Domestic gold price today August 21, 2024

At the end of the trading session on August 20, the domestic 9999 gold price was listed by SJC and Doji Gold and Gemstone Group in the following order of buying and selling:

Doji Hanoi : 79,000,000 VND/tael - 81,000,000 VND/tael
SJC HCMC: 79,000,000 VND/tael - 81,000,000 VND/tael
Doji HCMC: 79,000,000 VND/tael - 81,000,000 VND/tael

International gold price today August 21, 2024

As of 8:00 p.m. on August 20 (Vietnam time), the spot gold price today on the world market was at $2,528/ounce. Gold for December 2024 delivery on the Comex New York floor was at $2,564/ounce.

The world gold price on the night of August 20 was about 22.5% higher (465 USD/ounce) than at the end of 2023. The world gold price converted to the bank USD price was 77.2 million VND/tael, including taxes and fees, about 3.8 million VND/tael lower than the domestic gold price as of the end of the afternoon session on August 20.

Gold rose sharply again and set a new record high in the context of the USD continuing to weaken.

The DXY index - measuring the volatility of the USD - fell to 101.7 points, compared to 102.9 points on August 16 and 106.25 points at the end of April.

Around the world, many countries have, are, and will soon shift to loose monetary policy, increasing the injection of money into the economy. Europe began to lower interest rates more than 2 months ago. The US Federal Reserve (Fed) is likely to lower interest rates from September.

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World gold price jumps to new peak, SJC gold bars may continue to rise. Photo: HH

Gold soared to a new peak after successfully conquering the threshold of 2,500 USD/ounce for the second time, thanks to strong demand for this precious metal, as a safe haven in the context of global uncertainty.

News that China will soon resume buying gold after a few months of stopping also contributed to pushing gold prices to a new record.

On Kitco, according to experts from SP Angel, China may increase gold purchases in the context of a weak USD. The crisis in the Chinese real estate market is also a factor that makes gold popular.

Gold Price Forecast

In the world, the situation in the Middle East and Ukraine remains tense. Russia has stepped up its missile strikes on the Ukrainian capital, while Belarus has sent more troops to the Ukrainian border, a day after President Alexander Lukashenko said he had deployed nearly a third of his armed forces to the region.

The situation between Russia and Ukraine is heating up and taking a dangerous turn as the Ukrainian army launches a cross-border operation targeting the Kursk region in central Russia. The conflict has now spread over 1,000 square kilometers.

The situation in the Middle East continues to be tense as the US increases strong pressure on the Palestinian armed group, while Israel continues to threaten to eliminate Hamas.

Gold prices are entering a clearer uptrend than ever, supported by demand from both Asia and Western ETFs, along with rising geopolitical uncertainties and a weaker USD.

Previously, many organizations predicted that gold could reach an average of $2,500/ounce in 2024. In the first half of the year, gold was much lower than this level. Therefore, it is possible that the price will reach $2,600/ounce at some point in the remaining months.

Gold price hits new historical peak, is the 'storm' not over or has it just begun? World gold prices skyrocketed in the last trading session of the week and hit a new historical peak in the context of the USD falling quite rapidly and geopolitical instability escalating in many regions, including the Middle East. A price storm that has not ended.