Gold price today August 24: Small shops push SJC gold bar price to 128 million VND/tael

Free gold price exceeds 128 million VND

On the morning of August 24, the price of SJC gold bars continued to increase sharply, with large enterprises such as PNJ, SJC, and DOJI listing them at 125.6 million VND/tael for buying and 126.6 million VND/tael for selling, 2.1 million VND higher than last weekend.

Some small stores even raised prices to a record high of VND127.3 million/tael for buying and VND128.1 million/tael for selling, about VND1.5 million higher than the price at large systems. This is the fourth consecutive week of increase for gold bars, and at the same time, it has established the highest price level ever.

At the same time, 99.99% gold rings and jewelry gold also increased, listed at around VND118.5 million/tael for buying and VND121 million/tael for selling, an increase of nearly VND2 million compared to the end of last week. The difference between SJC gold bars and gold rings has widened to more than VND5 million/tael.

Giá vàng hôm nay 24-8: Cửa hàng nhỏ đẩy giá vàng miếng SJC lên 128 triệu đồng/lượng- Ảnh 2. — SJC gold bar price continues to rise

Many people expressed surprise at the continuous increase in gold bar prices last week. According to analysts, the reason for the sharp increase in gold bars is due to limited supply, while gold holders have no need to sell, while buyers still expect prices to continue to rise. The difference between buying and selling prices at large enterprises is currently only about 1 million VND/tael, lower than the previous common level of 2-3 million VND.

Gold price forecast to continue to increase

In the international market, the price of gold closed the week at 3,373 USD/ounce, up nearly 40 USD compared to the previous week. Investors expect the precious metal to benefit when the US Federal Reserve (Fed) signals that it may lower interest rates as early as September, in the context of slowing US economic growth and potential inflation risks.

Speaking to Kitco, Naeem Aslam, investment strategist at Zaye Capital Markets, said that the Fed Chairman's statement was interpreted as a dovish statement, contributing to the increase in gold prices this week. The precious metal is expected to continue to increase next week.

Similarly, Ole Hansen, head of commodity strategy at Saxo Bank, forecasts that in the short term, Hansen believes that gold prices need to rise above $3,450/ounce before investors can consider the record high of last April, above $3,500/ounce.

Kitco's survey shows that the majority of experts and investors predict that gold prices will continue to rise next week. Currently converted according to the domestic exchange rate, world gold is equivalent to about 107.7 million VND/tael, nearly 13.3 million VND lower than gold rings and nearly 19 million VND/tael lower than SJC gold bars.