Domestic gold price today August 15, 2024

At the end of the trading session on August 14, the domestic 9999 gold price was listed by SJC and Doji Gold and Gemstone Group in the following order of buying and selling:

Doji Hanoi: 78,000,000 VND/tael - 80,000,000 VND/tael
SJC HCMC: 78,000,000 VND/tael - 80,000,000 VND/tael
Doji HCMC: 78,000,000 VND/tael - 80,000,000 VND/tael

International gold price today August 15, 2024

As of 8:25 p.m. on August 14 (Vietnam time), the spot gold price today on the world market was at $2,452/ounce. Gold for December 2024 delivery on the Comex New York floor was at $2,491/ounce.

The world gold price on the night of August 14 was about 18.8% higher (389 USD/ounce) than at the end of 2023. The world gold price converted to the bank USD price was 75.5 million VND/tael, including taxes and fees, about 4.5 million VND/tael lower than the domestic gold price as of the end of the afternoon session on August 14.

In the previous two sessions, gold has broken out strongly in the context of the US economy sending signals showing that inflation is cooling down, while geopolitical tensions in the Middle East and Ukraine escalated.

Gold prices have increased by 70-80 USD and are less than 10 USD away from the historical peak of 2,483 USD set on July 17 thanks to many supporting factors.

However, selling pressure increased sharply at the beginning of the August 14 trading session on the New York market (August 14 evening, Vietnam time) even though the US Bureau of Labor Statistics announced a positive consumer price index (CPI). Accordingly, US inflation increased by 0.2% in July, as expected by economists, but year-on-year inflation increased by only 2.9%, lower than the expected 3%.

Lower inflation will give the US Federal Reserve more grounds to cut interest rates soon. The US dollar will fall when the Fed reverses monetary policy. Gold usually moves inversely to the US dollar.

In fact, the DXY index - which measures the performance of the USD against a basket of six other major currencies - fell sharply to 102.5 points. However, gold unexpectedly turned around and fell sharply.

Gold’s decline is believed to be due to investors’ high expectations for the commodity, pushing prices close to record highs. However, demand has not been strong enough for gold to surpass its previous record. Several major players in the market, including the People’s Bank of China (PBOC), have not been net buyers of gold in recent months due to high prices.

Gold Price Forecast

Profit-taking pressure immediately spiked. This was also expected as this commodity had increased by about 36% from October 2023 to the beginning of the session on August 14.

In the coming time, gold is still considered a highly safe asset and attractive to investors. Every time gold prices adjust sharply, bottom-fishing demand immediately increases again.

Tensions in the Middle East and Ukraine are also expected to have a strong impact on gold prices. Observers are concerned about the spread of conflict in the Middle East following the assassination of Hamas political leader Ismail Haniyeh in Iran and the Israeli airstrike that killed Hezbollah's senior military commander Fuad Shukr in Lebanon.

Gold is still forecast by many organizations to reach $2,500/ounce in the second half of this year.

US sends more troops to Middle East, Ukraine tensions: Gold price nears historic peak Gold price skyrocketed to near historic peak amid escalating geopolitical tensions in many regions. The US sent more troops and military equipment to the Middle East amid the possibility of Iran attacking Israel, while the conflict in Ukraine poses new risks.