SJC gold remains unchanged, world price continues to increase

Domestic gold prices today, August 29th

In the early afternoon of August 29th , the price of 9999 gold from SJC increased by 50,000 VND/ounce for both buying and selling compared to the morning.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 4:05 PM and the price of 9999 gold was listed by Doji Gold and Jewelry Group at 4:07 PM as follows:

	Buy	Sell
SJC Hanoi	67,550,000 VND/tael	68,170,000 VND/ounce
SJC Ho Chi Minh City	67,550,000 VND/tael	68,150,000 VND/ounce
SJC Da Nang	67,550,000 VND/tael	68,170,000 VND/ounce
Doji Hanoi	67,300,000 VND/ounce	68,200,000 VND/ounce
Doji HCMC	67,400,000 VND/tael	68,100,000 VND/ounce

Gold price chart for SJC and DOJI updated early afternoon, August 29th.

Early this morning, August 29th , the price of 9999 gold from SJC remained unchanged compared to yesterday's closing price.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 9:00 AM, and the price of 9999 gold was listed by Doji Gold and Jewelry Group at 8:40 AM as follows:

	Buy	Sell
SJC Hanoi	67,500,000 VND/ounce	68,120,000 VND/tael
SJC Ho Chi Minh City	67,500,000 VND/ounce	68,100,000 VND/ounce
SJC Da Nang	67,500,000 VND/ounce	68,120,000 VND/tael
Doji Hanoi	67,250,000 VND/ounce	68,150,000 VND/ounce
Doji HCMC	67,350,000 VND/tael	68,050,000 VND/ounce

Updated gold prices for SJC and DOJI at the beginning of the morning on August 29th.

At the close of trading on August 28, the price of 9999 gold bars at SJC Ho Chi Minh City was 67.5 million VND/ounce (buying price) and 68.1 million VND/ounce (selling price). SJC Hanoi listed the price at 67.5 million VND/ounce (buying price) and 68.12 million VND/ounce (selling price).

Doji Hanoi listed gold at 67.25 million VND/ounce (buying price) and 68.15 million VND/ounce (selling price). Doji Ho Chi Minh City bought SJC gold at 67.3 million VND/ounce and sold it at 68 million VND/ounce.

The central exchange rate for August 29th , announced by the State Bank of Vietnam, is 23,963 VND/USD, an increase of 3 VND compared to yesterday. The USD price at commercial banks this morning (August 29th) is trading around 23,900 VND/USD (buying) and 24,270 VND/USD (selling).

International gold prices today, August 29th

At 9:16 AM today (August 29th, Vietnam time) , the spot price of gold in the world market stood around $1,921.9 per ounce, an increase of $6.4 per ounce compared to last night. The price of December gold futures on the Comex New York exchange was $1,949.7 per ounce.

On the morning of August 29th , the world gold price, converted using the bank's USD exchange rate, was over 56.23 million VND/ounce (excluding taxes and fees), approximately 11.89 million VND/ounce lower than the domestic gold price.

International gold price fluctuations over the past 24 hours (Image: Kitco)

On the global market, the spot gold price on the Kitco exchange on August 28th (at 7 PM, Vietnam time) was trading at $1,915.5 per ounce.

Analysts say the gold market could experience significant volatility following the release of macroeconomic data this week. Developments in the US economy continue to play a crucial role in investor sentiment.

In the short term, gold is stuck due to statements from US Federal Reserve Chairman Jerome Powell that interest rates will remain high.

Phillip Streible, chief market strategist at Blue Line Futures, believes investors will adopt a more cautious stance towards gold in the near future.

Christopher Vecchio, head of futures and foreign exchange at Tastylive, believes that any signs of economic weakness could mean the US central bank doesn't need to raise interest rates further, which would support gold prices.

Gold price forecast

This week, the gold market is awaiting the release of a series of important economic data, including: the jobs report, revised Q2 GDP figures, along with the Personal Consumption Expenditures (PCE) and Industrial Production Index (ISM)...

This data will help investors predict the possible direction of interest rates as the Fed attempts to balance inflation risks and growth.

Kitco News' latest weekly gold survey shows that most retail investors expect gold prices to rise in the near future.

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