Domestic gold price today August 13, 2024

At the end of the session on August 12, the price of 9999 gold bars at SJC was 76.5 million VND/tael (buy) and 78.5 million VND/tael (sell). SJC listed the price of gold rings at 76.3 - 77.6 million VND/tael (buy - sell).

Doji listed at 76.5 million VND/tael (buy) and 78.5 million VND/tael (sell).

International gold price today August 13, 2024

The price of gold on the Kitco floor at 9:00 p.m. on August 12 (Vietnam time) was trading at $2,452/ounce, up 0.88% from the beginning of the session. The price of gold futures for delivery in December 2024 on the Comex New York floor was trading at $2,492/ounce.

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World gold prices increased slightly at the opening of the trading session. Photo: Thach Thao

At the beginning of the trading session in the US market, the world gold price continued to increase from the last session of last week. The report on the number of US unemployment benefit applications released in the middle of last week brought optimism to the stock and gold markets.

After a quiet week, the world gold market is about to receive a series of important information that can affect the direction of the precious metal in the short term. Specifically, the producer price index, consumer price index, retail sales in July, weekly unemployment claims, housing starts and building permits in the US in July,...

Marc Chandler, CEO of Bannockburn Global Forex, said the most anticipated piece of information for the market is the July consumer price index, which is likely to be unchanged from a year ago, which could help the Federal Reserve cut interest rates in September.

Gold Price Forecast

Experts predict that gold is a safe asset when risks increase. World gold prices are on an upward trend as the December gold contract price remains at $2,470/ounce.

The financial market is fraught with risks as major economies such as the US and China have not yet grown stably, making gold more attractive than other investment channels.

According to experts, in September, the Fed may loosen monetary policy, the USD will become weaker, which is also an advantage for the gold market.

Along with that, the US presidential election at the end of the year will also end. The world gold price is forecast to increase to a new historical level, surpassing the threshold of 2,500 USD/ounce by the end of the year.

Will the slow pace of interest rate cuts 'hinder' the acceleration of gold prices? Gold prices are forecast to increase next week, but it is unlikely to increase dramatically when the Fed is likely to only cut interest rates by 25 basis points in September instead of 50 points as expected.