Gold price today, July 18, 2024, recorded the world continued to rise as the safe haven purpose increased again due to the US election and global geopolitical risks. Experts commented: "It would not be surprising if the price of 2,300 USD/ounce or more is the new base for precious metals".
LIVE UPDATE TABLE OF GOLD PRICE TODAY 7/18 and EXCHANGE RATE TODAY 7/18
| 1. SJC - Updated: 07/17/2024 09:10 - Website time of supply source - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 75,980 ▲500K | 76,980 |
| SJC 5c | 75,980 ▲500K | 77,000 |
| SJC 2c, 1c, 5c | 75,980 ▲500K | 77,010 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 75,980 ▲530K | 76,880 ▲30K |
| SJC 99.99 gold ring 0.3 chi, 0.5 chi | 75,980 ▲530K | 76,980 ▲30K |
| Jewelry 99.99% | 75,880 ▲530K | 76,580 ▲230K |
| Jewelry 99% | 73,822 ▲228K | 75,822 ▲228K |
| Jewelry 68% | 49,730 ▲157K | 52,230 ▲157K |
| Jewelry 41.7% | 29,587 ▲96K | 32,087 ▲96K |
Update gold price today 7/18/2024
Domestic gold prices recorded SJC gold bars increasing by 500,000 VND/tael in buying price, up to 75.98 million VND/tael, while selling price remained unchanged at 76.98 million VND/tael.
For gold rings, DOJI Gold and Gemstone Group listed the price of gold rings at 76.7 - 77.9 million VND/tael (buy - sell), an increase of 450,000 VND/tael for buying and an increase of 400,000 VND/tael for selling compared to yesterday's closing price.
World gold prices continued to increase, reaching a new record: 2,474.1 - 2,474.2 USD/ounce, up 6 USD compared to the previous trading session - recorded by TG&VN at 7:30 p.m. on July 17.
Experts say safe-haven gold purchases could rise again due to US elections and global geopolitical risks.
The market is now expecting the Fed to cut interest rates by at least 0.25 percentage points in September. The appeal of gold, a non-yielding precious metal, typically increases when interest rates fall.
US Federal Reserve Chairman Jerome Powell recently said that recent inflation figures "contribute to increased confidence" that price growth is returning steadily to the Fed's target, suggesting that a rate cut may not be far away.
Fed Governor Adriana Kugler also expressed cautious optimism that inflation is returning to the Fed's 2% target.
In addition, a factor supporting gold prices is that China, the top gold consumer, is expected to still have strong demand for gold despite a pause in May and June, amid low gold holdings and rising global tensions.
 |
| Gold price today August 10: (Source: Kitco) |
Summary of SJC gold prices at major domestic trading brands at the closing time of July 17:
Saigon Jewelry Company listed at 75.98 - 76.98 million VND/tael.
Doji Group is currently listed at: 76.0 - 76.98 million VND/tael.
PNJ system listed at: 75.8 - 76.98 million VND/tael.
Phu Quy Gold and Silver Group listed at 75.98 - 76.98 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 75.88 - 76.98 million VND/tael.
The $2,500/ounce mark will soon be conquered
Gold prices have surged nearly 20% this year, fueled by strong buying from central banks, especially China, while demand for safe haven assets amid escalating geopolitical tensions has also boosted flows from individual investors and funds.
Even those who were neutral on gold started buying, Bloomberg reported. There was a brief sell-off on July 16 after stronger-than-expected U.S. retail sales. But traders then added to their long positions, helping to fuel the recovery and attract more money.
“The fundamentals have clearly changed, giving investors more confidence to hold gold in their portfolios. Funds are also chasing the upward trend. Therefore, the $2,500/ounce threshold will soon be tested,” said Chris Weston, research director at Pepperstone Group Ltd.
However, from a technical standpoint, there are still signs that this rally is not yet sustainable.
Gold's 14-day relative strength index (RSI) is hovering around 70 - a level some investors consider overbought territory.
Gold speculator Peter Schiff commented on his personal X page: "Gold has just reached a new record high and the $2,500/ounce mark will soon be conquered."
Meanwhile, Ms. Suki Cooper, precious metals analyst at Standard Chartered, said that gold prices started to increase from expectations that the Fed would soon cut interest rates after weak US inflation data.
In addition, the failed assassination attempt on Mr. Trump has rekindled the need to seek safe havens and hedge against inflation.
Nicky Shiels, director of metals strategy at MKS Pamp, said investors are worried about the prospect of rising inflation and budget deficits in the US if Mr. Trump returns to the White House.
Investors also worry that the Fed's independence could be called into question under Trump, who has voiced his desire to lower interest rates.
“I wouldn’t be surprised if $2,300 an ounce or more is the new base for the precious metal,” said Bernard Dahdah, an analyst at French bank Natixis.
Source: https://baoquocte.vn/gia-vang-hom-nay-1872024-gia-vang-the-gioi-dat-ky-luc-moi-vao-vung-qua-mua-sjc-co-dien-bien-moi-279031.html
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