Gold price today August 11 ends the week of decline, entering a new price increase

World gold prices end the week down

Domestic gold price

At the end of the session on August 10, the price of 9999 gold bars at SJC was 76.5 million VND/tael (buy) and 78.5 million VND/tael (sell).

Doji listed at 76.5 million VND/tael (buy) and 78.5 million VND/tael (sell).

International gold price

The world gold price in the first session of the week in the Asian market traded at 2,440 USD/ounce after news of Japanese stocks falling the most in history.

Meanwhile, in the US market, spot gold prices rose to $2,460/ounce as investors sought safe havens.

Panic in financial markets in Asia and Europe caused gold prices to fail to hold the support level of $2,420/ounce in the following session.

Gold prices were stable, trading in the range of 2,380-2,415 USD/ounce and maintained this price until mid-week.

A better-than-expected weekly jobless claims report provided fresh optimism for both stocks and precious metals. Spot gold rose to $2,430 an ounce on Thursday and Friday.

Gold prices on the Kitco floor closed the trading week at $2,430/ounce. Gold futures for December 2024 traded at $2,470/ounce.

Overall for the week, spot gold prices fell 0.6%.

Gold Price Forecast

Gold prices fell in line with a global stock sell-off earlier in the week as fears of a U.S. recession mounted, said Ewa Manthey, commodity strategist at ING. Gold is typically a safe haven during times of uncertainty, but Monday’s selling suggests some liquidation of the metal to offset other assets.

The gold market is now focused on when the US Federal Reserve (Fed) may cut interest rates. According to data from the FedWatch Tool of the CME exchange, the possibility of the Fed cutting interest rates by 0.5 percentage points at the September meeting is at 49% and the possibility of cutting by 0.25 percentage points is at 51%.

Gold prices are trending lower in December on the weekly chart, with prices likely to trade in a range of $2,398 to $2,537 an ounce, said Darin Newsom, senior market analyst at Barchart.

HQ (according to Vietnamnet)

Source: https://baohaiduong.vn/gia-vang-hom-nay-11-8-ket-thuc-tuan-giam-buoc-vao-dot-tang-gia-moi-389970.html