Gold prices will be "blown up", investors have made a profit of 135 USD/ounce in a month, gold rings "hit the roof"

Gold price today August 28, 2024 recorded domestic gold rings reaching a new peak, the world firmly holding above the psychological mark of 2,500 USD/ounce.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/28 and EXCHANGE RATE TODAY 8/28

1. SJC - Updated: 08/27/2024 08:23 - Website time of supply - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L, 1KG	79,000	81,000
SJC 5c	79,000	81,020
SJC 2c, 1c, 5 phan	79,000	81,030
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	77,300	78,550
SJC 99.99 gold ring 0.3 chi, 0.5 chi	77,300	78,650
Jewelry 99.99%	77,200	78,150
Jewelry 99%	75,376	77,376
Jewelry 68%	50,797	53,297
Jewelry 41.7%	30,242	32,742

Update gold price today 8/28/2024

Domestic gold price recorded domestic gold ring price on the morning of August 27 adjusted up and reached a new record high.

Specifically, Doji Gold and Gemstone Group listed the price of 9999 round smooth gold rings at 77.45-78.55 million VND/tael (buy - sell), an increase of 100 thousand VND/tael in the buying direction and unchanged in the selling direction compared to the closing price of yesterday's trading session.

Similarly, Phu Nhuan Jewelry Joint Stock Company (PNJ) also raised the price of gold rings to 77.35-78.55 million VND/tael, an increase of 50 thousand VND/tael in both buying and selling compared to yesterday's closing price.

Bao Tin Minh Chau Company increased the price of Thang Long gold rings to 77.38-78.58 million VND/tael (buy - sell). This is a new record for domestic gold ring prices. Compared to the closing price of the previous trading session, the price of Thang Long gold rings this morning increased by 60 thousand VND/tael in both directions.

Meanwhile, the price of SJC 9999 gold remained unchanged compared to the closing price of yesterday's trading session, at VND81 million/tael (selling).

World gold prices remained above the psychological level of $2,500/ounce thanks to investors' optimism about the upcoming US interest rate cut and persistent concerns about conflict in the Middle East.

According to the World and Vietnam Newspaper at 7:00 p.m. on August 27, the world gold price on the Kitco exchange was at 2,511.4 - 2,512.4 USD/ounce, down 6.2 USD compared to the previous trading session.

Speculation that the US Federal Reserve (Fed) will cut interest rates next month also helped keep precious metal prices high.

Traders see a 70% chance of a 25 basis point rate cut and a roughly 30% chance of a more drastic 50 basis point cut, according to CME's FedWatch tool. A low-interest-rate environment tends to boost the appeal of non-fixed-rate gold.

Gold price today August 28, 2024: Gold price will be 'blown up', investors have made a profit of 135 USD/ounce in a month. (Source: Bloomberg)

Summary of SJC gold bar prices at major domestic trading brands at closing times of trading session on the afternoon of August 27 :

Saigon Jewelry Company: SJC gold bars 79.0 - 81.0 million VND/tael.

Doji Group: SJC gold bars 79.0 - 81.0 million VND/tael.

PNJ system: SJC gold bars 79.0 - 81.0 million VND/tael.

Phu Quy Gold and Silver Group: SJC gold bars: 79.0 - 81.0 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 79.0 - 81.0 million VND/tael.

Gold is the best performing asset

A rate cut in September 2024 is likely, but debate over the size of the cut has investors looking to upcoming economic data to reinforce their views, said Yeap Jun Rong, market strategist at IG.

The expert also expects the gold price uptrend to continue given the positive performance of the Fed's previous rate easing cycles.

Mr. Peter A. Grant, gold analyst at Zaner Metals Group (USA), said that gold prices continue to increase because gold demand in China and India continues to increase strongly.

"Even if the demand for gold in these two countries does not meet expectations, the purchasing power of central banks around the world will also fuel gold prices in the coming time. When the Fed cuts interest rates, gold prices could reach $2,600/ounce," he said.

In a recently published report, market analysts at Bank of America (BoA) noted that gold is the best performing asset so far this year. With gold rising to a record high above $2,500 an ounce, the precious metal is up about 20% by 2024.

BoA points out that crypto is up 17.7% year-to-date, stocks are up 15.4%, the entire commodities sector is up just 1.9%, government bonds are up 0.6% and the US dollar is up 0.2%. Gold has even outperformed the tech sector, with the Nasdaq Composite up 17%.

“Gold’s rally to record highs was fueled by strong demand from central banks in the first half of the year,” BoA wrote.

Investors should follow the lead of central banks, BoA analysts said.

According to Gold Price , gold buyers in the past month are making a profit of up to 135 USD/ounce.

Source: https://baoquocte.vn/gia-vang-hom-nay-2882024-gia-vang-se-duoc-thoi-bung-nha-dau-tu-da-lai-135-usdounce-trong-mot-thang-vang-nhan-cham-noc-284071.html