SJC gold price increased by nearly 4 million VND/tael in one week, what is the forecast for the upcoming gold price?

The domestic gold market witnessed a shocking increase of nearly 4 million VND/tael in a week, and since the beginning of the month, it has increased by more than 9 million VND. The price of SJC gold bars has surpassed 130 million VND/tael, setting a new record.

Domestic gold market witnessed a 'shocking' week of increase of nearly 4 million VND/tael

At the opening session of the week, SJC gold bar prices were traded at 125.9-126.9 million VND/tael (buy - sell). In the afternoon session, SJC gold prices increased by 200,000 VND/tael, pushing the selling price to a record high of 127.1 million VND/tael.

On August 26, domestic gold prices skyrocketed by VND500,000-600,000 per tael, bringing SJC gold close to VND128 million. In the following sessions, gold prices continued to increase sharply. On August 28, SJC gold bar prices increased to VND128.2 million.

On August 29, the price of SJC gold bars increased rapidly, exceeding 129 million VND/tael. The price of gold rings exceeded 123 million VND/tael.

On August 30, the price of SJC gold bars increased by 1.3 million VND/tael, reaching a new peak of 129.1-130.6 million VND/tael.

The price of 1-5 chi SJC gold rings closed at 122.5-125 million VND/tael (buy - sell). The price of 9999 gold rings at Doji was at 122.5-125.5 million VND/tael (buy - sell).

Overall for the week, the price of SJC gold bars has made a strong breakthrough, increasing by 3.7 million VND/tael in selling price, setting a new record. Since the beginning of August, the price of SJC gold bars has increased by 9.2 million VND/tael.

The gap between domestic and world gold prices has widened to a record level, at times reaching more than 20 million VND/tael.

Meanwhile, the world gold price also increased sharply, approaching the 3,450 USD/ounce mark. This increase was supported by macroeconomic factors such as the weakening USD, concerns about inflation and political instability, causing investors to seek gold as a safe haven.

Gold futures ended the week and month with a record high. Spot gold closed at $3,443.50 an ounce, up more than 2% from the previous week and 4.7% for the month.

Gold futures for December delivery, currently the most actively traded contract on the CME exchange, also reached $3,511.5 an ounce, up nearly 3% for the week.

What will the price of gold be next?

Market experts say that gold prices have had an impressive trading month, surpassing psychological barriers and setting new records, reinforcing the medium- and long-term upward trend. This precious metal still has a lot of room for growth, especially when macroeconomic and political factors continue to provide strong support.

The spot gold index is on track to set a new closing record, a sign of market strength, said Darin Newsom, senior market analyst at Barchart.

Rich Checkan, president and COO of Asset Strategies International, predicts gold prices will continue to rise. Checkan said the market is “almost certain” that the Federal Open Market Committee (FOMC) will cut interest rates at its September meeting, with an 87% chance of that happening.

Gold prices have broken through the psychological resistance of $3,400 and profit-taking may occur, but the upside momentum will still prevail, according to Checkan.

In addition to monetary policy, political tensions in the US are also reshaping market flows. Tensions between President Donald Trump and Fed Governor Lisa Cook are undermining confidence in the US dollar, causing investors to abandon the dollar and seek gold as a safe haven.

In addition, the return of investors after the summer vacation is also expected to increase cash flow into the gold market.

Adrian Day, chairman of Adrian Day Asset Management, said gold prices could experience a slight, short-term correction. According to him, the market is near the top of its trading range since April, so gold prices are likely to fall next week.

However, Mr. Day said that this is just a small correction, and it is unlikely that there will be a deep decline before gold has a chance to break out more strongly. A catalyst such as the Fed actually cutting interest rates or the stock market falling could become the driving force for gold prices to skyrocket.

PV (synthesis)

Source: https://baohaiphong.vn/mot-tuan-vang-sjc-tang-gan-4-trieu-dong-luong-du-bao-gia-vang-sap-toi-the-nao-519591.html