Domestic gold price
At the end of the trading session on August 26, the price of 9999 gold bars at SJC Ho Chi Minh City was 67.35 million VND/tael (buy) and 68.05 million VND/tael (sell). SJC Hanoi listed at 67.35 million VND/tael (buy) and 67.97 million VND/tael (sell).
Doji Hanoi listed at 67.2 million VND/tael (buy) and 68.1 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 67.3 million VND/tael and sold at 68 million VND/tael.
International gold price
On the world market, the spot gold price on Kitco floor on August 26 (at 6:00 p.m., Vietnam time) was trading at 1,914 USD/ounce.
In a speech from Jackson Hole, Mr. Jerome Powell, Chairman of the US Federal Reserve (Fed), said that it may be necessary to raise interest rates further to bring inflation down from the current high levels.
The Fed will be cautious in deciding whether to tighten rates further or keep them unchanged and wait for further economic data. The Fed's job is to get inflation back to its 2% target.
The dollar index (DXY), which measures the greenback against six other major currencies, rose 0.2% to 104.14. The yield on two-year U.S. Treasury notes closed at 5.08%, its highest since June 2007.
US economic data continues to play a key role in gold market sentiment. The gold market is generally stuck in a “wait and see” mode.
Gold price forecast
Craig Erlam, senior market analyst at Oanda, said that gold's upside momentum could be limited in the near term. Information from the conference and the Fed's stance suggests that interest rates will remain high in the near term, and the USD will appreciate. This is unfavorable for gold.
Economic uncertainty in China and the threat of stagnant inflation in Europe will support safe-haven demand for gold, but the market is not ready to move higher, said Christopher Vecchio, head of futures and foreign exchange at Tastylive. Gold could trade around $1,900 an ounce.
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