Gold price today August 23: Increased sharply but buyers make small profits

SJC gold bar price

Closing the week's trading session, Saigon SJC Jewelry Company listed SJC gold prices at the threshold of 144.6-147.6 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week's trading (August 16), the price of SJC gold bars at Saigon SJC Jewelry Company increased by 3.6 million VND/tael in both buying and selling directions.

Meanwhile, DOJI listed SJC gold price at the threshold of 144.6-147.6 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (August 16), the price of SJC gold bars at DOJI increased by 3.6 million VND/tael in both buying and selling directions.

If buying SJC gold bars on August 16 and selling them on today's session (August 23), buyers at Saigon Jewelry Company SJC and DOJI both make a profit of 600,000 VND/tael.

9999 gold ring price

At the same time, DOJI Group listed the price of gold rings at the threshold of 145.5-149.5 million VND/tael (buying - selling), an increase of 4.5 million VND/tael on the buying side and an increase of 5.5 million VND/tael on the selling side. The buying - selling difference is at 4 million VND/tael.

Phu Quy Jewelry Group listed the price of gold rings at the threshold of 144.6-147.6 million VND/tael (buying - selling), an increase of 3.6 million VND/tael in both buying and selling directions. The buying - selling difference is at 3 million VND/tael.

If buying gold rings on August 16th and selling them today (August 23rd), buyers at DOJI will make a profit of 1.5 million VND/tael, while buyers at Phu Quy will make a profit of 600,000 VND/tael.

World gold price

Closing the weekly trading session, world gold prices were listed at 4,602.4 USD/ounce, up 226.8 USD compared to a week ago.

Gold price forecast

After recording the third consecutive strong week of increase and surpassing the 4,600 USD/ounce mark, world gold prices entered a new trading week with the focus on a series of US economic data and new signals from the monetary policy of the US Federal Reserve (Fed).

The latest gold price outlook survey by a precious metals website shows that market sentiment has improved significantly after the breakthrough in the last sessions of the week. In the group of experts on Wall Street participating in the assessment, most opinions lean towards the possibility that gold prices will continue to maintain a positive trend next week.

8/11 experts, equivalent to 73%, predict that the precious metal will increase further, while the remaining 3 experts believe that gold may enter a accumulation phase after a sharp increase. No opinion predicts a decrease in gold prices.

In the group of individual investors, optimistic sentiment also increased. Online survey results with 211 participants showed that 78% expect gold prices to continue to rise in the new trading week. Only 12% forecast prices to decrease and 10% believe gold will remain unchanged.

In the past week, gold has been supported by many factors such as the weakening USD, expectations of interest rates changing in a more favorable direction and the need to seek defensive assets against economic risks. In addition, concerns related to the US fiscal situation and developments in the bond market continue to boost cash flow into precious metals.

However, after increasing by more than 5% in the week and conquering a new high price range, the market may experience technical corrections as investors wait for new signals. Next week, important data such as consumer confidence index, new home sales, core consumer spending price index (PCE), Q2 GDP growth and durable goods orders will be closely monitored.

In particular, Fed Chairman Kevin Warsh's speech at the Jackson Hole conference is considered an important event, which can provide more clues about the direction of monetary policy in the coming time.

If economic data shows that inflation continues to cool down and the Fed is likely to ease policy, gold may continue to be supported. Conversely, positive signals from the US economy may help the USD and bond yields recover, putting pressure on precious metal prices.

In the short term, the trend of gold will continue to depend on the diễn biến of the USD, US bond yields, interest rate expectations and risk factors in the global market.