Gold price today August 23: Breaking all records, setting a new peak of nearly 127 million VND

On the morning of August 23, the price of gold bars at Saigon Jewelry Company - SJC skyrocketed, breaking all old records. Specifically, each tael of gold bar increased by 1.2 VND when it was bought at 125.6 million VND, and sold at 126.6 million VND. This is a new record for gold bars.

Similarly, SJC Company increased the price of 4-number 9 gold rings by 1 million VND, bringing the buying price to 118.5 million VND and the selling price to 121 million VND. This is also a new record for gold rings at SJC. Phu Nhuan Jewelry Company (PNJ) increased the price from 600,000 - 700,000 VND when buying gold rings to 118 million VND, and the selling price to 120.9 million VND...

Gold price on the morning of August 23 continued to set a new peak of nearly 127 million VND/tael. PHOTO: NGOC THANG

World gold prices skyrocketed at the end of the week to $3,370.3 an ounce, $34 higher than yesterday morning. The precious metal jumped after the speech of US Federal Reserve Chairman Jerome Powell at the central bank's Jackson Hole Symposium.

According to CNBC, the Fed Chairman was quite cautious in his speech, saying that the fundamental outlook and the changing balance of risks could prompt the Fed to adjust its policy stance. The Fed Chairman added that “the balance of risks appears to be shifting” between the central bank’s dual mandate of maximizing employment and stabilizing prices. He also emphasized the importance of upcoming economic data, especially on employment and inflation, ahead of the policy meeting on September 16-17.

While he did not commit to cutting rates, the Fed chairman’s remarks acknowledged growing risks to the job market and warned that inflationary pressures remain. Tai Wong, an independent metals trader, said Powell surprised a nervous market by paving the way for a rate cut in September, which has boosted all assets, including gold. Expectations for a 25 basis point rate cut in September have risen to 83%, up from 75% at the start of the week, according to the CME FedWatch tool. Gold prices tend to rise in a low-interest-rate environment.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/gia-vang-hom-nay-2382025-xo-do-moi-ky-luc-lap-dinh-moi-gan-127-trieu-dong-185250823074914015.htm

Source: https://baolongan.vn/gia-vang-hom-nay-23-8-xo-do-moi-ky-luc-lap-dinh-moi-gan-127-trieu-dong-a201213.html