LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/16 and EXCHANGE RATE TODAY 8/16
| 1. PNJ - Updated: August 15, 2023 10:00 PM - Website time of supply source - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 55,800 ▼100K | 56,800 ▼100K |
| HCMC - SJC | 67,000 ▲100K | 67,600 ▲100K |
| Hanoi - PNJ | 55,800 ▼100K | 56,800 ▼100K |
| Hanoi - SJC | 67,000 ▲50K | 67,650 ▲50K |
| Da Nang - PNJ | 55,800 ▼100K | 56,800 ▼100K |
| Da Nang - SJC | 67,000 ▲100K | 67,600 ▲100K |
| Western Region - PNJ | 55,800 ▼100K | 56,800 ▼100K |
| Western Region - SJC | 67,200 ▲100K | 67,600 ▲100K |
| Jewelry gold price - PNJ rings (24K) | 55,800 ▼100K | 56,700 ▼100K |
| Jewelry Gold Price - 24K Jewelry | 55,700 ▼100K | 56,500 ▼100K |
| Jewelry Gold Price - 18K Jewelry | 41,130 ▼70K | 42,530 ▼70K |
| Jewelry Gold Price - 14K Jewelry | 31,800 ▼60K | 33,200 ▼60K |
| Jewelry Gold Price - 10K Jewelry | 22,250 ▼50K | 23,650 ▼50K |
Global gold prices continued to fall due to the rising US dollar and US Treasury yields. The market witnessed significant selling pressure even as the US Federal Reserve (Fed) reported a sharp decline in manufacturing activity in the region. The gold market did not see any safe-haven flows, following disappointing manufacturing data.
The report also noted that inflationary pressures are continuing to rise, which is detrimental to gold as it forces the Fed to maintain aggressive monetary policies. Experts believe that gold will still have difficulty finding momentum to increase prices in the short term.
According to TG&VN at 9:15 p.m. on August 15 (Vietnam time), the world gold price listed on Kitco was at 1,904.1 USD/ounce , down 2.7 USD/ounce compared to the previous trading session. The December gold futures price was last traded at 1,933.70 USD/ounce, down slightly by 0.53 USD.
If inflation picks up, there is likely to be further downward pressure on the precious metal, given the growing evidence of a recovering US economy, which could allow the Fed to keep interest rates high for longer, said Kelvin Wong, senior market analyst for Asia Pacific at OANDA.
The decline in gold has reached an oversold condition, which could lead to an increase in short-covering risks in the short term at this time. The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, just announced that its holdings fell 0.4% to the lowest level since January 2020 on Monday (August 14).
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| Gold price today August 16, 2023: Gold price continues to decline, downward pressure will remain strong, investment funds reduce the amount of gold they hold to the lowest level. (Source: Kitco) |
Domestic gold prices and SJC gold prices both increased sharply, increasing by 150,000 VND/tael in the early afternoon of August 15. SJC gold bar prices narrowed the buying and selling gap to 600,000 VND/tael, instead of the previous difference of more than 1 million VND/tael.
The price of gold rings continued to increase slightly, continuing to maintain a gap lower than gold bars by more than 11 million VND/tael. The price of gold rings has increased continuously since the beginning of the year to more than 2 million VND/tael, so companies have widened the buying and selling gap to nearly 1 million VND/tael.
Summary of SJC gold prices at major domestic trading brands at the closing time of trading session on August 15:
Saigon Jewelry Company listed SJC gold price at 67.00 - 67.62 million VND/tael.
Doji Group currently lists the price of SJC gold at: 66.90 - 67.65 million VND/tael.
PNJ system listed at: 67.00 - 67.50 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 67.02 - 67.58 million VND/tael; Rong Thang Long gold brand is traded at 56.28 - 57.13 million VND/tael; jewelry gold price is traded at 55.70 - 56.90 million VND/tael.
US economy "not landing", gold price forecast to fall further?
Gold prices became more expensive for overseas buyers, as the dollar hovered near its highest in more than a month amid concerns about China's economy.
The yield on 10-year US bonds also hit a new high since November 2022, rising continuously from 4% to 4.138% / year, increasing the opportunity cost of holding non-yielding assets such as gold.
In addition, the world's second largest economy, China, has just introduced a series of new policies to boost the economy, such as policies to attract foreign investment, policies to promote trade and investment. When the two largest economies in the world, the US and China, both grow again, gold will lose its appeal.
Gold prices fell as the dollar and bond yields pushed higher, with investors assessing potential policy actions from Chinese regulators to address rising financial and asset risks, according to NAB Commodities Research. China’s central bank unexpectedly cut its policy interest rate on August 15, as industrial output and retail sales growth in the world’s second-largest economy slowed and fell short of forecasts.
Michael Moore, founder of Moore Analytics, said that gold prices will only rise again unless there is a breakthrough to the threshold of 1,955.3 USD/ounce. Therefore, experts recommend that investors should be cautious and wait for more certain economic information to decide whether to invest or withdraw from gold.
After a sharp decline in gold prices last week, the first trading days of this week show a further downward trend based on the latest US economic data. Continued economic strength and inflation will lead to a “No Landing” scenario.
The latest economic data shows that the US economy is strong and resilient, leading the Fed and economists to believe that a recession is unlikely. Thus, the end of the Fed's aggressive monetary policy is no longer a "hard landing" or a "soft landing" but a "no landing". That is, US economic growth is strong enough to allow the Fed to raise interest rates further, ensuring a suitable path towards the 2% inflation target.
However, that won't happen at next month's FOMC meeting, with an 88.5% probability that the Fed will maintain current rates, according to the CME FedWatch tool. Investors are now looking ahead to the next major event, the release of the minutes from last month's FOMC meeting on August 16.
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