Gold ring worth hits new ‘peak’

The home worth of gold rings this morning, August 26, elevated to 78.5 million VND/tael, an unprecedented excessive.

Particularly, at 10:00 a.m., Saigon Jewellery Firm (SJC) listed the value of 1-5 ring gold at solely 77.2 – 78.5 million VND/tael (purchase – promote), a rise of 100,000 VND/tael in each shopping for and promoting instructions. This continues to be the best worth ever recorded for home ring gold.

In comparison with a few month in the past, the value of gold rings has elevated by practically 2 million VND/tael. In comparison with the start of the yr, the value of gold rings has elevated by about 15 million VND/tael. Nonetheless, the value of gold rings continues to be about 2.5 million VND/tael decrease than the value of SJC gold bars.

On the similar time, the value of SJC gold bars is listed at 79 – 81 million VND/tael (purchase – promote), unchanged from final weekend.

Gold ring worth units new file excessive. (Picture: Minh Duc)

In the meantime, on the planet market, gold costs recorded a rise of three USD/ounce, as much as 2,515 USD/ounce, persevering with the spectacular enhance in latest buying and selling periods. Analysts stated that the outlook for gold costs continues to be very optimistic because the US Federal Reserve (Fed) is making ready to decrease rates of interest subsequent month.

Jerome Powell’s speech on the Jackson Gap Symposium despatched a transparent sign that the Fed would alter financial coverage to help the economic system. This breathed new life into the valuable metals market, as buyers anticipate decrease rates of interest to cut back the attractiveness of the US greenback and enhance demand for safe-haven property comparable to gold.

In line with knowledge from SPDR Gold Shares, the world’s largest gold-backed exchange-traded fund, inflows into gold have elevated considerably this month. Nonetheless, the fund’s holdings are nonetheless down from the start of the yr, indicating investor warning.

This week, the gold market continues to be influenced by essential financial knowledge comparable to the non-public consumption expenditure (PCE) index, industrial manufacturing, second quarter GDP, sturdy items orders, client confidence and unemployment claims. These knowledge will present extra details about the US financial scenario and form market expectations for the Fed’s financial coverage.

Consultants predict that gold costs nonetheless have a variety of room to develop. Adam Button, head of foreign money technique at Forexlive.com, stated that as rates of interest fall and the US greenback weakens, gold costs will proceed to rise strongly. Phillip Streible, chief market strategist at Blue Line Futures, even predicted that gold may attain $2,600 an oz. earlier than dealing with promoting stress.

Cong Hieu