Massive profit taking, sudden plunge

SJC gold bar price

9999 gold ring price

As of 6:00 a.m., the price of 9999 Hung Thinh Vuong round gold rings at DOJI was listed at 77.55-78.65 million VND/tael (buy - sell), an increase of 100,000 VND/tael for both buying and selling.

Saigon Jewelry Company listed the price of gold rings at 77.35-78.60 million VND/tael (buy - sell), an increase of 50,000 VND/tael in both directions.

In recent sessions, the price of gold rings has often fluctuated in the same direction as the world market. Investors can refer to the world market and expert opinions before making investment decisions.

World gold price

As of 11:25 p.m. on August 28, the world gold price listed on Kitco was at 2,499.6 USD/ounce, down 19.3 USD/ounce.

Gold Price Forecast

World gold prices plummeted amid a sharp increase in the USD index. Recorded at 11:25 p.m. on August 28, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 101.037 points (up 0.58%).

Gold and silver prices fell on increased profit-taking in the futures market, partly due to external factors including a higher US dollar index and lower crude oil prices, according to Kitco. December gold fell $14.70 an ounce to $2,538.20 an ounce.

It is worth noting that the risk appetite of investors and traders has increased, which is also a negative factor for the safe-haven metal. Tensions in the Middle East remain high but have not escalated as many people thought.

In addition to seeing a strong dollar index, Nymex crude oil prices are lower today, trading around $74.25 a barrel. The benchmark 10-year US Treasury note is currently yielding 3.812%.

Precious metals are still receiving some support, including the US Federal Reserve's (FED) interest rate normalization pivot.

According to the CME FedWatch tool, the market is pricing in a 66% chance of a 25 basis point rate cut by September 2024 and a 34% chance of a 50 basis point cut. Last week, Fed Chairman Jerome Powell supported the start of the upcoming rate cuts and expressed confidence that inflation is within reach of the bank's 2% target.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-sang-298-o-at-chot-loi-bat-ngo-lao-doc-1386289.ldo