Gold price today 8-8: Strong increase, reaching two-week peak

(NLDO) – Gold price today, August 8, continues its impressive increase, thanks to the momentum of China increasing its gold reserves.

Gold price increased again today

As of 6:00 a.m. on August 8 (Vietnam time), the price of gold today on the international market reached 3,403 USD/ounce, an increase of 33 USD compared to the lowest level in last night's trading session (3,370 USD/ounce).

Gold futures for December delivery also posted a significant gain, adding $17.7 to settle at $3,451 an ounce.

The main reason driving the increase in gold prices today is said to be the information that the People's Bank of China (PBoC) continued to accumulate gold in July, marking the ninth consecutive month of buying.

According to Bloomberg, the PBoC's gold reserves increased by 60,000 ounces, bringing its total holdings to 73.96 million ounces. Since November last year, China has bought about 36 tons of gold, diversifying its investment portfolio and reducing its dependence on the US dollar.

Gold buying by central banks, especially China, has been a key driver of a 30% rise in gold prices this year, although the pace of buying has slowed due to high prices.

With the move to buy gold from central banks, analysts predict that gold prices will continue to increase, although pressure from the rising USD may have some impact.

In Vietnam, at the end of August 7, SJC gold was sold at 123.8 million VND/tael, while ring gold was at 119.3 million VND/tael.

Source: https://nld.com.vn/gia-vang-hom-nay-8-8-but-pha-manh-me-cham-dinh-hai-tuan-196250808060809291.htm