As of 6 a.m. on August 23, the world gold price was listed on Kitco at $2,484 per ounce, a decrease of $20 per ounce from the previous day’s opening.
Today’s gold price decline is attributed to profit-taking after the precious metal’s recent rally, as well as a stronger US dollar and rising treasury bond yields.
The market is currently awaiting a speech by Jerome Powell, Chairman of the Federal Reserve (Fed), at the Jackson Hole Economic Symposium for further clues on interest rate cut expectations.
Han Tan, market analyst at Exinity Group, opined that if Powell signals a potential rate cut in September, it could trigger a sharp surge in gold prices.
Gold prices witnessed a significant drop today. (Photo: Minh Duc)
Most investors anticipate the Fed to reduce interest rates by 25 basis points in September.
Experts also advise investors to remain cautious during this sensitive period in the market, as crucial economic data and US employment reports are due this week ahead of the Fed’s September meeting.
Gold Price Movements
+ Domestic Gold Price
At 6 a.m. on August 23, Doji listed gold prices at 79-81 million VND per tael (buying-selling), unchanged from the previous day’s opening.
During the same period, SJC’s gold prices were listed at 79-81 million VND per tael (buying-selling), also unchanged.
+ International Gold Price
The world gold price listed on Kitco was $2,484 per ounce, a decrease of $20 per ounce from the previous day’s opening. Gold futures last traded at $2,486 per ounce.
Gold Price Forecast
The market is currently awaiting Jerome Powell’s speech at the Jackson Hole symposium on Friday to gather further insights into the Fed’s interest rate cut path.
Ricardo Evangelista, senior analyst at ActivTrades, believes that the upcoming speech by the Fed Chairman will set the stage for a cycle of interest rate cuts. He predicts that the US central bank may continue lowering rates until 2025, pushing gold prices to reach $3,000 per ounce.
There is a 100% prediction for a Fed rate cut in September, with a 70% chance of a 25-basis-point reduction and a 30% chance of a 50-basis-point cut.
However, experts remain optimistic about gold’s growth prospects due to the upcoming US presidential election and ongoing geopolitical tensions, which are expected to drive gold prices even higher in the coming months.
Deadline for Reporting Gold Market Management and Operations Results to SBV Today, January 31
As per the directive of Prime Minister Pham Minh Chinh, today (January 31, 2024) is the deadline for the State Bank of Vietnam (SBV) to submit a report on the summary of Decree 24, which includes proposals for amending and supplementing certain regulations for managing the gold market.
Gold prices surge as Lunar New Year approaches
On the morning of February 1st, the domestic gold price continued to surge with an increase of 500,000 VND/tael, approaching the 78 million VND/tael mark. As Tet holiday approaches, the price of gold tends to rise sharply.
Gold prices: SJC gold and plain gold rings surge simultaneously
On the morning of January 31st, the prices of SJC gold and 24k smooth gold rings in Vietnam saw a simultaneous increase compared to the previous day.
Gold prices surge to nearly 79 million dong per tael ahead of Tet, investors make huge profits.
After dropping sharply from 80.5 million VND per tael to 74 million VND per tael at the beginning of the year, SJC gold price has been showing signs of recovery recently. On February 2nd, the price of gold continued to rise significantly and reached nearly 79 million VND per tael.
Gold Prices Surge, Exceeding 78 Million Dong per Tael
This morning (2/2), the domestic gold price continued to soar, surpassing 78 million dong per tael. In just 3 consecutive trading sessions, the domestic gold price has increased by 1.8 million dong per tael.
