Gold price fluctuates slightly, investors are timid, Thailand goes against the grain, SJC is "silent"

Gold prices today, August 15, 2024, increased slightly as investors remained cautious ahead of the important US inflation report released late on August 14. Financial group ING in its report forecast that gold prices could peak in the fourth quarter.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/15 AND EXCHANGE RATE TODAY 8/15

1. SJC - Updated: 08/14/2024 08:06 - 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, 5c	78,000	80,030
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	76,600	77,900
SJC 99.99 gold ring 0.3 chi, 0.5 chi	76,600	78,000
Jewelry 99.99%	76,450	77,450
Jewelry 99%	74,683	76,683
Jewelry 68%	50,321	52,821
Jewelry 41.7%	29,950	32,450

Update gold price today August 15, 2024

World gold prices rose slightly as investors remained cautious ahead of the important US inflation report due later on August 14. This data could shape the stance of US Federal Reserve policymakers at their September meeting.

According to the World and Vietnam Newspaper at 6:40 p.m., the world gold price on the Kitco exchange was at 2,472.9 - 2,473.9 USD/ounce, an increase of 8.7 USD/ounce compared to the previous trading session.

Last month, the price of this precious metal hit a record high of $2,483.60 an ounce.

The US consumer price index (CPI) for July is due for release on the evening of August 14. Markets expect monthly inflation to accelerate to 0.2%, with the core inflation rate (which excludes volatile food and energy prices) slowing slightly to 3.2%. Retail sales figures are due a day later.

Financial group ING in its released report forecast that gold prices could peak in the fourth quarter.

According to ING, the Fed still keeps interest rates very high, from 5.25-5.5%, but the possibility of cutting interest rates this year and into 2025 is quite large. The Fed can bring interest rates down to 3.5% in 2025, through a series of cuts from 25 to 50 basis points.

Gold is considered a hedge against economic and social instability. It also tends to increase in price in a low interest rate environment.

ING said: "Gold prices will average $2,218/ounce in 2024. This unit previously said that gold prices could peak at an average of $2,300/ounce in the last 3 months of the year."

The price of domestic gold brand SJC at the end of the session on August 14 continued to be unchanged at gold trading stores.

Accordingly, Saigon Jewelry Company, Doji Group, Phu Quy Group, PNJ system and Bao Tin Minh Chau store system are still buying SJC gold at 78 million VND/tael and selling at 80 million VND/tael.

On August 13, the State Bank raised the gold selling price by 1.5 million VND/tael compared to yesterday, to 80 million VND/tael due to the strong increase in world gold prices.

Gold price today August 15, 2024: Gold price fluctuates slightly, investors are timid, Thailand goes against the trend, SJC is 'silent'. (Source: Kitco News)

Summary of SJC gold bar prices at major domestic trading brands at the closing time of the trading session on the afternoon of August 14:

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.

Thai market goes against

Gold demand in Thailand is growing, despite the global trend of record high prices, according to the latest report from the World Gold Council (WGC).

The report noted that the Thai gold market showed particular resilience in the second quarter of 2024, with gold bar and coin investment rising 22% year-on-year to 7 tonnes, as investors sought refuge in gold amid continued baht weakness.

Jewelry demand also increased, rising 12% year-on-year to 2 tonnes in 2023, despite a global trend of falling jewelry sales due to high prices.

“Thailand bucked the trend in the second quarter, despite a record gold price environment,” said Shaokai Fan of the WGC. “Consumers reacted to the mid-quarter price correction, seizing the opportunity to buy before prices resumed their upward trend.”

Consumer gold demand across Southeast Asia in the second quarter of 2024 increased 20% year-on-year to 9 tonnes, led by Thailand. This contributed to a sharp 4% increase in overall global gold demand to 1,258 tonnes from April to June 2024.

Global jewelry demand fell 19% in the second quarter. Gold exchange-traded funds (ETFs) experienced a small outflow of about 7 tonnes, while demand for gold in the technology sector increased by 11%, largely due to the boom in artificial intelligence (AI) in electronics.

Central banks continued to increase their gold reserves, adding 183 tonnes globally in the second quarter of 2024. While this represents a slowdown from the previous quarter, it still represents a 6% increase year-on-year.

WGC senior market analyst Louise Street said the Fed's interest rate cut and India's import tax reduction could boost gold demand.

While challenges remain, the WGC believes that the evolving global market backdrop will be supportive and likely to lift gold demand in the coming months.

Source: https://baoquocte.vn/gia-vang-hom-nay-1582024-gia-vang-bien-dong-nhe-nha-dau-tu-rut-re-thai-lan-di-nguoc-sjc-im-lim-282552.html