Gold prices today, August 30, 2024, consolidated their record highs, while the US economy continued to surpass all expectations with solid GDP growth in the second quarter. Analysts are speculating about the possibility of a repeat of the scenario where gold prices fell 50% immediately after entering the "all-time high club" along with the years 1979 and 2011.
LIVE UPDATE TABLE OF GOLD PRICES AND EXCHANGE RATES TODAY, AUGUST 30TH
| 1. SJC - Updated: 29/08/2024 08:17 - Time of issue on source website - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 79,000 | 81,000 |
| SJC 5c | 79,000 | 81,020 |
| SJC 2c, 1C, 5 phân | 79,000 | 81,030 |
| SJC 99.99 gold rings, 1 tael, 2 taels, 5 taels. | 77,400 | 78,650 |
| SJC 99.99 gold rings, 0.3 tael, 0.5 tael | 77,400 | 78,750 |
| 99.99% Authentic Jewelry | 77,300 | 78,250 |
| 99% Jewelry | 75,475 | 77,475 |
| Jewelry 68% | 50,865 | 53,365 |
| Jewelry 41.7% | 30,284 | 32,784 |
Gold price update for today, August 30, 2024
Global gold prices are rising steadily, remaining above the $2,500 per ounce mark.
The market trend was a sharp decline followed by a rapid rebound, not far from its historical peak. Buying activity from speculators awaiting new fundamental economic data from the US (such as Q2 GDP, inflation indicators, and home sales) boosted gold prices in the early session. Q2 GDP showed the economy grew 3.0% from April to June, up from the initial estimate of 2.8%. Economic growth increased compared to the 1.4% reported in Q1.
According to the World & Vietnam Newspaper, at 8:30 PM on August 29th ( Hanoi time), the price of gold traded on the Kitco electronic exchange was 2,510.80. Gold prices fell sharply by $18.00 per ounce compared to the previous trading session. Better-than-expected US economic data is having little impact on gold prices. December gold futures were trading at $2,543.20 per ounce, up 0.21% on the day.
The prospect of a US Federal Reserve (Fed) interest rate cut is drawing near, putting pressure on the USD Index, which is currently at its lowest level since mid-last year. On August 27th, the measure of the dollar's strength against a basket of world currencies fell to its lowest level in 13 months, at 100.5 points. It is currently fluctuating around this level.
Overall, the US dollar has fallen by more than 3% since the beginning of the month. The currency is on track to record its sharpest monthly decline since November 2022. Meanwhile, the Fed will hold a two-day policy meeting this September.
Previously, the July meeting minutes showed Fed officials leaning toward the possibility of easing policy for the first time since the start of the Covid-19 pandemic. The contentious issue for investors was whether the Fed would cut rates by 25 basis points (0.25%) or 50 points (0.5%). The CME FedWatch interest rate tracker indicated an increasing likelihood of the second scenario. Between now and the end of the year, the Fed is expected to cut rates by a total of 100 basis points (1%).
Domestic gold prices remain high.
The fact that domestic gold prices remain at their peak stems from the fact that world gold prices are above $2,500 per ounce. The price of SJC gold bars currently remains at 79.00 - 81.00 million VND/ounce (buying price - selling price) at authorized gold trading establishments.
 |
| Gold prices today, August 30, 2024: Gold enters 'all-time high club', USD hits a low, could the precious metal be about to plummet? (Source: Kitco) |
Domestic gold ring prices continue to set new record highs. The difference between buying and selling prices is 1.1 - 1.25 million VND/ounce.
Saigon Jewelry Company listed the price of gold rings at 77.40 - 78.65 million VND/ounce (buy - sell).
DOJI lists the price of 9999 gold rings at 77.55 - 78.65 VND/ounce.
Phu Quy Group listed the price of 9999 pure gold rings at 77.4 - 78.65 million VND/ounce.
Could gold prices be about to fall sharply?
Gold prices will not experience the sharp declines seen during the 1979 and 2011 bull runs, according to analyst Tim Zyla in the Jerusalem Post.
In 1979 and 2011, a similar phenomenon occurred with precious metals – after gold prices surged to new record highs, they suddenly plummeted by over 50%. Could this happen again? Analyst Tim Zyla suggests that current prices may actually be sustainable at this time.
“Gold has had two major peaks in the last 50 years — in 1979 and 2011 — but 2024 has just joined this 'club' after gold recently broke the trendline connecting the two previous peaks 32 years apart,” the expert wrote.
So what will the trend be for gold prices after this peak? Will they plummet like the previous two times?
Analyzing the market at times when gold prices peaked, analyst Tim Zyla noted that the events surrounding these gold price surges varied, but shared a commonality: the price spikes were driven by geopolitical, economic, and inflationary shocks. Many investors then felt uncertain and naturally turned to gold as a safe-haven asset. However, after the situation stabilized and the crisis subsided, the downward trend caused the value of gold to lose more than half.
However, expert Zyla is quite certain that this price surge is unlike the previous two. “The main difference in the current gold price surge compared to the two previous surges is clear — there was no major or catastrophic event that triggered this price increase.”
“Certainly, inflation is real, but not to the extent of 1979, and not many people now believe the entire financial system has collapsed. Both 'plunges' from their peaks in 1979 and 2011 were relatively rapid and violent, leaving retail investors little time to react, whereas this gold price rally has been quite prolonged, so it’s unlikely that such a phenomenon will happen again,” he commented.
Analyst Tim Zyla concluded: “While short-term corrections are always possible, there are few indications that gold prices will not continue their upward trend this time, given the Fed’s mention of easing monetary policy.”
Source: https://baoquocte.vn/gia-vang-hom-nay-3082024-gia-vang-vao-cau-lac-bo-dinh-cao-moi-thoi-dai-dong-usd-xuong-day-kim-loai-quy-co-the-sap-lao-doc-khong-284031.html
Comment (0)