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

World gold prices ended the week lower.

Domestic gold prices

At the close of trading on August 10th, the price of 9999 gold bars at SJC was 76.5 million VND/ounce (buying price) and 78.5 million VND/ounce (selling price).

Doji listed gold at 76.5 million VND/ounce (buying price) and 78.5 million VND/ounce (selling price).

International gold prices

Global gold prices traded at $2,440 per ounce in Asian markets at the start of the week, following news of Japan's stock market experiencing its sharpest decline in history.

Meanwhile, in the US market, the spot price of gold rose to $2,460 per ounce as investors sought safe-haven assets.

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

Gold prices remained stable, trading within the range of $2,380-$2,415 per ounce and maintaining this level until mid-week.

Better-than-expected weekly jobless claims reports brought renewed optimism to both the stock market and precious metals. Spot gold prices rose to $2,430 per ounce during Thursday and Friday's trading sessions.

Gold prices on the Kitco exchange closed the trading week at $2,430 per ounce. December 2024 gold futures traded at $2,470 per ounce.

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

Gold price forecast

Ewa Manthey, a commodities strategist at ING, said gold prices fell along with the global stock sell-off earlier in the week as fears of a US recession soared. Gold is typically a safe haven during times of uncertainty. However, the selling on Monday suggests the possibility of gold liquidation to offset other asset losses.

The gold market is currently focused on when the US Federal Reserve (Fed) might lower interest rates. According to data from the CME FedWatch Tool, the probability of the Fed cutting interest rates by 0.5 percentage points at its September meeting is 49%, and the probability of a 0.25 percentage point reduction is 51%.

Darin Newsom, senior market analyst at Barchart, said December gold prices are trending lower on the weekly chart. Gold could trade within the range of $2,398-$2,537 per ounce.

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