Gold price today August 21, 2024: World gold prices continuously hit records, while the possibility of the Fed cutting interest rates is imminent, gold prices are forecast to skyrocket, possibly even reaching an unprecedented peak next year.
LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/21 AND EXCHANGE RATE TODAY 8/21
| 1. SJC - Updated: 08/20/2024 08:10 - Website time of supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 79,000 ▲1000K | 81,000 ▲1000K |
| SJC 5c | 79,000 ▲1000K | 81,020 ▲1000K |
| SJC 2c, 1c, 5 phan | 79,000 ▲1000K | 81,030 ▲1000K |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 77,050 ▲250K | 78,350 ▲150K |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 77,050 ▲250K | 78,450 ▲150K |
| Jewelry 99.99% | 76,900 ▲200K | 77,900 ▲200K |
| Jewelry 99% | 75,129 ▲198K | 77,129 ▲198K |
| Jewelry 68% | 50,627 ▲136K | 53,127 ▲136K |
| Jewelry 41.7% | 30,138 ▲84K | 32,638 ▲84K |
Update gold price today 8/21/2024
World gold prices continued to rise above a new price threshold in the trading session on August 20.
The technical charts and safe-haven demand are pushing the yellow metal higher and potentially further gains. Earlier, the uptrend in gold prices recorded new record highs, with spot gold hitting $2,521.00 and December Comex gold futures trading at $2,549.90 an ounce.
According to the World & Vietnam Newspaper, at 4:30 p.m. on August 20, the gold price traded on the Kitco electronic floor was at 2,523.80 USD/ounce, up 17.80 USD/ounce from the previous trading session,
Gold prices began rising late last week following reports that the People's Bank of China had granted new gold import quotas to Chinese banks, sparking "speculation about a fresh wave of buying," brokerage SP Angel said in a note.
Gold continues to be a strong candidate as markets seek a safe haven for their assets. The precious metal is also supported by persistent concerns about an Iranian military attack on Israel - a ceasefire between Israel and Hamas remains a concern for the world.
Traders are awaiting more information from the Federal Reserve's annual meeting in Jackson Hole, which begins later this week. At the meeting on Thursday morning, Fed Chairman Powell is expected to speak on the U.S. economy and may shed light on the economic and financial policies of the U.S. economy in the coming period. In previous years, Fed officials have made statements that have moved markets.
Key outside markets are seeing a sharp decline in the USD index. Nymex crude oil prices are down sharply and are trading around $74.75/barrel.
Domestic gold prices, SJC gold bar prices suddenly increased sharply, the highest since the State Bank sold gold to stabilize the market.
In the morning trading session on August 20, the price of SJC gold bars increased sharply, reaching 81 million VND/tael for selling - 79 million VND/tael for buying, an increase of 1 million VND in both directions compared to the previous day. This price is the highest since the State Bank changed the way to stabilize the market from the beginning of June, through selling gold directly to 4 state-owned banks and SJC, instead of bidding.
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| Gold price today August 21, 2024: Gold price rises to new high, Fed definitely cuts interest rates, gold hits new peak? (Source: Kitco News) |
The price of 9999 round smooth gold rings turned down, then went sideways, after reaching a new peak at the end of last week.
DOJI Gold and Gemstone Group listed the price of gold rings at 76.95 - 78.2 million VND/tael (buy - sell), keeping the listed price in both buying and selling directions unchanged compared to yesterday's closing price.
Saigon Jewelry Company (SJC) listed the price of gold rings at 76.8 - 78.2 million VND/tael (buy - sell), keeping the listed price in both buying and selling directions unchanged compared to yesterday's closing price.
The price of round, smooth gold rings of Thang Long Dragon at Bao Tin Minh Chau Company stood at 76.93 - 78.23 million VND/tael (buy - sell), down 150,000 VND/tael in both buying and selling directions compared to the previous closing price.
Doji Hung Thinh Vuong 9999 gold ring of Doji Group in Hanoi market stood at 76.95 - 78.2 million VND/tael, down 50,000 VND/tael for buying and down 200,000 VND/tael for selling compared to the previous session's close.
Summary of SJC gold bar prices at major domestic trading brands at the closing time of August 20:
Saigon Jewelry Company 79.0 - 81.0 million VND/tael; Doji Group 79.0 - 81.0 million VND/tael; PNJ System 79.0 - 81.0 million VND/tael; Phu Quy Gold and Silver Group 79.0 - 81.0 million VND/tael; SJC gold bar price at Bao Tin Minh Chau is listed at: 79.0 - 81.0 million VND/tael.
Fed sure to cut interest rates in September?
As Fed officials gather in Jackson Hole this week, the main question on their minds is how fast will the Fed cut interest rates?
In an interview with the Financial Times , San Francisco Fed President Mary Daly said that recent economic data gave her “greater confidence that” inflation was under control, making it time to consider cutting interest rates from the current 23-year high of 5.25-5.5%.
Mary Daly called on the Fed to take a measured approach to counter economists' concerns that the US economy is entering a period of sharp slowdown - a scenario that would require the Fed to cut interest rates aggressively.
Gold prices have just hit a record high and analysts predict the precious metal will hit more highs. Some forecasters say it could hit $3,000 an ounce next year, as the Fed’s September meeting approaches.
“Gold will peak in 2024,” said BMI analyst Sabrin Chowdhury . “Because this ‘stateless currency’ has the appeal of being a safe haven asset. Gold thrives on uncertainty… (and) uncertainty is at its peak.” She was referring to 2024, the year of the US presidential election. Meanwhile, the Russia-Ukraine conflict and tensions in the Middle East are still rising.
Another factor driving gold prices is the possibility of a Fed rate cut in September. The Fed’s July meeting reinforced investors’ belief that a rate cut next month is possible. “When the Fed starts cutting rates, maybe as early as next month, gold will hit $2,700 an ounce,” BMI analysts said.
Other analysts expressed similar optimism. Low interest rates reduce the opportunity cost of buying gold, the foregone return on investment that other investments would provide. This makes gold more attractive compared to other assets such as Treasury bonds, which compete with gold as a safe haven.
Low interest rates also put pressure on the US dollar, making dollar-denominated gold more attractive to holders of other currencies.
Gold investor sentiment is likely to pick up over the next three to six months, Citi analysts said, predicting gold will hit $3,000 an ounce by mid-2025 and forecasting a fourth-quarter average of $2,550 an ounce.
However, according to the conservative school, Bob Haberkorn, senior commodities broker at RJO Futures , the $2,500/ounce level of the precious metal is very difficult to hold. Because, after reaching a new historical milestone, gold is susceptible to investors selling to take profits. Not only that, the price of gold at such a high level is very difficult to attract new buyers to the market, also causing this commodity to decrease in price.
Gold prices may fall to a range of $2,479-$2,487 an ounce, after failing to break the resistance level of $2,507 an ounce, Reuters technical analyst Wang Tao said .
Source: https://baoquocte.vn/gia-vang-hom-nay-2182024-gia-vang-da-o-ta-m-cao-moi-fed-chac-chan-giam-lai-suat-dong-tien-khong-quoc-tich-co-n-len-gia-283271.html
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