Gold price today August 18, 2024, gold price skyrocketed, history was made again. This is the fourth time in 4 months that the precious metal has successfully conquered a higher level than the previous record closing level. Gold ring price is on a strong upward trend.
LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/18 and EXCHANGE RATE TODAY 8/18
| 1. SJC - Updated: 08/16/2024 08:13 - Website time of supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 78,000 | 80,000 |
| SJC 5c | 78,000 | 80,020 |
| SJC 2c, 1c, 5 phan | 78,000 | 80,030 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 77,000 ▲550K | 78,400 ▲650K |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 77,000 ▲550K | 78,500 ▲650K |
| Jewelry 99.99% | 76,950 ▲650K | 77,950 ▲650K |
| Jewelry 99% | 75,178 ▲643K | 77,178 ▲643K |
| Jewelry 68% | 50,661 ▲442K | 53,161 ▲442K |
| Jewelry 41.7% | 30,158 ▲271K | 32,658 ▲271K |
Update gold price today August 18, 2024
Domestic gold prices fluctuated strongly last week.
On the morning of August 12, the price of SJC gold bars remained stable, but the price of gold rings decreased slightly in both directions. Specifically, Saigon Jewelry Company (SJC) announced the selling price of SJC gold bars at 76.5 - 78.5 million VND/tael (buy - sell), keeping the listed price unchanged in both buying and selling directions compared to the previous session's close. Meanwhile, at the same company, the listed price of gold rings was at 76.2 - 77.55 million VND/tael (buy - sell), down 50 thousand VND/tael in both buying and selling directions compared to the previous session's close.
After 3 sessions in the middle of the week with strong fluctuations when the price of SJC gold bars increased to 80 million VND/tael in the selling direction, by the morning session of August 16, the price of SJC gold bars was maintained stable by gold and gemstone trading companies. 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 in both buying and selling directions unchanged compared to the closing session on August 15. The price of gold rings at this company was listed at 76.5 - 77.8 million VND/tael (buy - sell), keeping the listed price in both buying and selling directions unchanged compared to the closing session on August 15.
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| Gold price today August 18, 2024: Gold price skyrocketed, setting an all-time high, history has been written, gold ring price is in the same direction. (Source: Kitco News) |
Summary of SJC gold bar and gold ring prices at major domestic trading brands at the closing time of August 17:
Saigon Jewelry Company: SJC gold bars 78.0 - 80.0 million VND/tael; SJC gold rings 77.0 - 78.4 million VND/tael.
Doji Group: SJC gold bars 78.0 - 80.0 million VND/tael; 9999 round rings (Hung Thinh Vuong) 77.0 - 78.4 million VND/tael.
PNJ system: SJC gold bars 78.0 - 80.0 million VND/tael; PNJ 999.9 plain gold rings at 77.0 - 78.39 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars: 78.2 - 80.0 million VND/tael; Phu Quy 999.9 round gold rings: 77.05 - 78.35 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 78.3 - 80.0 million VND/tael; Rong Thang Long gold brand is traded at 77.08 - 78.38 million VND/tael; jewelry gold price is traded at 76.35 - 78.15 million VND/tael.
Thus, compared to yesterday's session, the price of Saigon Jewelry Company's SJC gold rings increased by VND550,000/tael for buying and VND650,000/tael for selling. Similarly, at other brands, the price of gold rings increased simultaneously.
According to The Gioi & Viet Nam Newspaper , at 4:22 p.m. on August 17 (Vietnam time), the world gold price at goldprice.org was at 2,508.18 USD/ounce, an increase of 50.63 USD/ounce compared to the previous trading session.
Converted according to the USD price at Vietcombank on August 17, 1 USD = 25,230 VND, the world gold price is equivalent to 76.24 million VND/tael, 3.76 million VND/tael lower than the selling price of SJC gold.
World gold price skyrocketed
Gold prices soared to a record high on August 16 as the US dollar weakened amid growing expectations that the US Federal Reserve will cut interest rates in September. Tensions in the Middle East are also boosting demand for gold.
At the close of the session, the price of gold for December 2024 delivery increased by 45.40 USD, or 1.8%, to 2,537.80 USD/ounce on the Comex floor, after reaching a peak of 2,538.70 USD. Thus, the price of gold in this futures contract set a new record high for the day and the highest closing price ever.
The dollar index, which measures the greenback against a basket of major currencies, fell 0.4 percent in the session and posted its fourth straight weekly decline, making gold more attractive to buyers holding other currencies.
Overall, gold prices rose 2.6% last week, after recording gains in four out of five trading sessions during the week.
History was made again on August 16 as gold surged to its highest closing price in history. As of 5:50 p.m. ET, gold futures were up more than 2%, a net gain of $51.70, at $2,546.20 an ounce. This was the fourth time in four months that gold has successfully closed above its previous record closing price.
The first record close was on April 19, at $2,478 an ounce. The second was $2,501 an ounce on May 20. The third was $2,521 an ounce on July 16. And the fourth was on August 16, when December gold futures closed at $2,546.20 an ounce, setting a new record close in history.
Never before have so many new record prices occurred in such a short period of time.
Gold’s historic rally to multiple new record closes was supported by a new but very strong metric. There was an influx of new gold buyers, as well as increased central bank purchases. Combined, they represent a large number of new entities that are very active gold buyers.
The latest Kitco News weekly gold survey shows that a majority of industry professionals and retail investors believe gold prices could surpass this week’s all-time high.
However, Bob Haberkorn , senior commodities broker at RJO Futures, looked at the price action Friday morning as buyers fighting to hold $2,500 an ounce. “I think it’s a little overdone right now, short-term,” Haberkorn said. “I think early next week, you could see a little bit of a pullback to try to get back to $2,500 an ounce.”
Haberkorn said the US housing data released on August 16 was so bad that it raised market expectations even higher. “It really amplified the market, increasing the likelihood of a rate cut in September,” he said.
“Next week, at around $2,500 an ounce, I think we’re going to see some sideways action,” he added. “I don’t see the market going to $2,600 an ounce. I don’t think there’s room for that.”
Haberkorn believes that the $2,500/ounce level on the December contract, or very close to it, could become support. “$2,580/ounce to $2,485/ounce, with good support levels so far,” he said.
“The market will continue to go up and up, it’s just hard to buy above $2,500 an ounce at this point, after we just broke through that level,” Haberkorn added. “I think that’s why you’ll see gold moving sideways next week.”
Nine analysts participated in the Kitco News Gold Survey this week, with the majority of Wall Street still seeing upside potential above all-time highs. Five experts, or 56%, expect gold prices to rise next week, while three analysts, or 33%, see gold consolidating its gains next week. Only one analyst, or 11%, predicts the precious metal will fall.
Meanwhile, 219 votes were cast in Kitco’s online poll, with Main Street investors split similarly to the professionals. 130 retail traders, or 59%, expect gold prices to rise next week. Another 44, or 20%, expect the yellow metal to trade lower, while 45 respondents, or 21%, see prices trending sideways next week.
Alex Kuptsikevich, senior market analyst at FxPro, said that gold is seeing a global recovery in risk appetite. He said that if it breaks above $2,500 an ounce, “the $2,800-2,900 an ounce area is worth mentioning.”
Source: https://baoquocte.vn/gia-vang-hom-nay-1882024-gia-vang-tang-phi-ma-vuot-mat-tat-ca-moc-cao-nhat-moi-thoi-dai-lich-su-da-duoc-viet-gia-vang-nhan-thuan-chieu-282915.html
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