Gold price today August 27, 2024, gold price increased and extended the upward trend from the previous session in the context of the Fed Chairman signaling an interest rate cut. Gold ring price set an all-time high record. India reduced gold import tax.
LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/27 and EXCHANGE RATE TODAY 8/27
| 1. SJC - Updated: 08/26/2024 08:19 - 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 ▲200K | 78,550 ▲150K |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 77,300 ▲200K | 78,650 ▲150K |
| Jewelry 99.99% | 77,200 ▲250K | 78,150 ▲200K |
| Jewelry 99% | 75,376 ▲198K | 77,376 ▲198K |
| Jewelry 68% | 50,797 ▲136K | 53,297 ▲136K |
| Jewelry 41.7% | 30,242 ▲84K | 32,742 ▲84K |
Update gold price today 8/27/2024
Domestic gold prices on the morning of August 26, gold ring prices increased slightly while SJC gold bar prices remained stable.
Accordingly, Saigon Jewelry Company (SJC) and DOJI Jewelry Group announced the selling price of SJC gold bars at 79 - 81 million VND/tael (buy - sell), keeping the listed price in both buying and selling directions unchanged compared to the previous closing price.
The State Bank's stable and flexible management of gold bar prices over the past time has helped the market become more transparent, while limiting speculation and hoarding; as a result, gold bar trading has become less active, and the price difference between the market price and the official gold bar trading price at the four state-owned commercial banks is gradually narrowing. This is a positive and very noteworthy result, expert Truong Vy Tuan, Giavang.net, emphasized.
While the price of gold bars remained stable, the price of gold rings increased slightly on the morning of August 26.
DOJI Gold and Gemstone Group listed the price of gold rings at 77.3 - 78.5 million VND/tael (buy - sell), an increase of 100 thousand VND/tael in both buying and selling compared to the previous closing price.
Saigon Jewelry Company (SJC) listed the price of gold rings at 77.2 - 78.6 million VND/tael (buy - sell), an increase of 100 thousand VND/tael for buying and 200 thousand VND/tael for selling compared to the previous closing price. Thus, the domestic gold ring price set a new record of 78.6 million VND/tael for selling.
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| Gold price today August 27, 2024: Gold price increases, gold rings set new record; forecast of strong buying wave in the world's second largest consumer market. (Source: Reuters) |
Summary of SJC gold bar prices at major domestic trading brands at closing times of trading session on the afternoon of August 26 :
Saigon Jewelry Company: SJC gold bars 79.0 - 81.0 million VND/tael; SJC gold rings 77.3 - 78.55 million VND/tael.
Doji Group: SJC gold bars 79.0 - 81.0 million VND/tael; 9999 round rings (Hung Thinh Vuong): 77.35 - 78.55 million VND/tael.
PNJ system: SJC gold bars 79.0 - 81.0 million VND/tael; PNJ 999.9 plain gold rings: 77.3 - 78.5 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars: 79.0 - 81.0 million VND/tael; Phu Quy 999.9 round gold rings: 77.25 - 78.55 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 79.0 - 81.0 million VND/tael.
Thus, compared to the morning session of August 26, in the afternoon session of the same day, the price of gold bars of SJC Jewelry Company was stable while the price of gold rings increased slightly by 100,000 VND/tael in the buying direction and decreased slightly by 50,000 VND/tael in the selling direction.
According to the World & Vietnam Newspaper , information on Kitco News , as of 6:43 p.m. Vietnam time on August 26, the world gold price was listed at 2,522.7 USD/ounce, an increase of 9.2 USD/ounce compared to the previous trading session.
Converted according to the USD price at Vietcombank on August 26, 1 USD = 25,050 VND, the world gold price is equivalent to 76.14 million VND/tael, 4.86 million VND/tael lower than the selling price of SJC gold.
World gold prices continue to increase
World gold prices rose on the morning of August 26, extending the upward momentum from the previous session, when a speech by US Federal Reserve Chairman Jerome Powell reinforced expectations of an interest rate cut next September.
The US dollar is hovering near its lowest level in about eight months, making gold cheaper for holders of other currencies.
Traders have fully priced in the Fed's easing outlook next month, with a 64% chance of a 25 basis point cut and about a 36% chance of a 50 basis point cut.
Gold prices are always sensitive to US interest rate adjustments. Lower interest rates will weaken the USD, but significantly increase the attractiveness of non-yielding assets such as gold.
India cuts gold import duty
Gold demand in India during the upcoming festive season is likely to remain strong, as a significant reduction in import duties has made prices attractive, providing comfort to retail consumers and encouraging purchases, industry experts said, Reuters reported.
Higher demand in the world’s second-largest gold consumer could support a rally in global prices that hit a record high last week. But higher gold imports could widen India’s trade deficit and weigh on the rupee.
“The main beneficiaries of the tax cut will be the retail consumers,” said Sachin Jain , managing director of the World Gold Council’s India operations.
India cut gold import duty from 15% to 6% in July, a move aimed at tackling smuggling.
Demand during the upcoming festive season will be very strong, Jain told Reuters on the sidelines of the India Gold Conference.
Gold demand in India typically surges towards the end of the year, coinciding with the traditional wedding season and major festivals such as Diwali and Dushera, when buying gold bars is considered auspicious.
Retail demand has improved since the tax cut brought down prices and the momentum looks set to continue in the coming months, said Ajoy Chawla , CEO of jewellery at Titan (TITN.NS).
Global gold prices hit a record high last week, but in India, domestic prices were around Rs 71,800 for 10 grams on Monday, lower than the record high of Rs 74,731 hit in July.
The tax cut has changed the sentiment of retail consumers, who were postponing purchases due to rising prices , said Asher O , managing director of India operations at Malabar Gold and Diamonds.
Gold prices could have hit a new record high above Rs 80,000 had it not been for the tax cut, but they are currently trading below their peak, which is likely to boost demand from the Onam festival next month, Asher said.
Source: https://baoquocte.vn/gia-vang-hom-nay-2782024-gia-vang-tang-vang-nhan-lap-ky-luc-moi-du-bao-lan-song-mua-vao-manh-tai-thi-truong-tieu-thu-lon-th-second-the-gioi-283941.html
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