Domestic gold price remains high, international market awaits signals from Jackson Hole conference

Gold prices on the international market faced the strongest correction week since the end of June, thereby recording two consecutive weeks of decline. Closing at the end of the week, the spot gold price traded at 3,335.6 USD/ounce. The price of gold futures for delivery in December 2025 on the Comex New York floor fell to 3,381.7 USD/ounce.

The reason for this week's decline comes from higher-than-expected inflation data in the US. The producer price index (PPI) in July increased at the fastest rate in three years, showing that input cost pressure is being passed on by businesses to consumers. Specifically, according to the US Department of Labor, the PPI index in July increased 0.9% compared to June, the largest increase in more than three years. Compared to the same period in 2024, this index increased 3.3%, much higher than economists ' forecasts. Hotter-than-expected US data has reduced hopes of a major interest rate cut by the Fed. The betting rate on the possibility of the Fed cutting interest rates by 25 basis points at the meeting on September 18 is now at 83.4%, while many days ago it was above 90%.

The market now sees the Fed cutting rates by 25 basis points in September, instead of the previously expected 50 basis points. Investors are looking ahead to Chairman Jerome Powell's speech at the Jackson Hole conference next week for clearer signals on policy direction.

Next week, investors will be looking for clearer signals on the direction of policy when Chairman Jerome Powell speaks at the Jackson Hole conference next week. The Jackson Hole economic policy conference, an annual event with a history of nearly 50 years, will take place from August 21 to 23. This year's theme is "Labor markets in transition: demographics, productivity, and macroeconomic policy." The Fed faces a balancing act as inflation is pressured by tariffs while the labor market continues to show signs of weakness. Chairman Jerome Powell's speech on August 22 is expected to provide some new monetary policy signals, as US inflation and expectations for interest rate cuts remain at the center of debate.

On the geopolitical front, US President Donald Trump and Russian President Vladimir Putin held a three-hour face-to-face meeting in Alaska on August 15 and a press conference afterward to announce the results of their discussions. Although the meeting did not yield any agreement, the two sides left open the possibility of holding another summit in the near future. In addition, the focus of this week's information also included the minutes of the latest FOMC meeting, US housing data...

Despite the downward pressure of world gold prices over the past two weeks, gold prices remain quite stable with the selling price of SJC gold bars at gold shops at 124.5 million VND/tael. In the domestic market, the price of SJC gold bars closed the week at 123.50 million VND/tael for buying and 124.50 million VND/tael for selling. During the week, the selling price of gold climbed to 124.7 million VND/tael on Thursday (August 15), then slightly decreased towards the end of the week. The prices of 999.9 gold rings and jewelry products also remained relatively stable. At Bao Tin Minh Chau, the price of smooth round gold rings was listed at 116.8 - 119.8 million VND/tael for both buying and selling.

The domestic exchange rate also recorded a movement in the opposite direction compared to the general situation in the world. The USD Index (DXY) ended the week at 97.85 points, down 0.3% compared to the previous week. Commercial banks last week simultaneously raised the domestic USD/VND exchange rate. At Vietcombank, the USD/VND exchange rate was listed at 26,090 VND/USD (buy) and 26,450 VND/USD (sell), up 50 VND in both directions. The central exchange rate announced by the State Bank also increased by 21 VND/USD, to 25,249 VND/USD. The increase in the domestic exchange rate caused the domestic gold price to maintain a large "difference" compared to the world price, continuing to stay at a high price range despite the adjustment of the international gold price.

Source: https://baodautu.vn/gia-vang-trong-nuoc-neo-cao-thi-truong-quoc-te-ngong-tin-hieu-tu-hoi-nghi-jackson-hole-d362053.html