SJC 9999 gold continues to climb

Domestic gold price today August 31

Early afternoon of August 31 , today's SJC 9999 gold price increased by 100 thousand VND/tael in both buying and selling compared to the morning.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 14:46 and the price of 9999 gold was listed by Doji Jewelry Group at 14:14 as follows:

	Buy	Sell
SJC Hanoi	67,650,000 VND/tael	68,270,000 VND/tael
SJC HCMC	67,650,000 VND/tael	68,250,000 VND/tael
SJC Danang	67,650,000 VND/tael	68,270,000 VND/tael
Doji Hanoi	67,550,000 VND/tael	68,250,000 VND/tael
Doji HCMC	67,450,000 VND/tael	68,150,000 VND/tael

SJC and DOJI gold price list updated early afternoon August 31

Early morning of August 31 , SJC gold price 9999 today increased by 50 thousand VND/tael in both buying and selling compared to yesterday's closing price.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:35 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:45 a.m. as follows:

	Buy	Sell
SJC Hanoi	67,550,000 VND/tael	68,170,000 VND/tael
SJC HCMC	67,550,000 VND/tael	68,150,000 VND/tael
SJC Danang	67,550,000 VND/tael	68,170,000 VND/tael
Doji Hanoi	67,350,000 VND/tael	68,200,000 VND/tael
Doji HCMC	67,450,000 VND/tael	68,150,000 VND/tael

SJC gold price list updated early morning August 31

At the end of the trading session on August 30, the domestic 9999 gold price was listed by SJC and Doji Gold and Gemstone Group in the following order of buying and selling:

SJC Hanoi: 67,500,000 VND/tael - 68,120,000 VND/tael
Doji Hanoi: 67,400,000 VND/tael - 68,300,000 VND/tael
SJC HCMC: 67,500,000 VND/tael - 68,100,000 VND/tael
Doji HCMC: 67,500,000 VND/tael - 68,200,000 VND/tael

The central exchange rate on August 31 announced by the State Bank was 23,977 VND/USD, down 1 VND compared to yesterday. The USD price at commercial banks this morning (August 31) was traded around 23,930 VND/USD (buy) and 24,300 VND/USD (sell).

International gold price today August 31

At 9:01 a.m. today (August 31, Vietnam time), the world spot gold price stood at around 1,946.8 USD/ounce, up 9.8 USD/ounce compared to last night. The price of gold futures for December delivery on the Comex New York floor was at 1,974.3 USD/ounce.

Fluctuations in international gold prices in the past 24 hours (Photo: Kitco)

On the night of August 30 (Vietnam time), the world spot gold price stood at around 1,937 USD/ounce. Gold for December delivery on the Comex New York floor was at 1,971 USD/ounce.

The world gold price on the night of August 30 was about 6.2% higher (113 USD/ounce) than at the beginning of 2023. World gold converted to the bank USD price was 57.2 million VND/tael, including taxes and fees, about 10.9 million VND/tael lower than the domestic gold price as of the end of the afternoon session on August 30.

*Gold prices rose to a three-week high.*

Developments in the international financial market show that it is likely that the US Federal Reserve (Fed) will not raise interest rates at its meeting in September. At most, this agency will raise interest rates one more time, possibly in November, before moving to the stage of easing monetary policy.

The USD immediately turned to decrease in value.

The decline in the USD is also due to the fact that the financial strength of the United States may decline as the group of emerging economies BRICS (including Brazil, Russia, India, China and South Africa) will grow stronger. Recently, BRICS officially agreed on a mechanism to consider new members, opening the way for dozens of countries wishing to join the bloc.

The decision to expand could give BRICS global influence amid geopolitical polarization that is pushing Russia and China to position BRICS as a counterweight to the West.

There are currently four countries with the most potential to join BRICS: Saudi Arabia, Argentina, Iran and Egypt. Saudi Arabia is one of the world's leading oil producers, which would add economic strength to the bloc, allowing BRICS to position itself as a rival to the US-led financial order.

Gold Price Forecast

The strength of the US dollar is expected to decline in the long term. Meanwhile, gold often moves in the opposite direction to the greenback.

Gold also rose as US bond yields fell to a three-week low after data showed job vacancies fell to their lowest in nearly 2-1/2 years in July.

However, in the short term, the USD is likely to rise again and gold is held back by this currency.

According to CME's FedWatch tool, the market is betting on a 43% chance of the Fed raising interest rates at its November 2023 meeting.

Source