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On August 27th, SJC gold prices remained unchanged, maintaining the record high of 79 million VND per tael for buyers and 81 million VND per tael for sellers.
Gold ring prices continued their upward trend, setting a new record high as global gold prices remained above the $2,500 per ounce mark. Gold ring prices have increased by approximately 250,000 VND per tael compared to a week ago.
Specifically, at SJC, smooth gold rings are priced at 77.3-78.55 million VND per tael. Bao Tin Minh Chau listed prices at 77.38-78.58 million VND per tael. DOJI and PNJ followed suit with rates of 77.45-78.55 million VND per tael and 77.35-78.55 million VND per tael, respectively.
In the international market, spot gold prices stood at $2,509 per ounce, equivalent to about 75.5 million VND per tael, excluding taxes and fees when converted at the current VND/USD exchange rate.
Gold prices remain at their historical peak following the important speech delivered by Jerome Powell, Chairman of the Federal Reserve, at the economic symposium in Jackson Hole, Wyoming. The speech signaled a shift in the Fed’s monetary policy.
Chairman Powell’s statement that “the time has come for policy to change” marked a significant turning point in the Fed’s approach. The financial world interpreted Powell’s words as a clear indication that the Fed is prepared to initiate a series of interest rate cuts.
While no specific timeline was provided, market expectations for an interest rate cut at the upcoming Federal Open Market Committee (FOMC) meeting on September 18-19 are exceptionally high. The FedWatch tool from CME currently indicates a 71.5% probability of a 25-basis-point cut and a 28.5% chance of a 50-basis-point cut or more.
The latest Kitco News gold survey revealed that most industry experts and small investors believe gold prices will continue to reach new highs this week.
Adam Button, Currency Strategy Manager at Forexlive.com, stated that there is currently no reason to resist the upward momentum of gold.
Sharing a similar view, Marc Chandler, CEO of Bannockburn Global Forex, predicted that a weaker US dollar and lower interest rates would support the precious metal in reaching new peaks. However, he also suggested that gold might experience a few consolidating sessions before resuming its upward trajectory. According to Chandler, the initial support level would range between $2,460 and $2,470.
Market Update on February 2nd: Oil, Copper, Iron & Steel, Rubber, and Sugar Prices Decline, Gold Surges to Almost 1-Month High.
At the end of the trading session on February 1st, the prices of oil, copper, iron and steel, rubber, and sugar all dropped, while natural gas hit a nine-month low and gold reached its highest point in nearly a month.
Market Update on February 3rd: Crude oil, gold, copper, iron and steel, and rubber all decline together.
At the close of trading on February 2nd, the prices of oil, gold, copper, steel, rubber, and coffee all saw a simultaneous decrease, with iron ore hitting a two-week low.
