SJC 9999 gold price exceeds 68 million VND

Domestic gold price today August 24

Early afternoon of August 24 , today's SJC 9999 gold price decreased by 50 thousand VND/tael in both buying and selling compared to the morning.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 13:54 as follows:

	Buy	Sell
SJC Hanoi	67,400,000 VND/tael	68,020,000 VND/tael
SJC HCMC	67,400,000 VND/tael	68,000,000 VND/tael
SJC Danang	67,400,000 VND/tael	68,020,000 VND/tael

SJC gold price list updated early afternoon August 24

Early morning of August 24 , SJC's 9999 gold price today increased by 150 thousand VND/tael in both buying and selling compared to yesterday's closing price, exceeding 68 million VND/tael (selling).

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:30 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:43 a.m. as follows:

	Buy	Sell
SJC Hanoi	67,450,000 VND/tael	68,070,000 VND/tael
SJC HCMC	67,450,000 VND/tael	68,050,000 VND/tael
SJC Danang	67,450,000 VND/tael	68,070,000 VND/tael
Doji Hanoi	67,300,000 VND/tael	68,100,000 VND/tael
Doji HCMC	67,350,000 VND/tael	67,950,000 VND/tael

SJC and DOJI gold price list updated early morning 24/8

At the end of the trading session on August 23, the domestic 9999 gold price was listed by SJC and Doji Gold and Gemstone Group in the following order of buying and selling:

SJC Hanoi: 67,300,000 VND/tael - 67,920,000 VND/tael
Doji Hanoi: 67,100,000 VND/tael - 67,900,000 VND/tael
SJC HCMC: 67,300,000 VND/tael - 67,900,000 VND/tael
Doji HCMC: 67,200,000 VND/tael - 67,800,000 VND/tael

The central exchange rate on August 23 announced by the State Bank is 23,898 VND/USD. The USD price at commercial banks this morning (August 24) was traded around 23,800 VND/USD (buy) and 24,170 VND/USD (sell).

International gold price today 8/24

At 9:15 a.m. today (August 24, Vietnam time), the world spot gold price stood at around 1,919.3 USD/ounce, up 13.3 USD/ounce compared to last night. The price of gold futures for December delivery on the Comex New York floor was at 1,947.7 USD/ounce.

Fluctuations in international gold prices in the past 24 hours (Photo: Kitco)

On the night of August 23 (Vietnam time), the world spot gold price stood at around 1,906 USD/ounce. Gold for December delivery on the Comex New York floor was at 1,941 USD/ounce.

The world gold price on the night of August 23 was about 4.5% higher (82 USD/ounce) than at the beginning of 2023. World gold converted to the bank USD price was 56.0 million VND/tael, including taxes and fees, about 11.9 million VND/tael lower than the domestic gold price as of the end of the afternoon session on August 23.

Domestic gold increased mainly due to the sharp increase in the USD/VND exchange rate. USD was sold at most banks above the threshold of 24,000 VND. At Vietcombank, the USD was sold at 24,140 VND/USD on the afternoon of August 23.

In the world, gold prices increased mainly due to the return of bottom-fishing demand when the precious metal was able to hold at the threshold of 1,900 USD/ounce despite great pressure from the USD.

According to Kitco, buying demand for short contracts as well as bottom fishing activities helped gold prices increase again.

Gold also increased because many stock markets around the world were under downward pressure due to the economy receiving many not-so-positive signals.

Investors also turned to gold as they awaited the annual symposium of the US Federal Reserve (Fed) held this weekend in Jackson Hole, Wyoming. The meeting brings together the world's central bankers, including Fed Chairman Jerome Powell.

Gold Price Forecast

However, the increase in gold prices in the world is restrained by the strengthening of the USD. Recently, the USD has clearly strengthened compared to major currencies. The DXY index (measuring the fluctuations of the USD compared to 6 major currencies in the world) has increased to 103.5 points, compared to the bottom of 997 points in mid-July.

The world's USD has increased sharply in value as China continued its monetary easing policy last week, causing the Yuan to continue weakening. Compared to the beginning of the year, the Yuan has decreased by 5.6%.

Although central banks of many countries are increasing their gold purchases, the precious metal is not expected to break out as long as the USD continues to increase in price.

The Fed is expected to raise interest rates once more in September and keep them high for a relatively long time.

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