Gold price today July 16, 2024 increased, SJC is only 2.6 million VND more expensive than the world

Gold price today July 16, 2024 increased, SJC is only 2.6 million VND more expensive than the world

The gold price today, July 16, 2024, on the world market recovered and jumped again, causing the domestic gold ring price to increase by 300,000 VND per tael. SJC gold bars are only 2.58 million VND/tael higher than the converted world gold price.

And if Mr. Trump wins the election in November, the USD could weaken, thereby also pushing up gold prices.

On Kitco, experts said that safe-haven assets such as gold are likely to benefit from increased volatility in the markets. Risks in the markets have increased significantly after the assassination of US presidential candidate Donald Trump on Saturday afternoon.

According to experts, when Mr. Trump's victory rate in the election in November increases, the USD may weaken. And this is a supporting factor for precious metals.

On Bloomberg, chief market analyst Nick Twidale from ATFX Global Markets confirmed that there will be a flow of money looking for shelter in high-risk assets such as gold, USD, Japanese yen and US Treasury bonds.

According to Nick Twidale, money will flow into gold and the precious metal will test the all-time record high of $2,450/ounce recorded earlier.

Senior analyst at Swissquote Bank - Ipek Ozkardeskaya also believes that gold will be one of the assets that benefit from the trend of money flow shifting to safe haven channels.

On July 13, US presidential candidate Donald Trump was shot in the right ear at a campaign rally in Butler, Pennsylvania. One campaigner was shot dead and two others are in critical condition.

After Mr. Trump was shot, some surveys showed that the former US President's chances of winning the election increased. Before that, Mr. Trump had an advantage in the first presidential debate on June 27.

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World gold prices are expected to rise due to increased instability after Mr. Trump was shot. Photo: KC

Joe Gilbert, portfolio manager at Integrity Asset Management, said he has seen a pullback from many risk assets, which is a short-term support for safe haven assets, including gold.

According to Gilbert, the assassination of Mr. Trump will certainly cause some instability in the market. Currently, many US stock exchanges are at all-time highs. Money may withdraw from these investment channels in the context of the US election is likely to be more tense. The markets will be more volatile, even if Mr. Trump's winning margin tends to increase.

In fact, at the beginning of the trading session on July 15 on the New York Stock Exchange (late evening of July 15, Vietnam time), the world gold price increased from 2,410 USD/ounce to 2,435 USD/ounce, only 5 USD away from the all-time peak set on May 20.

The uncertainty that may come after Trump's shooting is a new support factor for gold.

But before that, gold was predicted to quickly set a new record after policy changes in the US.

Just before Mr. Trump's incident, on Kitco, Carsten Fritsch, a commodity analyst at Commerzbank, said he expected gold prices to reach an all-time high in the week of July 15-19.

After his Senate testimony on July 9, Fed Chairman Powell suddenly changed his stance in his House testimony on July 10. Accordingly, the most powerful man in the world's financial industry said the Fed would not wait until inflation fell to its 2% target before starting to cut interest rates.

This makes investors bet more than 96% that the Fed will cut interest rates at its meeting on September 18.

Domestically, the price of gold rings did not fluctuate much in the first session of the week, July 15, after a strong breakthrough and for the first time surpassing the price of SJC gold bars last week.

Over the past month, the price of SJC gold bars has remained stable at VND76.98 million per tael after the State Bank kept the intervention price for SJC and four state-owned banks unchanged at VND75.98 million.

In fact, the Fed always relies on economic data to make policy decisions. In the coming time, the figures on inflation, growth, employment, etc. may change a lot. Therefore, there is no possibility of complete certainty.

However, according to analysts, there will not be many big changes in economic indicators. The big picture is still the trend of controlled inflation and increasing risks to the US economy. Global interest rates will go down and gold prices are generally in an uptrend.

Demand for gold is also on the rise. These are factors that could push the price of the precious metal to new highs.

Gold prices may hit a historic peak in the next few days, how will ring gold fare? World gold prices broke out in the week of July 8-12 and are forecast to hit a new peak in the next few days, in the context of many changes in the international financial market, especially the US policy turning point.