The world is in decline, the country is still.

Gold price update morning of August 31: World plummets, domestic stagnation — Illustration: Phan Anh

SJC gold bar price

Price of SJC gold bars early morning August 31. Unit: Million VND/tael.

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), unchanged.

Saigon Jewelry Company listed the price of gold rings at 77.4 - 78.65 million VND/tael (buy - sell), unchanged.

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 an investment decision.

World gold price

As of 2:00 a.m. on August 31, the world gold price listed on Kitco was at 2,503.2 USD/ounce, down 19.3 USD/ounce.

Gold price forecast

World gold prices plummeted amid a decline in the USD index. Recorded at 2:00 a.m. on August 31, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 101,620 points (up 0.34%).

According to Kitco, gold prices are in wait-and-see mode as employment data will determine the US Federal Reserve's (FED) monetary policy next week.

Han Tan, chief market analyst at Exinity, noted that gold prices are following the Fed's strategy, as traders are now data-driven.

“Gold prices have been constrained by lingering doubts about whether the Fed will actually be able to deliver the 100 basis point rate cut that the market expects by the end of 2024. While still trading near record highs, gold bulls are reluctant to pursue further upside for now,” he said.

According to CME's FedWatch Tool, the market fully expects the Fed to cut interest rates by 25 basis points at its monetary policy meeting in September. At the same time, there is a 30.5% chance of a 50 basis point rate cut.

Analysts say China is the main driving force behind the recent gold rally as the People's Bank of China (PBOC) has been buying large amounts of gold for 18 consecutive months.

Although the PBOC has recently stopped buying more gold, analysts at Capital Economics predict that this pause in gold accumulation is only temporary, and that China's gold demand will increase further amid rising global tensions, economic uncertainty and efforts to shift away from the US dollar.

And it’s not just the PBOC that’s showing interest in gold, with physical gold demand in China rising to pre-pandemic levels. Capital Economics says a sharp rise in demand for “paper gold” assets like gold exchange-traded funds (ETFs) and futures has also fueled the gold rush in China.

China has been the main driver of gold's rally this year, with central bank buying, strong physical demand and a sharp rise in gold holdings in exchange-traded funds, analysts at Capital Economics said.

Looking ahead, these experts predict: “China’s demand for gold will increase as the world’s second-largest economy slows this decade. This will put upward pressure on gold prices and could cause greater volatility in the gold market in the coming years.”

Meanwhile, Wells Fargo analysts said that since the beginning of the year, gold prices have increased by 20%. The momentum for gold price growth remains intact if the situation is considered from now until the end of the year.

"Gold prices are not likely to reverse but will enter a sustained uptrend. In the next few years, gold prices could reach $3,000/ounce" - Wells Fargo commented.

In the same opinion, Capital Economics said that the increase in gold prices is unlikely to stop due to the context of increasing global tensions, economic instability and continuous efforts to escape the US dollar, active central bank gold buying, strong physical gold demand in China and India.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-sang-318-the-gioi-lao-doc-trong-nuoc-bat-dong-1387324.ldo