Gold price today August 28: Gloomy weekend

Gold price today, August 28, the weekend is gloomy when domestic gold price remains stable around 36.42-36.52 million VND, compared to the previous session when the price remained "still" with no change. World gold price has gone through a rather "gloomy" week when many sessions fell to low levels.

On the weekend session of August 27, the price of SJC gold of DOJI Gold and Gemstone Company was traded at 36.44 million VND for buying and 36.52 million VND for selling.

Similarly, Saigon Jewelry Company – SJC is also listing the price at 36.29 (buy) and 36.55 (sell). Gold prices at Phu Nhuan Jewelry Company (PNJ) and banks are also being bought and sold around 36.3 – 36.5. Compared to yesterday’s session, gold prices are almost unchanged.

Looking back at the past week, domestic gold prices moved quite slowly and lackluster because the upward trend was always weak, giving way to the downward trend. The highest price of the week was listed at 36.56-36.62, the lowest price remained at 36.33-36.41.

Right from the first sessions of the week, the gold market did not receive support from investors. During the week, there was a time when the gold price tried to reach the threshold of 36.60, however, this price only lasted for one session and then fell back to lower levels.

In the following sessions of the week, the weakness of the precious metal was even more evident. And when the price dropped to the threshold of 36.33-36.41, the market showed signs of improvement, the buying demand of some investors appeared, confidence in the precious metal began to return and expectations for better prices.

After many sessions of sharp declines in world gold prices, SJC gold prices have remained stable. This has caused the gap between domestic and world gold prices to increase. Currently, world gold prices are still 1.7 million VND/tael lower than domestic gold prices.

According to Doji, it can be seen that the precious metal gold tried to rise at times this week but then fell in rank immediately after due to lack of support. In addition, economic and political factors are barriers preventing the breakthrough of this precious metal. With the slow adjustment of gold prices, it seems that investors have also stopped to prepare for themselves appropriate and effective calculations for the following week.

At the end of the week, the world gold price for December 2016 delivery at the New York Metal Exchange increased slightly by 0.1% to 1,325.90 USD/ounce. The continuous decline in the past week has caused the world gold price to drop to the bottom, the price of this precious metal at one point dropped to 1,331.35 USD/ounce, the lowest level since August 9.

Last week, world gold prices were in a tug-of-war amid many inconsistent signals about the Fed's interest rate outlook and anxiously awaiting information from the annual meeting of central banks and the Fed Chairman's speech.

Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.19 percent to 956.59 tonnes on Thursday. Gold futures fell for a second straight session to their lowest in a month after a Fed member voiced support for raising interest rates.

Fed Chair Yellen pointed to improvements in the US labor market and expectations for moderate economic growth, bolstering the view that the Fed could raise interest rates later this year. However, Yellen did not provide a clear roadmap for what the Fed would need to monitor to raise rates.

According to Vietnamnet