Gold price update morning of August 29th: Domestic gold under downward pressure

9999 gold ring price

As of 6:00 AM, Ancarat listed the price of 9999 Tich Tai Gold Ring at 147-150 million VND/tael (buying - selling), down 1.2 million VND/tael in both directions. The buying - selling difference is at 3 million VND/tael.

Phu Quy Jewelry Group listed the price of gold rings at the threshold of 147.2-150.2 million VND/tael (buying - selling), an increase of 200,000 VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.

DOJI listed the price of gold rings at the threshold of 147.7-151.7 million VND/tael (buying - selling), down 300,000 VND/tael in both buying and selling directions. The buying - selling difference is at 4 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at the threshold of 147.2-151.2 million VND/tael (buying - selling), down 800,000 VND/tael in both buying and selling directions. The buying - selling difference is at 4 million VND/tael.

SJC gold bar price

As of 6:00 AM, Phu Quy listed SJC gold bar prices at the threshold of 147.2-150.2 million VND/tael (buying - selling), an increase of 200,000 VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.

SJC gold bar price is listed by DOJI at the threshold of 147.2-150.2 million VND/tael (buying - selling), an increase of 200,000 VND/tael in both buying and selling directions. The difference between buying and selling is at 3 million VND/tael.

Bao Tin Minh Chau listed SJC gold bar prices at the threshold of 147.2-151.2 million VND/tael (buying - selling), down 800,000 VND/tael in both buying and selling directions. The buying - selling difference is at 4 million VND/tael.

Jewelry gold price

As of 6:00 AM, Ancarat listed the price of 24K 9999 Gold Jewelry at 142-150 million VND/tael (buying - selling), down 1.2 million VND/tael in both buying and selling directions.

DOJI listed 9999 jewelry gold at the threshold of 146.5-150.5 million VND/tael (buying - selling), down 500,000 VND/tael in both buying and selling directions

Bao Tin Minh Chau listed Thang Long 9999 Dragon Gold Jewelry at 145.5-150.5 million VND/tael (buying - selling), down 500,000 VND/tael in both buying and selling directions.

World gold price

Recorded at 3:05 AM, world gold prices were listed around the threshold of 4,459.6 USD/ounce, down sharply by 147.2 USD.

Gold price forecast

Gold prices are under strong downward pressure as expectations of a tighter US monetary policy shift. Following Fed Chairman Kevin Warsh's speech at the Jackson Hole conference, the market increased the possibility of the Fed raising interest rates in the last months of the year, thereby supporting the USD and US bond yields.

Notably, the possibility of the Fed raising interest rates right at the September meeting has increased significantly after a tough message from the head of the US central bank. However, analysts believe that the decision to keep interest rates unchanged is not necessarily a positive sign for gold. The Fed may not act in September but at the same time signal interest rate hikes at subsequent meetings.

The noteworthy point is that US inflation is still high. The overall PCE index increased by 3.7% compared to the same period, while the annualized conversion rate in the last 6 months reached 4.1%. This development reduces the possibility of the Fed soon switching to a softer monetary policy. If price pressure continues to persist, the high interest rate level may be maintained longer, creating pressure on non-performing assets such as gold.

The strengthening USD is also becoming a significant drag. After the speech at Jackson Hole, many major currencies weakened against the USD, while the yields of US 2-year-term bonds increased sharply. These are unfavorable factors for gold in the short term.

Technically, the latest developments show that the short-term trend has clearly deteriorated. Previously, the area of 4,575 USD/ounce was considered near support, followed by 4,546 USD and 4,511 USD/ounce. The fact that gold prices decreased to around 4,459.6 USD/ounce means that a series of important support zones have been broken through. This may trigger further technical selling activities if bottom-fishing demand does not appear strong enough.