Opening this morning, the SJC gold price in Ho Chi Minh City is listed at 36.67 - 36.75 million VND/tael (buy - sell), down 30,000 VND compared to the previous trading session. session.
In Hanoi, the price of SJC gold is listed at 36.65 - 36.75 million VND/tael, compared to yesterday's decrease of 20,000 VND in both buying and selling directions.
At Bao Tin Minh Chau, the price of SJC brand gold was listed at the beginning of the session at 36.65 - 36.75 million VND/tael, down 30,000 VND/tael compared to yesterday.
According to Bao Tin Minh Chau's Rong Thang Long gold brand, the price of 9999 gold decreased by 20,000 VND in the selling direction, ranging from 36.65 - 36.75 million VND/tael (buy - sell).
DOJI gold in Ho Chi Minh City is listed at 36.68 - 36.74 million VND/tael, down 30,000 for buying.
In Hanoi, DOJI gold price was at 36.65 - 36.75 million VND/tael, down 20,000 VND compared to the previous trading session.
As of early morning of August 28 (Vietnam time), the world spot gold price was at 1,206 USD/ounce.
December gold delivery price on the New York Comex stood at 1,212 USD/ounce.
World gold converted to USD is priced at 33.4 million VND/tael, excluding taxes and fees, about 3.3 million VND/tael lower than domestic gold.
Previously, the Fed signaled complete independence from US President Donald Trump after the owner of the White House expressed disappointment at the speed of interest rate increases by the US central bank Fed.
However, at a meeting in Jackson Hole, Wyoming over the weekend, Jerome Powell expressed a cautious approach to monetary policy, in the direction of interest rates increasing gradually.
Speaking in Jackson Hole, Wyoming, Mr. Powell said that slow rate hikes are the best way to protect the recovery momentum of the US economy, keep job growth high and control inflation.
Mr. Powell affirmed that there is no sign that the US economy is growing rapidly and policymakers plan to continue the process of gradually increasing interest rates. The Fed's reaffirmations suggest that the central bank's next steps tend to be in line with Trump's wishes.
Gold prices have always been sensitive to US interest rate moves, as rising interest rates will help the USD strengthen but significantly reduce the attractiveness of non-yielding assets such as gold.
Experts are also leaning towards the downward trend of gold prices in the coming time. 17 market experts participated in a survey in The Wall Street Journal for the results: 9 respondents (53%) expect higher prices. While only 2, accounting for 12%, the market opinion is lower. The remaining 6 people, equivalent to 35%, predict a flat market.
