LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/10 and EXCHANGE RATE TODAY 8/10

Update gold price today 8/10/2024

World gold price decreased slightly at the end of the trading session on August 9. Recorded by TG&VN at 7:20 p.m. on August 9, the world gold price on the Kitco exchange was at 2,425.9 - 2,426.9 USD/ounce, down 1.5 USD compared to the previous trading session.

Assessing the trading session on August 9, Mr. Tim Waterer, Director of Market Analysis at KCM Trade, said that the gold price movement this session was relatively stable, as investors took a break after a week of ups and downs.

Federal Reserve policymakers believe that cooling inflation will allow the bank to cut interest rates, and that this will be driven by economic data rather than stock market turmoil.

“Gold is fundamentally poised to benefit from increased risk aversion or expectations of looser monetary conditions,” said Waterer. “There are a number of scenarios that could play out in the coming months that could push gold to new all-time highs.”

According to the CME FedWatch Tool, the market is pricing in a 55% chance of the Fed cutting rates by 0.50 percentage point in September, with an additional cut expected in December.

The market is focusing on the US consumer price index (CPI) and producer price index (PPI), expected to be released next week, to better understand the Fed's policy direction.

The domestic price of SJC brand gold remained at 76.5 million VND/tael for buying and 78.5 million VND/tael for selling, unchanged from the previous day - recorded by TG&VN at the end of the afternoon session on August 9.

However, the SJC 99.99 gold ring price of 1 chi, 2 chi, 5 chi increased slightly by 0.05 million VND/tael in the buying direction, reaching 75.95 million VND/tael, while the selling price remained unchanged at 77.3 million VND/tael.

At DOJI stores, AVPL/SJC gold prices in Hanoi, Ho Chi Minh City, Da Nang and Can Tho all maintained the buying price of 76.5 million VND/tael and the selling price of 78.5 million VND/tael, unchanged from yesterday.

Similarly, the price of SJC gold at PNJ stores in Hanoi and Ho Chi Minh City also remained unchanged, remaining at VND76.5 million/tael for buying and VND78.5 million/tael for selling.

Gold price today August 10, 2024: Gold price fluctuates, investors take a break, gold rings "ride the wave", SJC remains unchanged. (Source: Getty Images)

Summary of SJC gold bar prices at major domestic trading brands at the closing time of the trading session on the afternoon of August 9:

Saigon Jewelry Company: SJC gold bars 76.5 - 78.5 million VND/tael.

Doji Group: SJC gold bars 76.5 - 78.5 million VND/tael.

PNJ system: SJC gold bars 76.5 - 78.5 million VND/tael.

Phu Quy Gold and Silver Group: SJC gold bars: 76.6 - 78.5 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 76.5 - 78.5 million VND/tael.

Gold is still receiving positive support from the Fed

Statistics from Kitco News show that after last week's US jobs report, investors are placing more faith in the Fed cutting interest rates by the end of the year, when the US economy could be in recession.

Mr. Kyle Rodda, financial market analyst at Capital, commented that gold is still being actively supported by expectations that the Fed will cut interest rates in September.

Sharing the same view, Mr. Robert Minter, Director of Investment Strategy at Abrdn, noted that after negative employment data, the Fed will accelerate interest rate cuts.

He said that the job market is very important, just a small factor can directly affect people's spending. Therefore, a weak job market can lead to the economy falling into recession.

“What gold does benefit from is it provides more stability and more investors see that… it’s just a shift from risk assets to safe haven assets,” said Alex Ebkarian, CEO at Allegiance Gold.

According to this expert, the outlook for gold remains strong, but we are experiencing more volatility, and it depends on the impact of interest rate cuts.

“If the Fed does cut rates, we expect the metals market to recover even more,” Ebkarian said.

Meanwhile, Mr. Naeem Aslam, Investment Director at Zaye Capital Markets, expressed his opinion that he is optimistic about gold.

According to him, the Fed's monetary policy mistakes are now very clear when the world's most powerful bank is slow to cut interest rates, putting the economy at risk of recession. This is good news for the gold market.