Gold prices today, August 17, 2024, on the world market have established a week of strong increases. Money is pouring into the gold market in the context of investors expecting the US to soon cut interest rates, geopolitical risks and high short-term investment demand.
LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/17 and EXCHANGE RATE TODAY 8/17
| 1. SJC - Updated: 08/16/2024 08:13 - Website time of supply source - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 78,000 | 80,000 |
| SJC 5c | 78,000 | 80,020 |
| SJC 2c, 1c, 5c | 78,000 | 80,030 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 76,450 | 77,750 |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 76,450 | 77,850 |
| Jewelry 99.99% | 76,300 | 77,300 |
| Jewelry 99% | 74,535 | 76,535 |
| Jewelry 68% | 50,219 | 52,719 |
| Jewelry 41.7% | 29,887 | 32,387 |
Update gold price today 8/17/2024
World gold prices are set to set a weekly increase thanks to optimistic prospects for interest rate cuts in the US.
According to TG&VN at 7:00 p.m. on August 16, the world gold price on the Kitco exchange was 2,470.3 - 2,471.3 USD/ounce, up 14 USD compared to the previous trading session.
US economic data this week eased fears of a recession but traders believe the US Federal Reserve will cut interest rates in September.
Markets see a 75% chance of a 25 basis point cut next month and a 25% chance of a 50 basis point cut, according to the CME FedWatch tool. Traders were split earlier in the week between the two possibilities.
Low interest rate environments tend to boost the appeal of gold.
Minutes from the Fed's July policy meeting are due next week and Mr Powell will speak on the US economic outlook at the Jackson Hole symposium.
Domestic gold prices have not changed at gold businesses compared to the beginning of this morning's session.
Specifically, the price of SJC gold bars at Saigon Jewelry Company, Doji Group, Phu Quy Group, PNJ system and Bao Tin Minh Chau store system continues to be listed at 78 million VND/tael for buying and 80 million VND/tael for selling.
Currently, the difference between the two buying and selling prices of SJC gold at businesses remains at 2 million VND/tael.
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| Gold price today August 17, 2024: Gold price 'swiftly' climbs, North America unexpectedly buys, large cash flow 'floods' the market. (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 16:
Saigon Jewelry Company: SJC gold bars 78 - 80 million VND/tael.
Doji Group: SJC gold bars 78 - 80 million VND/tael.
PNJ system: SJC gold bars 76.6 - 77.9 million VND/tael.
Phu Quy Gold and Silver Group: SJC gold bars: 78 - 80 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 78 - 80 million VND/tael.
Money is pouring into the market
Money is pouring into the gold market amid expectations of an early US interest rate cut, geopolitical risks and increased short-term investment demand, with net inflows into gold-backed exchange-traded funds (ETFs) hitting a two-year high in July.
Assets in SPDR Gold Shares, a major gold ETF, were 846.6 tonnes as of August 9, up about 1.4 tonnes from the previous week and up 14.6 tonnes from the end of April.
ETFs bought a net 48.5 tonnes of gold, equivalent to $3.7 billion, according to the World Gold Council.
This is the highest level since the record of 185.4 tons set in March 2022, after Russia-Ukraine tensions escalated.
North America was particularly strong, with ETFs net selling 35 tonnes in January and February but then net buying 25.7 tonnes in July alone.
In Europe, net sales were 52.1 tonnes in April but this was followed by three consecutive months of net purchases.
In July, all regions of the world recorded net gold purchases. This is different from June, when only Asia and Europe recorded net purchases.
Analyzing the quarterly trend, April through June marked the ninth consecutive quarter of net outflows. The latest figures show a reversal in this long-standing net selling trend.
Expectations of an early US interest rate cut are one of the main reasons for this reversal. Gold prices have traditionally been inversely correlated with long-term interest rates, and the appeal of non-interest-bearing gold has increased.
There is strong expectation that gold prices will rise in the future due to the shift to lower interest rates in the US, leading to buying on dips. The number of buyers has clearly increased due to rising incomes in China and India, said Koichiro Kamei, president of the Japan Institute for Market Strategy.
Many are focusing on the potential for continued buying triggered by geopolitical risks. A full-blown conflict between Iran and Israel would continue to push gold prices higher.
The volatility of the US stock market also makes it easier for funds to pour money into gold as an alternative asset.
"Gold is one of the few assets that can rise in price, investment money with nowhere else to go is flowing in," said market analyst Itsuo Toshima.
In addition, short-term cash flow is also a factor.
Net long gold futures contracts totaled about 285,000 contracts as of July 16, the highest in more than four years, according to the US Commodity Futures Trading Commission.
Source: https://baoquocte.vn/gia-vang-hom-nay-1782024-gia-vang-bang-bang-leo-doc-khu-vuc-bac-my-mua-vao-bat-ngo-dong-tien-lon-do-bo-thi-truong-282833.html
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