Gold prices today, August 25, 2024, are rising sharply. Experts and retail investors alike believe the precious metal will surpass its recently established all-time high. The $3,000/ounce mark is not far off. Gold ring prices are also increasing.
LIVE UPDATE TABLE OF GOLD PRICES AND EXCHANGE RATES TODAY, AUGUST 25TH
| 1. SJC - Updated: 23/08/2024 08:16 - 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. | 77,100 ▲100K | 78,400 ▲100K |
| SJC 99.99 gold rings, 0.3 tael, 0.5 tael | 77,100 ▲100K | 78,500 ▲100K |
| 99.99% Authentic Jewelry | 76,950 ▲100K | 77,950 ▲100K |
| 99% Jewelry | 75,178 ▲99K | 77,178 ▲99K |
| Jewelry 68% | 50,661 ▲68K | 53,161 ▲68K |
| Jewelry 41.7% | 30,158 ▲41K | 32,658 ▲41K |
Gold price update for today, August 25, 2024
Domestic gold prices fluctuated sharply last week.
On Monday morning, August 19th, domestic gold ring prices saw a slight decrease, while SJC gold bar prices remained unchanged. Specifically, Saigon Jewelry Company (SJC) announced the selling price of SJC gold bars at 78-80 million VND/ounce (buy-sell), maintaining the same listed price for both buying and selling compared to the closing price of the previous weekend. DOJI Gold and Jewelry Group listed gold ring prices at 76.85-78.2 million VND/ounce (buy-sell), a decrease of 150,000 VND/ounce in the buying price and 200,000 VND/ounce in the selling price compared to the previous day's closing price.
After three volatile trading sessions mid-week, on the morning of August 23rd, following the downward trend of world gold prices, domestic gold ring prices saw a slight decrease, while SJC gold bar prices remained stable. Specifically, Saigon Jewelry Company (SJC) announced the selling price of SJC gold bars at 79 - 81 million VND/ounce (buy - sell), maintaining the same listed price for both buying and selling compared to the previous day's closing price. DOJI Gold and Jewelry Group listed gold ring prices at 77 - 78.2 million VND/ounce (buy - sell), a decrease of 150,000 VND/ounce for both buying and selling compared to the previous day's closing price.
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| Gold prices today, August 25, 2024. (Source: Shutterstock) |
Summary of SJC gold bar and gold ring prices at major domestic gold trading brands at the close of trading on August 24th:
Saigon Jewelry Company: SJC gold bars 79.0 – 81.0 million VND/ounce; SJC gold rings 77.1 – 78.4 million VND/ounce.
Doji Group: SJC gold bars 79.0 – 81.0 million VND/ounce; 9999 gold rings (Hung Thinh Vuong brand) 77.2 – 78.4 million VND/ounce.
PNJ system: SJC gold bars at 79.0 – 81.0 million VND/ounce; PNJ 999.9 plain gold rings at 77.2 – 78.4 million VND/ounce.
Phu Quy Gold and Silver Group: SJC gold bars: 79.0 – 81.0 million VND/ounce; Phu Quy 999.9 round gold rings: 77.15 – 78.45 million VND/ounce.
The price of SJC gold at Bao Tin Minh Chau is listed at: 79.0 – 81.0 million VND/ounce; the Thang Long Dragon gold brand is trading at 77.23 – 78.43 million VND/ounce; and the price of gold jewelry is trading at 76.40 – 78.20 million VND/ounce.
Thus, compared to the August 23rd session, the price of gold rings from Doji Group on August 24th increased by 200,000 VND/ounce in both buying and selling prices, while the price of SJC gold bars remained unchanged.
According to World & Vietnam Newspaper , at 3:54 PM on August 24th (Vietnam time), the world gold price at goldprice.org was 2,512.8 USD/ounce, an increase of 24.8 USD/ounce compared to the previous trading session.
Based on the USD exchange rate at Vietcombank on August 24th, 1 USD = 25,150 VND, the world gold price is equivalent to 76.14 million VND/ounce, which is 4.6 million VND/ounce lower than the selling price of SJC gold.
Global gold prices rose more than 1% in this week's final trading session, as the US dollar and US government bond yields fell following Federal Reserve Chairman Jerome Powell's speech signaling a possible interest rate cut in September.
At the close of trading on Friday, August 23, spot gold prices rose 1.2% to $2,511.91 per ounce, but remained below the record high of $2,531.60 per ounce recorded on August 20. Gold futures also rose 1.2% to $2,546.30 per ounce.
The US dollar index fell 0.8% against a basket of major currencies, and the yield on 10-year US Treasury bonds also declined after Powell's speech, making gold more attractive to holders of other currencies.
Tai Wong, an independent metals trader in New York, commented: “Gold will rise ahead of the Fed’s September meeting, and the dot plot (a chart recording each Fed official’s updated short-term interest rate forecast) will show how many rate cuts are possible this year.”
Gold prices have risen more than 20% year-to-date and are on track for their strongest annual gain since 2020. This surge is being driven by strong gold purchases by central banks, high demand in China, and safe-haven demand amid geopolitical uncertainty.
According to data from the World Gold Council as of May 2024, the country holding the most gold is the United States, with 8,133 tons worth $628 billion. Germany ranks second with 3,351 tons, followed by Italy with 2,452 tons.
In the first half of 2024, central banks purchased 483 tonnes of gold – a new record high. Turkey was the largest buyer of gold in the first half of the year, with a total purchase of 45 tonnes. India ranked second, buying a total of 37 tonnes of gold in the first six months.
China is typically the world's leading gold buyer, but has recently slowed its purchases of the precious metal, pausing buying activity in May and June. Prior to this, the People's Bank of China (PBoC, the central bank) had increased its gold reserves for 18 consecutive months.
According to Mr. Doshi, the price of gold could surge to $2,600 per ounce by the end of this year and $3,000 per ounce by the middle of next year. The world's largest gold exchange-traded fund, SPDR Gold Trust GLD, reported that as of August 19th, its gold holdings had increased to 859 tons, the highest level in seven months.
Kitco News ' latest weekly gold survey shows that the majority of industry experts and retail investors believe gold will rise above its recent all-time high this week.
"Gold hit a record high on Tuesday at nearly $2,531.75 per ounce in the spot market and consolidated for the rest of the week," said Marc Chandler , General Manager at Bannockburn Global Forex. "The lowest point of the week was set on Thursday, slightly below $2,471 per ounce."
“Higher,” said Adam Button , director of currency strategy at Forexlive.com. “There’s no point in fighting the uptrend.”
Meanwhile, Darin Newsom , senior market analyst at Barchart.com, believes gold prices will trend lower in the coming days. “The market will maintain its downward trend for another week based on the idea that the short-term trend for December gold (the chart only shows daily closing prices) has declined,” he said. “The downside target is near $2,493/ounce.”
Kevin Grady , President of Phoenix Futures and Options, said the gold market is fully focused on the expected Fed interest rate cut. He said, “You’ve seen central banks buying… You have a fresh, ripe environment for gold. I think gold will reach new highs in the future.”
This week, 12 analysts participated in the Kitco News Gold Survey, with the majority on Wall Street predicting gold prices will rise above this week's new record high. Seven experts, or 58%, expect gold prices to rise next week, while two analysts, or 17%, believe gold prices will fall next week. The remaining three experts, representing 25% of the total, predict the price of the precious metal will fall sideways.
Meanwhile, 225 votes were cast in Kitco's online poll, with Main Street investors more optimistic on average than other experts. 146 retail traders, or 65%, expect gold prices to rise next week. Another 41, or 18%, expect the price of the yellow metal to fall, while the remaining 38 respondents, representing 17%, see prices consolidating next week.
James Stanley , senior market strategist at Forex.com, believes gold prices will trend lower next week. He said: "I think we'll see some profit-taking and a pullback to test below $2,500/ounce, but I don't expect any sustained downtrend at this point. More pullback than reversal."
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