Gold price update on the morning of August 29: Continuous increase, no signs of stopping

SJC gold bar price

As of 6:00 a.m. on August 29, the price of SJC gold bars was listed by DOJI Group at 127-128.5 million VND/tael (buy - sell), a sharp increase of 1 million VND/tael for buying and an increase of 500,000 VND/tael for selling. The difference between buying and selling prices is at 1.5 million VND/tael.

Meanwhile, Bao Tin Minh Chau listed the price of SJC gold bars at 127-128.5 million VND/tael (buy - sell), an increase of 1.2 million VND/tael for buying and an increase of 500,000 VND/tael for selling. The difference between buying and selling prices is at 1.5 million VND/tael.

Phu Quy Jewelry Group listed the price of SJC gold bars at 126-128.5 million VND/tael (buy - sell), an increase of 600,000 VND/tael for buying and an increase of 500,000 VND/tael for selling. The difference between buying and selling prices is at 2.5 million VND/tael.

9999 gold ring price

As of 6:00 a.m. on August 29, DOJI Group listed the price of gold rings at VND 120.3-123.3 million/tael (buy in - sell out), an increase of VND 500,000/tael in both directions. The difference between buying and selling is 3 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 120.3-123.3 million VND/tael (buy - sell), an increase of 300,000 VND/tael in both directions. The difference between buying and selling is 3 million VND/tael.

Phu Quy Gold and Stone Group listed the price of gold rings at 120-123 million VND/tael (buy - sell), an increase of 500,000 VND/tael in both directions. The difference between buying and selling is 3 million VND/tael.

Currently, the difference between buying and selling gold rings is at a very high level, around 3 million VND/tael, posing a potential risk of loss for investors.

World gold price

The world gold price was listed at 10:45 p.m. on August 28 at 3,405.3 USD/ounce, up 17.3 USD.

Gold price forecast

World gold prices increased sharply, reaching a three-week high supported by technical buying power when the short-term chart showed an increasingly positive trend.

Today's decline in the USD is also a supporting factor for these two precious metals. December gold contract increased by 14.6 USD to 3,464.4 USD/ounce. September silver price increased by 0.467 USD to 39.18 USD/ounce.

The global stock market fluctuated in different directions overnight. US stock indexes are forecast to open for differentiation when the New York session begins.

In overnight news, Nvidia (a major US technology corporation) exceeded expectations for revenue and profit in the quarterly report released on Wednesday afternoon, but the outlook for the third quarter was only average, no longer "explosive" as investors expected.

Nvidia shares fell in the after-hours trading session, reflecting disappointment despite the stock having increased by more than 30% since the beginning of the year and accounting for more than 7% of the S&P 500 ratio.

Deutsche Bank commented that Nvidia's capitalization is currently equivalent to 3.6% of global GDP - higher than the combined size of the German and French stock markets. However, with prices too high and expectations too high, the gloomy forecast has shown that even market stars could lose momentum if they do not surpass Wall Streets expectations.

The price of support was announced when on the night of August 27 and early morning of August 28, Russian forces launched a large-scale attack by drones and missiles targeting Kiev, killing at least 10 people and injuring 38.

Ukrainian officials said many residential buildings and other facilities in seven districts of the city were severely damaged.

The move comes nearly two weeks after US President Donald Trump abandoned his request to force Russia to agree on a ceasefire to pave the way for peace talks at a summit with Russian President Vladimir Putin in Alaska.

In another development, White House trade adviser Peter Navarro is pressuring India to stop importing Russian oil, accusing New Delhi of funding the Kremlin's war campaign. The US has doubled tariffs on India to 50%, affecting more than 55% of goods exported to the US, in order to put trade and indirect pressure on Russia.

Technically, December gold futures show that buyers are holding a clear advantage in the short term. The next upside target for buyers is to close above the strong resistance zone at $3,500/ounce.

On the contrary, the target for the sellers is to pull the price below the strong support zone at the bottom of July at 3,319.2 USD/ounce. The first resistance zone was seen at $3,480, followed by $3,500/ounce. First support was at a low of $3,422.20 an ounce on Wednesday, followed by $3,400 an ounce.

In the commodity market, the USD index decreased, crude oil prices edged down slightly to around 64 USD/barrel.