | 32,763 ▲21K |
Gold price update for today, August 29, 2024
Domestic gold prices under the SJC brand remained stable at 79 million VND/ounce for buying and 81 million VND/ounce for selling. SJC Phu Quy gold: 79 million VND/ounce for buying, 81 million VND/ounce for selling - as recorded by The World and Vietnam Newspaper at 7 PM on August 28th.
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/ounce, and the buying price is 77.35 million VND/ounce.
Bao Tin Minh Chau Company increased the selling price of 9999 gold rings to 78.66 million VND/ounce, and the buying price to 77.46 million VND/ounce. Meanwhile, DOJI Company listed the buying and selling prices of gold rings at 77.55 - 78.65 million VND/ounce.
Over the past nearly three months, the price of SJC gold bars sold by the State Bank of Vietnam has fluctuated 10 times, with the highest price being 80 million VND/ounce and the lowest being 75.98 million VND/ounce.
The highest price for gold sold to consumers by the four state-owned commercial banks and SJC Company was 81 million VND/ounce, while the lowest was 76.98 million VND/ounce.
Global gold prices fell sharply, dropping below $2,500 per ounce as the US dollar strengthened. Investors are awaiting the crucial US inflation report, expected this week, to look for further clues about the scale of the next interest rate cut in September 2024.
As of 7:20 PM on August 28th, the world gold price on the Kitco exchange was at 2,497.2 - 2,498.2 USD/ounce, a decrease of 26.7 USD compared to the previous trading session.
The market is anticipating the start of a cycle of interest rate cuts by the US Federal Reserve (Fed).
According to the CME FedWatch tool, the market is anticipating a 66% chance that the Fed will cut interest rates by 25 basis points in September 2024 and a 34% chance of a 50 basis point cut.
Last week, Fed Chairman Jerome Powell endorsed the upcoming start of interest rate cuts and expressed confidence that inflation is within the central bank's 2% target.
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| Gold prices today, September 29th (Source: Kitco News) |
Summary of SJC gold bar prices at major domestic gold trading brands at the closing times of the afternoon trading session on August 27th :
Saigon Jewelry Company: SJC gold bars priced at 79.0 - 81.0 million VND/ounce.
Doji Group: SJC gold bars priced at 79.0 – 81.0 million VND/ounce.
PNJ system: SJC gold bars priced at 79.0 – 81.0 million VND/ounce.
Phu Quy Gold and Silver Group: SJC gold bars: 79.0 – 81.0 million VND/ounce.
The price of SJC gold at Bao Tin Minh Chau is listed at: 79.0 – 81.0 million VND/ounce.
The Chinese gold market plays a larger role globally.
According to David Tait, CEO of the World Gold Council (WGC), the Chinese gold market has risen from a latecomer to a leading position and is projected to play an even larger role globally in the coming years.
Tait argues that, thanks to strong economic growth in recent decades, China has gained a leading position in the global 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 progress demonstrates its significant role and influence in shaping the future of the global gold industry. China's influence will extend beyond its borders, particularly in key sectors, and through its unique perspectives on supply chains and responsible mining practices."
"The development of China's gold market is proof that achievements can be made through reforms," the WGC CEO emphasized.
According to the WGC's mid-2024 outlook report, the gold market has had a remarkable year so far, with its price in USD rising 12% in the first half of the year. This impressive growth has outpaced most other assets, thanks to central banks maintaining gold purchases, strong consumer demand in Asia, rapidly rising global debt, concerns about currency devaluation, and ongoing geopolitical uncertainties.
These uncertainties continue to highlight gold's role as a safe-haven asset and its impact on the global gold market.
Thanks to increased demand for decentralized transactions, central banks continued to buy gold, and the rate of exit from gold exchange-traded funds slowed, gold prices reached a record quarterly average of $2,338 per ounce in Q2 2024, an 18% increase year-on-year.
Following the rise in global gold prices, the Chinese gold market showed 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 decreased by 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 believes that, as gold prices are expected to continue rising, the decline in demand for gold jewelry may not last long, and investment in gold bars and coins will be sustained due to their significant potential.
Meanwhile, analyst Zhou Maohua at China Everbright Bank also suggested that several factors are boosting confidence in the gold market, including continuously setting new highs, geopolitical concerns, the increased likelihood 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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