Gold prices skyrocket, gold rings cause surprise, not China, this is the country that buys the most gold in the world

Gold price today August 25, 2024, gold price increased sharply, experts and retail investors believe that the precious metal will rise above the all-time high set recently. The mark of 3,000 USD/ounce is not far away. Gold ring price goes up.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/25 AND EXCHANGE RATE TODAY 8/25

1. SJC - Updated: 08/23/2024 08:16 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell ​​out
SJC 1L, 10L, 1KG	79,000	81,000
SJC 5c	79,000	81,020
SJC 2c, 1C, 5 phan	79,000	81,030
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	77,100 ▲100K	78,400 ▲100K
SJC 99.99 gold ring 0.3 chi, 0.5 chi	77,100 ▲100K	78,500 ▲100K
99.99% Jewelry	76,950 ▲100K	77,950 ▲100K
99% Jewelry	75,178 ▲99K	77,178 ▲99K
Jewelry 68%	50,661 ▲68K	53,161 ▲68K
Jewelry 41.7%	30,158 ▲41K	32,658 ▲41K

Update gold price today August 25, 2024

Domestic gold prices fluctuated strongly last week.

On the morning of August 19, the domestic gold ring price slightly decreased while the SJC gold bar price remained unchanged. Specifically, Saigon Jewelry Company (SJC) announced the selling price of SJC gold bars at 78 - 80 million VND/tael (buy - sell), keeping the listed price unchanged in both buying and selling compared to the closing price of the previous weekend. DOJI Gold and Gemstone Group listed the gold ring price at 76.85 - 78.2 million VND/tael (buy - sell), down 150 thousand VND/tael in buying and down 200 thousand VND/tael in selling compared to the closing price of the previous session.

After 3 sessions of strong fluctuations in the middle of the week, in the morning session of August 23, in the same direction as the world gold price, the domestic gold ring price decreased slightly while the SJC gold bar price remained stable. Specifically, Saigon Jewelry Company (SJC) announced the selling price of SJC gold bars at 79 - 81 million VND/tael (buy - sell), keeping the listed price unchanged in both buying and selling directions compared to the previous session's close. DOJI Gold and Gemstone Group listed the gold ring price at 77 - 78.2 million VND/tael (buy - sell), down 150 thousand VND/tael in both buying and selling directions compared to the previous session's close.

Gold price today August 25, 2024. (Source: Shutterstock)

Summary of SJC gold bar and gold ring prices at major domestic trading brands at the closing time of August 24:

Saigon Jewelry Company: SJC gold bars 79.0 - 81.0 million VND/tael; SJC gold rings 77.1 - 78.4 million VND/tael.

Doji Group: SJC gold bars 79.0 - 81.0 million VND/tael; 9999 round rings (Hung Thinh Vuong) 77.2 - 78.4 million VND/tael.

PNJ system: SJC gold bars 79.0 - 81.0 million VND/tael; PNJ 999.9 plain gold rings at 77.2 - 78.4 million VND/tael.

Phu Quy Gold and Silver Group: SJC gold bars: 79.0 - 81.0 million VND/tael; Phu Quy 999.9 round gold rings: 77.15 - 78.45 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 79.0 - 81.0 million VND/tael; Rong Thang Long gold brand is traded at 77.23 - 78.43 million VND/tael; jewelry gold price is traded at 76.40 - 78.20 million VND/tael.

Thus, compared to the session on August 23, the price of Doji Group's gold rings on August 24 increased by VND 200,000/tael in both buying and selling directions, while the price of SJC gold bars remained the same.

According to World & Vietnam Newspaper , at 3:54 p.m. on August 24 (Vietnam time), the world gold price at goldprice.org was at 2,512.8 USD/ounce, an increase of 24.8 USD/ounce compared to the previous trading session.

Converted according to the USD price at Vietcombank on August 24, 1 USD = 25,150 VND, the world gold price is equivalent to 76.14 million VND/tael, 4.6 million VND/tael lower than the selling price of SJC gold.

World gold prices increased by more than 1% in the last trading session of this week, when the USD and US government bond yields decreased after the speech of US Federal Reserve Chairman Jerome Powell signaled the possibility of lowering interest rates next September.

At the end of the trading session on August 23, spot gold prices increased by 1.2% to 2,511.91 USD/ounce, but lower than the record high of 2,531.60 USD/ounce recorded on August 20. Gold futures prices also increased by 1.2% to 2,546.30 USD/ounce.

The dollar index fell 0.8% against a basket of major currencies, while 10-year US government bond yields also fell after Mr. Powell's speech, making gold more attractive to holders of other currencies.

“Gold will be higher ahead of the September Fed meeting and the dot plot will show how many rate cuts are likely this year,” said Tai Wong, an independent metals trader in New York.

Gold prices have risen more than 20% so far this year and are on track for their biggest annual gain since 2020, fueled by robust central bank buying, strong demand in China and safe-haven demand amid geopolitical uncertainty.

According to data as of May 2024 from the World Gold Council, the country holding the most gold is the United States, with 8,133 tons worth $628 billion. Germany ranks second with 3,351 tons, followed by Italy with 2,452 tons.

Central banks bought 483 tonnes of gold in the first half of 2024, a new record high. Türkiye was the biggest buyer in the first half of the year, buying 45 tonnes. India ranked second, buying 37 tonnes in the first six months.

China has traditionally been the world’s top buyer of gold, but has recently slowed its purchases of the precious metal, pausing purchases in May and June. Prior to that, the People’s Bank of China (PBoC, the central bank) had increased its gold reserves for 18 consecutive months.

According to Mr. Doshi, gold prices could jump to $2,600 an ounce by the end of this year and $3,000 an ounce by the middle of next year. The world's largest gold-backed exchange-traded fund, SPDR Gold Trust GLD, said that as of August 19, the amount of gold held by this fund increased to 859 tons, the highest level in seven months.

The latest Kitco News weekly gold survey shows that a majority of industry professionals and retail investors believe gold will rise above its recent all-time high this week.

“Gold hit a record high on Tuesday at nearly $2,531.75 an ounce in the spot market and consolidated for the rest of the week,” said Marc Chandler , CEO of Bannockburn Global Forex. “The weekly low was set on Thursday, just below $2,471 an ounce.”

“Higher,” said Adam Button , head of currency strategy at Forexlive.com. “There’s no point in fighting the rally.”

Meanwhile, Darin Newsom , senior market analyst at Barchart.com, said he expects gold prices to trend lower in the coming days. “The market will remain bearish for another week based on the idea that the short-term trend in December gold (daily closes only) has been bearish,” he said. “The downside target is near $2,493 an ounce.”

Kevin Grady , president of Phoenix Futures and Options, said the gold market is focused entirely on the expected Fed rate cut. “You’ve seen central banks buying … You’ve got a fresh environment, ripe for gold. I think gold will hit new highs in the future,” he said.

This week, 12 analysts participated in the Kitco News Gold Survey, with the majority of Wall Street predicting gold prices will rise above this week's new record high. Seven experts, or 58%, expect gold prices to rise next week, while two analysts, or 17%, believe gold prices will fall next week. The remaining three experts, or 25% of the total, predict a flat price decline for the precious metal.

Meanwhile, 225 votes were cast in Kitco's online poll, with Main Street investors being more bullish on balance than other professionals. 146 retail traders, or 65%, expect gold prices to rise next week. Another 41, or 18%, expect the yellow metal to fall, while 38 respondents, or 17%, see prices consolidating next week.

James Stanley , senior market strategist at Forex.com, said he expects gold prices to trend lower next week. “I think we’ll see some profit-taking and a pullback to test below $2,500 an ounce, but I don’t expect any sustained declines at this point. It’s more of a pullback than a reversal,” he said.

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