Gold price today, August 24: Heavy losses despite sharp price increases

Khương Duy |

Gold price today, August 24: After a week of strong price increases, domestic gold ring buyers still lost up to 1.1 million VND/tael.

SJC gold bar price

At the end of the trading session of the week, Saigon Jewelry Company SJC listed the price of SJC gold at 125.6-126.6 million VND/tael (buy in - sell out).

Compared to the closing price of the previous trading session (August 17, 2025), the price of SJC gold bars at Saigon Jewelry Company SJC increased by 2.1 million VND/tael in both directions. The difference between the buying and selling prices of SJC gold at Saigon Jewelry Company SJC is at 1 million VND/tael.

Dien bien gia vang mieng SJC nhung phien gan day. Bieu do: Phan Anh
SJC gold bar price movements in recent sessions. Chart: Phan Anh

Meanwhile, Bao Tin Minh Chau listed the price of SJC gold bars at 125.6-126.6 million VND/tael (buy in - sell out).

Compared to a week ago, the price of SJC gold bars was increased by Bao Tin Minh Chau by 2.1 million VND/tael in both directions. The difference between the buying and selling prices of SJC gold at Bao Tin Minh Chau is at 1 million VND/tael.

If buying SJC gold at Bao Tin Minh Chau and Saigon Jewelry Company SJC in the session of August 17 and selling it in today's session (8.24), buyers will make the same profit of 1.1 million VND/tael.

9999 gold ring price

This morning, Bao Tin Minh Chau listed the price of gold rings at 119-122 million VND/tael (buy - sell); increased by 2.2 million VND/tael in both directions. The difference between buying and selling is at 3 million VND/tael.

Dien bien gia vang nhan thoi gian gan day. Bieu do: Khuong Duy
Recent developments in gold ring prices. Chart: Khuong Duy

Phu Quy Gold and Stone Group listed the price of gold rings at 118.3-121.3 million VND/tael (buy - sell), an increase of 1.9 million VND/tael in both directions compared to a week ago. The difference between buying and selling is 3 million VND/tael.

If buying gold rings in the session of August 17 and selling in today's session (8.24), buyers at Bao Tin Minh Chau will lose 800,000 VND/tael, while the loss when buying in Phu Quy is 1.1 million VND/tael.

World gold price

At the end of the trading session of the week, the world gold price was listed at 3,370.3 USD/ounce, up 36.2 USD/ounce compared to the closing price of the previous trading session.

Dien bien gia vang the gioi nhung phien giao dich gan day. Bieu do: Phan Anh
World gold price developments in recent trading sessions. Chart: Phan Anh

Gold price forecast

Ole Hansen - Head of Commodity Strategy at Saxo Bank - said that although the gold market was still quite quiet in the summer, the FED opened the door for interest rate cuts until the end of the year.

In this context, the yield curve will be steeper and the USD will weaken, which is a positive environment for gold. Although the summer market is still quiet, it is difficult to think that prices will not be higher next week or in the long term, he said.

In the short term, Hansen believes gold needs to surpass $3,450/ounce before investors can expect a return to a record high above $3,500/ounce in April.

Christopher Vecchio - Head of futures and foreign exchange strategy at Tastylive.com, commented that despite a quiet summer, gold is ready to break out as the FED prepares to loosen interest rates.

It seems we will see rate cuts as inflation approaches 3%, so holding gold at this time is still a reasonable choice for investors, he said.

Michael Brown, senior market analyst at Pepperstone, said that while Mr. Powell's comments could trigger a strong rally in gold prices, there are still some unanswered questions regarding Powell's future policy direction.

Powell has clearly supported the idea of a rate cut in September, but I think the focus will quickly shift to whether it will be a series of cuts, or just a one-time cut and stop, he said.

Even though gold is not ready to break out right now, Brown said he is still a long-term optimistic about gold.

This is especially true as US President Donald Trump has once again stepped up attacks on the Fed, further eroding the concept of monetary policy independence and thereby increasing the appeal of hard assets. I think there is a high possibility that gold will set a new historical peak before the end of this year, he said.

This week, 13 market analysts participated in a gold survey, and none predicted a decrease in prices. Eight analysts (62%) see gold rising next week. Meanwhile, five analysts (38%) are neutral on the precious metal.

Meanwhile, Kitco's online poll recorded 194 votes, showing that retail investors on Main Street are also less optimistic than before, but still maintain confidence in gold's prospects.

115 retail traders (59%) expect gold prices to rise next week, 35 (18%) see gold falling, and the remaining 44 (23%) see gold prices moving sideways in the short term.

See more news related to gold prices HERE...

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