With prices rising, should you buy?

Gold price update, morning of August 18th: Rising sharply, should you buy? — Illustration photo: Phan Anh

SJC gold bar price

Price of 9999 gold rings

As of 6:00 AM, the price of 9999 Hung Thinh Vuong plain gold rings at DOJI was listed at 77.00-78.40 million VND/ounce (buying price - selling price).

Saigon Jewelry Company listed the price of gold rings at 77-78.4 million VND/ounce (buying price - selling price).

Bao Tin Minh Chau listed the price of gold rings at 77.08-78.38 million VND/ounce (buying price - selling price).

In recent trading sessions, the price of gold rings has often fluctuated in the same direction as the global market. Investors can refer to the global market and expert opinions before making investment decisions.

World gold prices

As of 6:00 AM on August 18th, the world gold price listed on Kitco was at $2,507.7 USD/ounce.

Gold price forecast

Global gold prices rose amid a sideways movement in the US dollar index. At 6:00 AM on August 18th, the US Dollar Index, which measures the fluctuations of the greenback against six major currencies, stood at 102.310 points (down 0.49%).

Some experts believe that the driving force behind gold's recent rise is strong demand for safe haven assets amid growing political and economic concerns.

Anuj Gupta, Head of Commodities and Currencies at HDFC Securities, believes that the upward trend in gold prices remains intact, and the direction of the precious metal will depend on the Fed's policy direction. He suggests that Federal Reserve Chairman Jerome Powell's remarks at the Jackson Hole Symposium next week will provide a clearer picture of the central bank's policy path.

Accordingly, if Powell expresses concern about economic growth or emphasizes falling inflation, this could strengthen the likelihood of a more aggressive interest rate cut. Conversely, if he is optimistic and makes no specific commitments, the market may have to readjust its current expectations.

Phil Carr, head of trading at The Gold & Silver Club, noted that gold has been steadily rising since October 2023. From a peak of nearly $1,800 per ounce, the precious metal has surged repeatedly, conquering record highs numerous times throughout the year, recording a 38% increase since October.

This expert noted that the sharp surge in gold prices is closely related to US government debt. He cited the example that during the period when the US national debt skyrocketed from $5 trillion to $35 trillion, the price of gold increased eightfold since 2000. “This is when things are really starting to get interesting. If history repeats itself, the price of gold could reach $5,000 per ounce when the US national debt reaches $70 trillion,” Carr said.

Bob Haberkorn, a senior commodities broker at RJO Futures, believes that the price of gold will reach $2,600 per ounce when the Fed cuts interest rates. However, in the short term, the price of this precious metal will remain stable or decline.

According to Haberkorn, the market may have prematurely anticipated the Fed's 50-basis-point cut. He said the US central bank may not rush into such a cut at its upcoming meeting because, although inflation has fallen slightly, it remains higher than the Fed's target.

Haberkorn asserted that the gold market is in an uptrend. However, the recently broken $2,500/ounce level is a high, and it will be difficult to attract new buyers to the market at such a high level.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-sang-188-tang-cao-co-nen-mua-vao-1381120.ldo