Gold price update on the morning of August 30: Sudden sharp increase

SJC gold bar price

As of 6:00 a.m., DOJI Group listed the price of SJC gold bars at 127.4-128.9 million VND/tael (buy in - sell out), an increase of 400,000 VND/tael in both directions. 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 127.8-129.3 million VND/tael (buy - sell), an increase of 800,000 VND/tael in both directions. 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 126.8-129.3 million VND/tael (buy - sell), an increase of 800,000 VND/tael in both directions. The difference between buying and selling prices is at 2.5 million VND/tael.

9999 gold ring price

As of 6:00 a.m., DOJI Group listed the price of gold rings at 120.6-123.6 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.

Bao Tin Minh Chau listed the price of gold rings at 121.2-124.2 million VND/tael (buy - sell), an increase of 900,000 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 120.7-123.7 million VND/tael (buy - sell), an increase of 700,000 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 1:05 at 3,442.6 USD/ounce, up 37.3 USD.

Gold price forecast

World gold prices increased sharply after the latest data showed that consumer confidence in the US continued to decline, while inflation expectations increased.

The University of Michigan released its last consumer confidence index for August at 58.2, down from the preliminary 58.6 and also below the July end of 61.7.

"Consulent confidence confirmed the reading level at the beginning of the month, down about 6% compared to July. The index is currently about 11% higher than the April and May levels but is still at least 10% lower than the same period 6 and 12 months ago, said Director of Consumer Survey Joanne Hsu.

Meanwhile, the US Commerce Department report on Friday said that the core personal consumption expenditure (Core PCE) index the Federal Reserves preferred inflation measure, excluding food and energy prices, rose 0.3% in July, after rising similarly in June. This increase is in line with the previous forecast.

The report also showed core inflation rose 2.9% over the past 12 months, in line with market expectations.

Although rising inflation is often a disadvantage for gold, the precious metal has maintained stability as high consumer prices have not changed expectations of the Fed cutting interest rates next month. Spot gold was traded at $3,411/ounce, down 0.15% on the day.

Some experts say that in the current context, high inflation could become a supporting factor for gold. Rising inflation and loose monetary policy are expected to drive real yields down sharply, thereby reducing the opportunity cost of gold - a non-yielding asset.

According to CME's FedWatch tool, the market continues to assess a more than 80% chance of the Fed cutting interest rates next month, even if inflation continues to move higher.