After 'shocking increase', SJC gold decreased by 200,000 VND/tael

Domestic gold price today August 30

Early afternoon of August 30, today's SJC 9999 gold price decreased by 200 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 14:16 as follows:

	Buy	Sell
SJC Hanoi	67,500,000 VND/tael	68,120,000 VND/tael
SJC HCMC	67,500,000 VND/tael	68,100,000 VND/tael
SJC Danang	67,500,000 VND/tael	68,120,000 VND/tael

SJC gold price list updated early afternoon August 30

Early morning of August 30 , SJC gold price 9999 today increased by 150 thousand VND/tael in both buying and selling compared to yesterday's closing price.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:28 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:39 a.m. as follows:

	Buy	Sell
SJC Hanoi	67,700,000 VND/tael	68,320,000 VND/tael
SJC HCMC	67,700,000 VND/tael	68,300,000 VND/tael
SJC Danang	67,700,000 VND/tael	68,320,000 VND/tael
Doji Hanoi	67,450,000 VND/tael	68,350,000 VND/tael
Doji HCMC	67,500,000 VND/tael	68,200,000 VND/tael

SJC and DOJI gold price list updated early morning August 30

At the end of the trading session on August 29, 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: 67,550,000 VND/tael - 68,170,000 VND/tael
Doji Hanoi: 67,300,000 VND/tael - 68,200,000 VND/tael
SJC HCMC: 67,550,000 VND/tael - 68,150,000 VND/tael
Doji HCMC: 67,400,000 VND/tael - 68,200,000 VND/tael

The central exchange rate on August 30 announced by the State Bank is 23,978 VND/USD, up 15 VND compared to yesterday. The USD price at commercial banks this morning (August 30) was traded around 23,960 VND/USD (buy) and 24,330 VND/USD (sell).

International gold price today August 30

At 9:10 a.m. today (August 30, Vietnam time), the world spot gold price stood at around 1,936.1 USD/ounce, up 0.1 USD/ounce compared to last night. The price of gold futures for December delivery on the Comex New York floor was at 1,964.5 USD/ounce.

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

On the night of August 29 (Vietnam time), the world spot gold price stood at around 1,936 USD/ounce. Gold for December delivery on the US Comex floor was at 1,964 USD/ounce.

The world gold price on the night of August 29 was about 6.1% higher (112 USD/ounce) than at the beginning of 2023. World gold converted to the bank USD price was 57.2 million VND/tael, including taxes and fees, about 11.0 million VND/tael lower than the domestic gold price as of the end of the afternoon session on August 29.

*Gold prices today on the world market fell sharply.*

At the opening of the trading session on August 29 on the Comex market, the spot gold price fell from $1,926 to $1,917/ounce as the USD continued to rise. However, a few hours after opening, the spot gold price jumped back to $1,936/ounce as the USD turned around and fell rapidly.

The DXY index (measuring the greenback's movements against six major world currencies) rose to 104.1 points and then returned to 103.8 points.

Up to this point, many people are still betting on the possibility that the US Federal Reserve (Fed) will raise interest rates one more time, either in September or November and then anchor interest rates at high levels, continuing the fight against inflation.

Investors are also waiting for some important economic data to be released this week. That is employment data, workers' income... These are factors that influence the Fed's decision.

Meanwhile, the Yuan fluctuated strongly following negative signals from the Chinese economy and the rapid measures launched by the Beijing government to rescue the economy. This caused the USD to fluctuate sharply, thereby affecting gold.

Earlier this week, China decided to cut taxes on the stock market and extend tax breaks for real estate transactions to revive its capital and property markets.

However, the effectiveness of China's solutions remains in doubt.

Money has not yet returned to the Chinese real estate market while it may shift to many other countries' real estate markets.

Domestically, the price of SJC gold bars increased sharply mainly due to the soaring USD/VND exchange rate. The USD sold at most banks reached 24,300 VND.

Gold Price Forecast

World gold is expected to continue to be held back by the strengthening USD.

The Fed has yet to signal a reversal in monetary policy. Therefore, the USD is considered to be hanging high and there is little chance for gold to break out.

However, gold still has long-term growth prospects as the number 1 economy cannot maintain the current tightening situation forever.

Besides, gold is still holding at the threshold of 1,900 USD/ounce. This is a very important psychological support level. Demand often increases strongly again when gold is close to this level.

Source