At 6 am on August 31, Vietnam time, the world gold price was traded at 2,503 USD/ounce, a decrease of about 17 USD/ounce compared to yesterday morning. Today’s gold price fluctuated sharply again as the US dollar strongly rebounded.
The US Dollar Index (DXY) rose sharply to 101.6 points, recovering an additional 0.39% from the previous session. In just three days, the DXY has gained a total of 1% after being oversold to its lowest level since the beginning of the year.
The strong dollar has put downward pressure on gold prices, causing today’s gold price to plunge again. Analysts also believe that after failing to break through the strong resistance zone of 2,530 USD/ounce many times, the precious metal is likely to correct downward in the short term.
Gold prices continue to fluctuate strongly in the international market. Photo: NLĐ
The market is also awaiting more data related to employment reports, economic growth, and inflation rates in the US to consolidate the path of interest rate reduction by the Federal Reserve (Fed). Investors are focusing on whether the Fed will cut interest rates by 0.25 percentage points or 0.5 percentage points? The Fed’s specific move will impact the direction of precious metals.
In recent days, investors have been on a “rollercoaster ride” as gold prices fluctuated sharply by 20-30 USD/ounce each session.
Meanwhile, in the Vietnamese market, as of 6 am this morning, SJC gold bars were listed by businesses at VND 79 million/tael for purchase and VND 81 million/tael for sale, stable for more than a week. The prices of 24K gold rings and jewelry also remained steady at around VND 77.4 million/tael for purchase and VND 78.65 million/tael for sale.
The world gold price converted according to the listed exchange rate is currently at VND 75.6 million/tael.
SJC gold bars remain stable
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.
