Gold prices today, August 16, 2024: Domestic SJC gold and gold ring prices showed little fluctuation during the day. However, world gold prices are gaining momentum to conquer a new peak of $2,500.
LIVE UPDATE TABLE OF GOLD PRICES AND EXCHANGE RATES TODAY, AUGUST 16TH
| 1. SJC - Update: 15/08/2024 08:04 - Time of issue on source website - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 78,000 | 80,000 |
| SJC 5c | 78,000 | 80,020 |
| SJC 2c, 1C, 5 phân | 78,000 | 80,030 |
| SJC 99.99 gold rings, 1 tael, 2 taels, 5 taels. | 76,500 | 77,800 |
| SJC 99.99 gold rings, 0.3 tael, 0.5 tael | 76,500 | 77,900 |
| 99.99% Authentic Jewelry | 76,350 | 77,350 |
| 99% Jewelry | 74,584 | 76,584 |
| Jewelry 68% | 50,253 | 52,753 |
| Jewelry 41.7% | 29,908 | 32,408 |
Gold price update for today, August 16, 2024
World gold prices attempted to rise above the $2,480/ounce mark but were unsuccessful.
Gold prices have been volatile, surging close to record highs before plummeting again, falling by about $30 per ounce. Gold has seen its best performance in decades this year, reaching a new record high of $2,483.35 per ounce. The yellow metal has attempted to break above $2,480 three times without success, but some analysts believe it's only a matter of time before it reaches its target and surpasses $2,500.
According to World & Vietnam Newspaper , at 9:00 PM on August 15th ( Hanoi time), the world gold price traded on the Kitco exchange at 2,448.70 USD/ounce (equivalent to approximately 75.3 million VND/ounce, excluding taxes and fees), a slight increase of 0.5 USD compared to the previous trading session.
Previously, global gold prices surged and were on the verge of setting an all-time high amid geopolitical tensions in the Middle East and escalating military conflict between Russia and Ukraine. In addition, cooling US inflation fueled expectations that the US Federal Reserve (Fed) would cut interest rates sooner, which benefited gold.
However, gold prices quickly reversed course and fell due to a surge in profit-taking pressure from many investors. This was also a predicted development, as the commodity had risen by approximately 36% since October 2023.
In addition, many traders believe that the momentum is not strong enough to propel this precious metal to set new highs.
Domestic gold prices showed little change compared to the previous day.
The price of SJC gold bars remained unchanged, at 78.00 - 80.00 million VND/ounce (buying price - selling price), maintaining the same listed price as the closing price yesterday. The four banks in the Big4 group still maintained the selling price of gold at 80 million VND/ounce.
 |
| Experts believe that it is only a matter of time before the price of gold surpasses its peak of $2,500 per ounce. (Source: Kitco News) |
The price of 9999 pure gold rings has adjusted slightly, decreasing by about 100,000 VND per tael compared to yesterday.
At Saigon Jewelry Company, the price of gold rings is currently listed at 76.5 - 77.9 million VND/ounce (buying and selling price), a decrease of 100,000 VND/ounce.
Doji Group is applying a price of 76.60 - 77.80 million VND/ounce.
Bao Tin Minh Chau Company listed the price at 76.58 - 77.78 million VND/ounce.
PNJ company listed gold at 76.50 - 77.79 million VND/ounce.
The price of SJC gold bars has consistently remained at the same level as, or even lower than, the price of 9999 gold rings, but it's not easy to buy online because they sell out within just one or two minutes of opening.
Demand for gold has surged.
Scott Bauer, CEO of Prosper Trading Company, said: "The precious metals market is certain to see positive movement, with demand for gold soaring."
Central banks around the world have been buying gold at record levels, led by China. Central banks purchased 1,037 tonnes of gold in 2023, according to the World Gold Council (WGC). WGC's annual survey data shows that 29% of central banks expect their gold reserves to increase in the next 12 months.
Bauer noted that one of the biggest drivers of the bullish outlook for precious metals is the expectation that the Fed will cut interest rates. The prospect of lower interest rates and ongoing geopolitical risks are acting as catalysts for the yellow metal.
CME's FedWatch tool shows that Wall Street has priced in a 100% chance of a rate cut in September and about an 80% chance of further cuts in both November and December.
In the near future, gold is still considered a highly safe and attractive asset for investors. Whenever gold experiences a sharp downward correction, demand for bargain hunting immediately increases again.
Tensions in the Middle East and Ukraine are also expected to strongly influence gold prices. Observers are currently concerned about the spread of conflict in the Middle East.
Gold is still projected by many organizations to reach $2,500 per ounce in the second half of this year.
Source: https://baoquocte.vn/gia-vang-hom-nay-1682024-gia-vang-thu-dinh-cao-moi-gioi-dau-tu-voi-chot-loi-vang-the-gioi-chay-da-vuot-qua-2500-usd-282645.html
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