Gold price hits record high of 126.6 million VND/tael

Opening the morning session on August 23, the price of 9999 round smooth gold rings traded at Bao Tin Minh Chau was at 118.7 - 121.7 million VND/tael (buy - sell), an increase of 1,100,000 VND/tael in both buying and selling directions compared to the closing price yesterday, August 22.

Meanwhile, at DOJI Gold and Gemstone Group Joint Stock Company, plain round rings are traded at around 118.5 - 121.5 million VND/tael (buy - sell). At Phu Quy Gold Investment Joint Stock Company, gold rings are traded at 118.2 - 121.2 million VND/tael (buy - sell).

Notably, Saigon Jewelry Company Limited listed the price of SJC gold bars at 125.6 - 126.6 million VND/tael (buy - sell), an increase of 1,200,000 VND/tael in both buying and selling directions compared to the closing price on August 22, this is also the highest price in the history of gold bar trading.

Domestic gold prices today increased in the same direction as world gold prices. At 9:00 a.m. on August 23 (Vietnam time), the world gold price was trading at 3,372 USD/ounce, up 34 USD/ounce in the past 24 hours. If converted according to Vietcombank exchange rate, each tael of world gold is currently priced at about 107.8 million VND. Thus, domestic gold prices are about 18 - 19 million VND/tael higher than world gold prices.

According to financial experts, the world gold price recovered strongly on August 23 (Vietnam time), due to high expectations of interest rate cuts in September, after the speech of the Chairman of the US Federal Reserve (Fed) Jerome Powell at the Jackson Hole symposium of the US Central Bank. The USD today decreased by 1%, making gold cheaper for holders of other currencies.

However, experts also note that domestic gold buyers at this time need to closely monitor the market before deciding to buy, because currently the difference between domestic gold prices and world gold prices is very large.