Can break the record

Illustration: Phan Anh

Update SJC gold price

Domestic SJC gold price closed on August 30, 2024.

SJC gold price developments last month. Source: Rong Viet Online Service Joint Stock Company VDOS

Currently, the difference between buying and selling gold prices is listed at around 2 million VND/tael. Experts say that this difference is very high, causing investors to face the risk of losing money when investing in the short term.

Price of round gold ring 9999

As of 6:00 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 77.55-78.65 million VND/tael (buy - sell).

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

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 investment decisions.

World gold price

As of 5:20 p.m., the world gold price listed on Kitco was at $2,521.1/ounce.

World gold price developments. Source: Kitco

Gold Price Forecast

World gold prices increased in the context of the USD index decreasing. Recorded at 5:20 p.m. on August 30, the US Dollar Index, which measures the fluctuations of the greenback against 6 major currencies, was at 101.307 points (up 0.05%).

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 showing interest in gold, as physical gold demand in China has also surged to pre-pandemic levels. Capital Economics says a surge in demand for “paper gold” assets such as gold exchange-traded funds (ETFs) and futures contracts has also fueled the gold rush in China.

With central bank gold buying, strong physical gold demand and a sharp increase in gold holdings in exchange-traded funds, China has been a key driver of gold's rally this year, 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 Bank analysts said that since the beginning of the year, gold prices have increased by 20%. The growth momentum of gold prices 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 said.

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 continued efforts to escape the US dollar, active central bank gold purchases, and strong physical gold demand in China and India.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-chot-phien-308-co-the-pha-ky-luc-1387205.ldo