Gold prices today, August 30, 2024, consolidated their record highs, while the US economy continued to surpass all expectations with GDP achieving solid growth in the second quarter. Analysts are predicting a repeat of the scenario of gold prices falling 50% shortly after entering the "all-time high club" in 1979 and 2011.
LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/30 AND EXCHANGE RATE TODAY 8/30
| 1. SJC - Updated: 08/29/2024 08:17 - Website time of supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 79,000 | 81,000 |
| SJC 5c | 79,000 | 81,020 |
| SJC 2c, 1c, 5 phan | 79,000 | 81,030 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 77,400 | 78,650 |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 77,400 | 78,750 |
| Jewelry 99.99% | 77,300 | 78,250 |
| Jewelry 99% | 75,475 | 77,475 |
| Jewelry 68% | 50,865 | 53,365 |
| Jewelry 41.7% | 30,284 | 32,784 |
Update gold price today 8/30/2024
World gold prices increased steadily and remained above the threshold of 2,500 USD/ounce.
The market has been a steep decline and then a rapid rebound, not far from its all-time high. Speculators buying while awaiting fresh fundamental news from the US economy (such as Q2 GDP, inflation figures, home sales) has boosted gold prices in the early session. Q2 GDP showed the economy grew 3.0% from April to June, up from the initial estimate of 2.8%. Economic growth increased from the 1.4% reported in Q1.
According to the World & Vietnam Newspaper, at 8:30 p.m. on August 29 (Hanoi time), the gold price traded on the Kitco electronic floor was at 2,510.80 USD/ounce, down sharply by $18.00/ounce from the previous trading session. Better-than-expected US economic data is having little impact on gold prices. Gold futures for December delivery traded at $2,543.20/ounce, up 0.21% on the day.
The US Federal Reserve (Fed) is expected to cut interest rates very soon, putting pressure on the USD Index, which is currently at its lowest level since the middle of last year. On August 27, the measure of the greenback's strength against a basket of world currencies fell to a 13-month low of 100.5 points. It is currently fluctuating around this level.
The dollar has fallen more than 3% since the beginning of the month, and is on track for its biggest monthly decline since November 2022. Meanwhile, the Fed will hold a two-day policy meeting this September.
Earlier, the minutes of the July meeting showed that Fed officials were leaning towards the possibility of easing policy for the first time since the beginning of the Covid-19 pandemic. The issue of debate among investors is whether the Fed will cut by 25 basis points (0.25%) or 50 basis points (0.5%). The CME FedWatch interest rate tracker shows the possibility of the second scenario is increasingly likely. Between now and the end of the year, the Fed is expected to cut a total of 100 basis points (1%).
Domestic gold prices remain high.
The domestic gold price has remained at its peak due to the world gold price being above 2,500 USD/ounce. The price of SJC gold bars is currently maintained at 79.00 - 81.00 million VND/tael (buy - sell) at units licensed to trade gold.
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| Gold price today August 30, 2024: Gold price enters 'all-time high club', USD hits rock bottom, precious metals may soon plummet? (Source: Kitco) |
Domestic gold ring prices continuously set new high records. The difference between buying and selling prices is 1.1 - 1.25 million VND/tael.
Saigon Jewelry Company listed the price of gold rings at 77.40 - 78.65 million VND/tael (buy - sell).
DOJI listed the price of 9999 gold rings at 77.55 - 78.65 VND/tael.
Phu Quy Group listed the price of 9999 round smooth gold rings at 77.4 - 78.65 million VND/tael.
Gold prices could fall sharply soon?
Gold prices will not see a sharp decline like the 1979 and 2011 bull runs, asserts analyst Tim Zyla in the Jerusalem Post.
In 1979 and 2011, a similar situation happened to the precious metal - after gold prices rose to new record highs, they suddenly fell by more than 50%. So can this happen again? Analyst Tim Zyla believes that the current price level may actually be sustainable this time.
“Gold has had two major peaks in the past 50 years — in 1979 and 2011 — but 2024 has just joined the club after gold recently broke the trendline connecting the two previous peaks 32 years apart,” the expert wrote.
So what will be the next trend of gold price after this peak? Will it plummet like the previous two times?
Analyzing the market at the times when gold prices peaked, Analyst Tim Zyla said that the events surrounding the gold price surge were different, but similar in that the price spike was caused by geopolitical, economic and inflationary shocks. Many investors at that time felt uncertain and naturally turned to safe-haven assets such as gold. But then the situation stabilized, the crisis subsided, the downward trend caused the value of gold to lose more than half.
However, Zyla is quite certain that this rally is not like the previous two. “The main difference between the current strong gold rally and the previous two is clear — there was no major or catastrophic event that caused this rally.”
“Sure, inflation is real, but not to the extent of 1979, and there are not many people who are calling for the entire financial system to collapse. Both the 1979 and 2011 peaks were relatively fast and violent, leaving little time for retail investors to react, while this gold rally has been quite long, so it is unlikely to happen again,” he said.
“While short-term corrections are always possible, there are few signs that gold prices will not continue their upward momentum this time around as the Fed talks about easing monetary policy,” concluded analyst Tim Zyla.
Source: https://baoquocte.vn/gia-vang-hom-nay-3082024-gia-vang-vao-cau-lac-bo-dinh-cao-moi-thoi-dai-dong-usd-xuong-day-kim-loai-quy-co-the-sap-lao-doc-khong-284031.html
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