Gold prices accelerate, money flows in from all regions, straight to all-time high, gold rings follow the upward trend

Gold price today August 13, 2024, world gold price increased sharply due to optimism about US interest rate cuts and increasing geopolitical tensions in the Middle East and Ukraine. Money flows in from all regions. Gold ring price continues to increase.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/13 AND EXCHANGE RATE TODAY 8/13

1. SJC - Updated: 12/08/2024 08:06 - Website time of supply - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L, 1KG	76,500	78,500
SJC 5c	76,500	78,520
SJC 2c, 1c, 5 phan	76,500	78,530
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	76,300 ▲50K	77,600
SJC 99.99 gold ring 0.3 chi, 0.5 chi	76,300 ▲50K	77,700
Jewelry 99.99%	76,150	77,150
Jewelry 99%	74,386	76,386
Jewelry 68%	50,117	52,617
Jewelry 41.7%	29,825	32,325

Update gold price today 8/13/2024

Domestic gold price on August 12 was stable.

The price of SJC gold bars on the morning of August 12 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 in both buying and selling directions unchanged compared to the previous closing price.

DOJI Gold and Gemstone Group listed the price of SJC gold bars at 76.5 - 78.5 million VND/tael (buy - sell), keeping the listed price in both buying and selling directions unchanged compared to the closing price of last weekend.

However, the price of gold rings has been slightly adjusted down by gold and gemstone companies.

At Saigon Jewelry Company (SJC), the listed price of gold rings is at 76.2 - 77.55 million VND/tael (buy - sell), down 50 thousand VND/tael in both buying and selling compared to the previous session's close.

DOJI Gold and Gemstone Group listed the price of gold rings at 76.35 - 77.6 million VND/tael (buy - sell), keeping the listed price in both buying and selling directions unchanged compared to the previous session's close.

Gold price today August 13, 2024: Gold price accelerates, money flows in from all regions, straight to all-time high, gold rings follow the upward trend. (Source: Getty)

Summary of SJC gold bar prices at major domestic trading brands at the closing time of the trading session on the afternoon of August 12:

Saigon Jewelry Company: SJC gold bars 76.5 - 78.5 million VND/tael; SJC gold rings 76.3 - 77.6 million VND/tael.

Doji Group: SJC gold bars 76.5 - 78.5 million VND/tael; 9999 round rings (Hung Thinh Vuong): 76.40 - 77.6 million VND/tael.

PNJ system: SJC gold bars 76.5 - 78.5 million VND/tael; PNJ 999.9 plain gold rings: 76.3 - 77.59 million VND/tael.

Phu Quy Gold and Silver Group: SJC gold bars: 76.6 - 78.5 million VND/tael; Phu Quy 999.9 round gold rings: 76.4 - 77.6 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 76.6 - 78.5 million VND/tael; Rong Thang Long gold brand is traded at 76.38 - 77.58 million VND/tael; jewelry gold price is traded at 75.65 - 77.35 million VND/tael.

Thus, compared to the morning session of August 12, in the afternoon session of the same day, the price of SJC gold bars was stable while the price of gold rings recorded a slight increase.

According to the World & Vietnam Newspaper , information on Kitco News , as of 7:49 p.m. Vietnam time on August 12, the world gold price was listed at 2,445.0 USD/ounce, an increase of 13.3 USD/ounce compared to the previous trading session.

Converted according to the USD price at Vietcombank on August 12, 1 USD = 25,280 VND, the world gold price is equivalent to 74.47 million VND/tael, 4.03 million VND/tael lower than the selling price of SJC gold.

Gold prices rose on Monday on optimism about a U.S. interest rate cut and rising geopolitical tensions, while traders looked ahead to key inflation data from the world's No. 1 economy due later this week for further clues on monetary policy, Reuters reported.

Spot gold rose 0.6% to $2,444.79 an ounce as of 12:34 GMT. US gold futures rose 0.4% to $2,483.70 an ounce.

Investors are pricing in a 49% chance that the Federal Reserve will cut interest rates by 50 basis points (bps) in September, according to CME Group's FedWatch tool . US producer price and consumer price data due on Tuesday and Wednesday will provide further clues.

Well, in my view, the inflation data will determine whether it's a 25 bps or 50 bps rate cut. So that number will lead to some higher volatility in gold prices," said UBS analyst Giovanni Staunovo.

Non-yielding gold bullion is more attractive to investors in a low interest rate environment.

Increased geopolitical risks and volatility in other markets remain supportive of gold, said Mike Ingram , market analyst at Kinesis Money.

“Gold’s technical position appears to be more constructive than silver’s with the next major resistance near the all-time high of $2,468 an ounce,” he added.

Meanwhile, gold prices rose in early U.S. trading on Monday, Kitco News reported. The precious metals market continued to see some technical buying amid a bullish chart. December gold was up $9.0 at $2,482.40 an ounce.

Technically, December gold bulls have the solid overall near-term technical advantage. The bulls’ next upside price objective is to produce a close above solid resistance at the contract high of $2,537.70/oz.

Meanwhile, the bears' next near-term downside price objective is to push futures prices below solid technical support at $2,350.00/ounce.

In Asia, after moving sideways in the morning session of August 12, gold prices turned bullish in the afternoon session of the same day, as investors expected an important inflation report that could shed more light on the Fed's next policy move.

Investors are holding back on trading as they await more new US economic data due to be released this week, said Ilya Spivak , head of global macro at Tastylive.

The US consumer price index (CPI) for July is expected to be released on August 14, with an estimated increase of 0.2% compared to the previous month.

Although the US economic outlook appears to have avoided the risk of weakening, if inflation continues to rise, even at a mild level, gold prices are likely to rise to new record levels once again, said Yeap Jun Rong, market strategist at research firm IG.

According to data from the World Gold Council (WGC), global gold-backed ETFs recorded their biggest monthly increase in more than two years in July 2024. With inflows from all regions, global gold holdings rose by 49 tonnes to 3,154 tonnes last month. In USD terms, the cumulative value of inflows into gold ETFs reached $3.7 billion, which combined with a 4% increase in gold prices for the month brought the total value of gold assets under management (AUM) to $246 billion.

Bullion prices hit a new high above $2,485 an ounce in July.

The WGC report said that July was a month of political uncertainty, with Republican Donald Trump’s failed assassination attempt and President Joe Biden’s decision not to seek re-election. These news both boosted demand for gold as a safe haven.

In addition, falling inflation, a cooling labor market and Federal Reserve Chairman Jerome Powell's comments about a possible interest rate cut in September have raised investors' expectations of an early easing of US monetary policy.

Source: https://baoquocte.vn/gia-vang-hom-nay-1382024-gia-vang-toc-dong-tien-do-vao-tu-moi-khu-vuc-thang-tien-muc-cao-nhat-moi-thoi-dai-vang-nhan-thuan-da-di-len-282296.html