Gold price today August 16, 2024: SJC gold price, domestic gold ring price fluctuated little during the day. But world gold price is having "run-up phases" to conquer a new peak of 2,500 USD.
LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/16 and EXCHANGE RATE TODAY 8/16
| 1. SJC - Updated: 08/15/2024 08:04 - 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 | 76,500 | 77,800 |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 76,500 | 77,900 |
| Jewelry 99.99% | 76,350 | 77,350 |
| Jewelry 99% | 74,584 | 76,584 |
| Jewelry 68% | 50,253 | 52,753 |
| Jewelry 41.7% | 29,908 | 32,408 |
Update gold price today August 16, 2024
World gold price tried to increase above the threshold of 2,480 USD/ounce but was not successful.
Gold prices have been volatile, rising to a record high before falling back to around $30 an ounce. Gold has seen its best performance in decades this year, hitting a new record high of $2,483.35 an ounce. The yellow metal has tried to rise above $2,480 three times without success, but some analysts believe it is only a matter of time before it reaches its target and surpasses $2,500.
According to the World & Vietnam Newspaper , at 9:00 p.m. on August 15 (Hanoi time), the world gold price traded on the Kitco floor was at 2,448.70 USD/ounce (equivalent to about 75.3 million VND/tael, excluding taxes and fees), a slight increase of 0.5 USD compared to the previous trading session.
Previously, the world gold price skyrocketed and was about to set an all-time high amid geopolitical tensions in the Middle East and the escalating Russia-Ukraine military conflict. In addition, the cooling of US inflation also boosted expectations that the US Federal Reserve (Fed) would cut interest rates sooner, which would be beneficial for gold.
However, the price of gold quickly turned around and fell due to the sharp increase in profit-taking pressure from many investors. This was also a predicted development when this commodity has increased by about 36% since October 2023.
Besides, many traders believe that the momentum is not strong enough to push this precious metal to set a new high.
Domestic gold prices fluctuated little compared to the previous day.
The price of SJC gold bars remained unchanged, at VND78.00 - 80.00 million/tael (buy - sell), keeping the listed price unchanged from yesterday's closing price. Four banks in the Big4 group still maintained the gold selling price at VND80 million/tael.
 |
| Experts say that it is only a matter of time before the world gold price surpasses the peak of 2,500 USD/ounce. (Source: Kitco News) |
The price of 9999 round smooth gold rings has slightly adjusted, down about 100,000 VND/tael compared to yesterday.
At Saigon Jewelry Company, the price of gold rings is listed at 76.5 - 77.9 million VND/tael (buy and sell), down 100 thousand VND/tael.
Doji Group applies the price of 76.60 - 77.80 million VND/tael.
Bao Tin Minh Chau Company listed at 76.58 - 77.78 million VND/tael
PNJ Company listed at 76.50 - 77.79 million VND/tael.
The price of SJC gold bars is constantly equal to the price of 9999 gold rings, sometimes even lower, but it is not easy to buy online because it is sold out just 1 or 2 minutes after opening.
Demand for gold skyrockets
"The precious metals market is definitely going to be positive, with demand for gold skyrocketing," said Scott Bauer, CEO of Prosper Trading Company .
Central banks around the world have been buying gold at record levels, led by China. Central banks bought 1,037 tonnes of gold in 2023, according to the World Gold Council (WGC). The WGC’s annual survey data shows that 29% of central banks expect their gold reserves to increase in the next 12 months.”
One of the biggest drivers of the bullish outlook for the precious metal is the expectation that the Fed will cut interest rates. The prospect of lower interest rates and ongoing geopolitical risks act as drivers of the yellow metal, Bauer noted.
Wall Street has priced in a 100% chance of a cut in September and about 80% chance of further cuts in both November and December, according to the CME FedWatch tool.
In the coming time, gold is still considered a highly safe asset and attractive to investors. Every time gold prices adjust sharply, bottom-fishing demand immediately increases again.
Tensions in the Middle East and Ukraine are also expected to have a strong impact on gold prices. Observers are currently concerned about the spread of conflict in the Middle East.
Gold is still forecast by many organizations to reach $2,500/ounce in the second half of this year.
Source: https://baoquocte.vn/gia-vang-hom-nay-1682024-gia-vang-thu-dinh-cao-moi-gioi-dau-tu-voi-chot-loi-vang-the-gioi-chay-da-vuot-qua-2500-usd-282645.html
Comment (0)