Increased by nearly 2 million VND
At the opening session of the week (August 18), the price of SJC gold bars increased by VND200,000/tael to VND123.7-124.7 million/tael (buy-sell). By noon, the price of gold bars continued to increase by VND300,000/tael, to VND124-125 million/tael (buy-sell). Compared to the end of the previous week, the price of SJC gold bars increased by VND500,000/tael.
On the morning of August 19, despite heavy rain and the peak price of gold at 125 million VND/tael, hundreds of people still lined up to buy gold on Tran Nhan Tong Street ( Hanoi ). The price of 9999 gold remained unchanged, trading around 124-125 million VND/tael (buy - sell).
On August 20, the price of SJC gold bars decreased by 200,000 VND per tael, to 123.8-124.8 million VND/tael (buy - sell).
On August 21, the price of SJC gold bars increased by 600,000 VND/tael, reaching an unprecedented high, trading at 124.4-125.4 million VND/tael (buy - sell).
After remaining flat in the session on August 22, the price of gold bars suddenly skyrocketed by VND1.2 million, reaching a new record of VND125.6-126.6 million/tael. Currently, the difference between domestic and international SJC gold prices is about VND17.7 million/tael.
Thus, in just the past week, the price of SJC gold bars has increased by 1.9 million VND/tael. The difference between buying and selling is 1 million VND/tael. If buying gold at the beginning of the week and selling at the end of the week, customers will make a profit of about 900 thousand VND for each tael of SJC gold.
Since the beginning of August, the price of SJC gold bars has increased by about 5.7 million VND/tael for buying and 5.2 million VND/tael for selling.
Since the beginning of the year, domestic gold prices have continuously set new records. The situation of "drip selling" with each person being limited to buying only a few taels of gold has become common.
Domestic gold prices are directly affected by fluctuations in the international market. When world gold prices increase, domestic gold prices always increase, although the increase is often higher due to the impact of many internal factors such as supply-demand gap, import costs, taxes and USD/VND exchange rate.
In recent times, the strong increase in the US dollar has put great pressure on the exchange rate, making it difficult for domestic gold prices to decrease even when world prices adjust. On the contrary, whenever international gold prices establish a new price level, the domestic market often reacts more quickly and strongly, pushing prices to new records. Therefore, the development of world gold prices continues to be a key factor in orienting domestic gold prices in the coming time.
What will the price of gold be next?
World gold prices increased sharply immediately after comments by US Federal Reserve Chairman Jerome Powell at the Jackson Hole Symposium.
The market is actively welcoming the signal of monetary policy easing from the Fed. Investors believe that the interest rate cut will reduce the opportunity cost of holding gold - a non-yielding asset, thereby boosting demand for this precious metal.
Market-tracking tools like the CME FedWatch Tool show that the likelihood of a Fed rate cut at its next policy meeting is fully priced in. In addition, the market is also pricing in at least one more rate cut before the end of the year.
At the end of the week, spot gold price was at 3,370 USD/ounce. Gold futures price for September 2025 delivery on Comex New York reached 3,376 USD/ounce.
Naeem Aslam, investment strategist at Zaye Capital Markets, said Powell’s comments opened a new path for those who thought the Fed Chairman would not be dovish. He said this is an opportunity for gold prices to continue to rise.
The Fed opening the door to a rate-cutting cycle will result in steeper bond yields and a weaker dollar, an environment that is extremely favorable for gold, according to Ole Hansen, head of commodity strategy at Saxo Bank. He believes that gold needs to break above $3,450 an ounce before heading to a record above $3,500 an ounce.
According to the investment company Fidelity (Canada), when the Fed lowers interest rates, the opportunity cost of holding gold (a non-yielding asset) will decrease. This increases the attractiveness of gold to investors.
The US dollar continues to weaken. When the value of the US dollar falls, gold typically becomes cheaper for investors holding other currencies, which in turn boosts demand and pushes prices higher.
Fidelity predicts that the world gold price could reach $4,000 by the end of this year.
PV (synthesis)Source: https://baohaiphong.vn/tang-vot-1-9-trieu-dong-tuan-vang-sjc-thiet-lap-dinh-moi-lai-nhe-nhang-518953.html
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