Soaring sharply, massive buying spree.

World gold prices surged to the $2,500/ounce mark. (Illustration photo: Phan Anh)

SJC gold bar price

SJC gold bar prices at the beginning of the morning on August 24th. Unit: Million VND/ounce.

Recent SJC gold bar prices. Source: Rong Viet Online Services Joint Stock Company (VDOS).

Price of 9999 gold rings

As of 6:00 AM, the price of 9999 Hung Thinh Vuong gold rings at DOJI was listed at 77.1-78.3 million VND/ounce (buying price - selling price); a decrease of 50,000 VND/ounce in both buying and selling prices compared to the closing price of the previous trading session.

Saigon Jewelry Company listed the price of gold rings at 77 - 78.3 million VND/ounce (buying price - selling price); a decrease of 100,000 VND/ounce in both buying and selling prices compared to the closing price of the previous trading session.

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

World gold prices

As of 0:30 AM on August 24th, the world gold price listed on Kitco was at $2,511.9 USD/ounce, a sharp increase of $29.1 USD/ounce compared to the beginning of yesterday morning.

World gold price trends. Source: Kitco

Gold price forecast

Global gold prices fell sharply amid a rise in the US dollar index. At 0:30 AM on August 24th, the US Dollar Index, which measures the fluctuations of the greenback against six major currencies, stood at 100.6 points (down 0.79%).

According to Kitco, gold prices surged after the Chairman of the US Federal Reserve (FED0), Jerome Powell, declared that "now is the time to adjust monetary policy."

As expected by the market, the Fed chairman signaled that the central bank was ready to ease interest rates.

In his highly anticipated speech at the Jackson Hole Central Bank Symposium, Powell said that the risk of rising inflation had decreased and the risks to the labor market had increased.

"It's time for policy adjustments. The direction is clear. The timing and pace of interest rate cuts will depend on input data, development prospects, and the balance of risks," he said in his speech.

The gold market saw a massive wave of buying ahead of Powell's comments. December gold futures were last trading at $2,551.60 per ounce, up more than 1% on the day.

Previously, Han Tan, a market analyst at Exinity Group, predicted that if the Fed chairman expressed more confidence about cutting interest rates in September, such dovish signals would trigger a surge in gold prices.

Meanwhile, Ricardo Evangelista, a senior analyst at ActivTrades, believes that Chairman Powell's speech will be the springboard for a cycle of interest rate cuts by the Fed. According to him, the US central bank may continue to cut interest rates until 2025, and the price of gold will rise to $3,000 per ounce.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-sang-248-tang-dung-dung-o-at-mua-gom-1384010.ldo