Gold price today August 31: Continuously reaching new peaks, still expected to increase

(NLDO) – Gold prices today continue to set new peaks in the domestic market, and are forecast by both experts and investors to continue to increase.

On the morning of August 31, the price of SJC gold bars was listed by large enterprises such as PNJ, SJC, DOJI at 129.1 million VND/tael for buying and 130.6 million VND/tael for selling, 4 million VND/tael higher than last weekend.

Thus, in just 2 weeks, the price of gold bars at gold companies and commercial banks has increased by more than 6 million VND/tael.

However, the above price is still not the peak of SJC gold bar price. Some small shops in Ho Chi Minh City and Hanoi even raised the price to a record level, 131.6 million VND/tael for buying, 132.6 million VND/tael for selling, about 2 million VND higher than the price in the large system.

This is the 5th consecutive week of increase for gold bars, at the same time establishing the highest price range ever.

Following the upward trend, the price of 99.99% gold rings and jewelry gold is also listed at around 122.5 million VND/tael for buying and 125 million VND/tael for selling, an increase of about 4 million VND compared to the end of last week. The difference between SJC gold bars and gold rings has widened to over 5 million VND/tael.

Gold prices are expected to continue to increase.

The domestic gold price has increased to an unbelievable level, exceeding the forecasts of the most optimistic people. Previously, some forecasts said that the gold price could reach 130 million VND/tael this year. But only up to now, the gold price has surpassed this shocking forecast.

No expert predicts a decrease

In the international market, the price of gold closed the week at 3,448 USD/ounce, an increase of about 80 USD compared to the previous week (equivalent to an increase of 2.5 million VND). Investors expect the precious metal to benefit when the US Federal Reserve (Fed) signals that it may lower interest rates in September, in the context of slowing US economic growth and potential inflation risks. At the same time, cash flows also continue to choose gold as a safe investment channel when the price exceeds the psychological zone of 3,400 USD/ounce.

Kitco’s survey on trends for next week shows that both analysts and investors are unanimous in predicting gold prices to continue to rise. Specifically, in the survey on Wall Street, 14 analysts participated in the survey, of which 86% said that gold prices will continue to rise; no one said that gold prices will decrease and the remaining 14% predicted that gold prices will remain unchanged.

SJC gold bar price has been continuously increasing recently.

Similarly, in the Main Street online survey, 179 investors participated in the survey, of which 68% said that gold prices will continue to rise, 17% predicted that gold prices will fall and the remaining 16% said that gold prices will remain flat.

Although the world gold price is forecast to continue to increase, it is still much lower than the domestic gold price. Currently, the world gold price converted according to the exchange rate listed at commercial banks is about 110 million VND, lower than SJC gold bars by more than 20 million VND per tael. This is a record difference in recent times.

Source: https://nld.com.vn/gia-vang-hom-nay-31-8-lien-tuc-lap-dinh-van-duoc-dong-loat-du-bao-tang-196250831092311052.htm