Gold price today August 11, 2024: Gold price increased slightly, optimistic sentiment 'bright', believing in the geopolitical 'launch pad', gold ring price is steadily increasing. (Source: Kitco News)

LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/11 and EXCHANGE RATE TODAY 8/11

Update gold price today 8/11/2024

Domestic gold prices fluctuated last week.

On the morning of August 5, domestic gold bar and gold ring prices remained stable. Specifically, Saigon Jewelry Company (SJC) announced the selling price of SJC gold bars at 78.3 - 79.8 million VND/tael (buy - sell), gold ring prices at 76.15 - 79.55 million VND/tael (buy - sell), keeping the same price in both buying and selling directions compared to the previous session's closing price.

After two fluctuating mid-week sessions, in the morning session of August 8, while the price of SJC gold bars decreased sharply, the price of gold rings increased and decreased in opposite directions. Specifically, Saigon Jewelry Company (SJC) announced the selling price of SJC gold bars at 76.5 - 78.5 million VND/tael (buy - sell), down 500 thousand VND/tael in both buying and selling compared to the previous session's close. Meanwhile, Saigon Jewelry Company (SJC) also listed the price of gold rings at 75.9 - 77.3 million VND/tael (buy - sell), up 100 thousand VND/tael in buying and kept the listed price in selling compared to the previous session's close.

On the morning of August 9, while the world gold price increased, the domestic SJC gold bar price remained stable. However, the gold ring price increased in both directions.

Specifically, Saigon Jewelry Company (SJC) announced the selling price of SJC gold bars at 76.5 - 78.5 million VND/tael (buy - sell), keeping the listed price unchanged in both buying and selling directions compared to the previous session's close. DOJI Jewelry Group listed the price of gold rings at 76.3 - 77.5 million VND/tael (buy - sell), an increase of 250 thousand VND/tael in both buying and selling directions compared to the previous session's close.

Summary of SJC gold bar and gold ring prices at major domestic trading brands at the closing time of August 10:

Saigon Jewelry Company: SJC gold bars 76.5 - 78.5 million VND/tael; SJC gold rings 76.25 - 77.6 million VND/tael.

Doji Group: SJC gold bars 76.5 - 78.5 million VND/tael; 9999 round rings (Hung Thinh Vuong): 76.35 - 77.6 million VND/tael.

PNJ system: SJC gold bars 76.5 - 78.5 million VND/tael; PNJ 999.9 plain gold rings: 76.3 - 77.59 million VND/tael.

Phu Quy Gold and Silver Group: SJC gold bars: 76.6 - 78.5 million VND/tael; Phu Quy 999.9 round gold rings: 76.35 - 77.55 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 76.6 - 78.5 million VND/tael; Rong Thang Long gold brand is traded at 76.38 - 77.58 million VND/tael; jewelry gold price is traded at 75.65 - 77.35 million VND/tael.

According to The Gioi & Viet Nam Newspaper , at 4:47 p.m. on August 3 (Vietnam time), the world gold price at goldprice.org was at 2,431.1 USD/ounce, an increase of 6.19 USD/ounce compared to the previous trading session.

Converted according to the USD price at Vietcombank on August 10, 1 USD = 25,270 VND, the world gold price is equivalent to 74.02 million VND/tael, 4.48 million VND/tael lower than the selling price of SJC gold.

World gold price increases, future "shining"

World gold prices stabilized in the trading session on August 9, after a sharp increase in the previous session, boosted by growing expectations of an interest rate cut by the US Federal Reserve (Fed) in September 2024.

At the end of the trading session this weekend, the spot gold price was almost unchanged at $2,427.73/ounce and the US gold futures price increased by 0.4% to $2,473.4/ounce. However, when calculating the whole week, the spot gold price decreased by 0.6%, due to the falling sessions recorded during the week.

The latest Kitco News weekly gold survey shows that most industry experts see prices moving sideways next week, while the majority of retail traders expect the precious metal to rise.

“I am neutral on gold next week,” said Colin Cieszynski , chief market strategist at SIA Wealth Management. “I just feel like after 10 days of volatility, the market could stabilize a little bit next week before the Democratic convention starts next week.”

Marc Chandler , CEO at Bannockburn Global Forex, also expects gold to trend sideways, at least at the start of the week.

“I suspect further consolidation is likely, at least early next week,” he said. “I think the market may have overstated the likelihood of a 50 basis point cut, let alone an emergency cut between Fed meetings. US coupon yields have risen.”

Chandler said the highlight next week will be the July 2024 Consumer Price Index (CPI) report. “It is likely that the CPI will be flat year-on-year,” noting that “the People’s Bank of China (PBOC) did not buy gold in July, marking the third consecutive month after 18 months of purchases.”

“There are still a lot of unknowns: tensions in the Middle East, and many still think Iran will attack Israel, which will at least initially support gold,” he added.

Adrian Day , president of Adrian Day Asset Management, expects gold prices to rise further. “Market expectations for Fed rate cuts are constantly changing and so are gold prices,” he said. “But there is no doubt that there will be at least one initial rate cut in the near term, and that would be a signal to North American investors to take a more active interest in gold, especially as the U.S. economy shows signs of slipping into recession.”

“Gold has been driven so far with little interest from Western investors,” Day said, “but the Fed rate cut and continued cuts from other central banks will change that.”

Adam Button, head of currency strategy at Forexlive.com, is neutral on gold’s near-term outlook. “The double top at $2,475 is competing with a series of lower lows,” he said. “We’ve also seen a speculative pullback. I think that sets the stage for a calm and consolidative week, but keep a close eye on the CPI report as it could put a nail in the coffin of the inflation story.”

Sean Lusk, co-director of commercial hedging at Walsh Trading, said the gold market is changing so quickly these days that it is difficult for traders to choose which way to go.

He expects the precious metal to remain strong, and while he doesn't see another major move higher in the near term, he believes gold will move higher by year-end.

This week, 10 analysts participated in the Kitco News Gold Survey, with the majority of Wall Street now expecting gold to stabilize in a consolidation pattern as bearish sentiment has largely dissipated. Six experts, or 60%, expect gold prices to trend sideways next week, while the remaining 40% see further gains next week. None predict the precious metal will fall.

Meanwhile, 210 votes were cast in Kitco ’s online poll, with the majority of Main Street investors remaining bullish. 130 retail traders, or 62%, expect gold prices to rise next week. Another 45, or 21%, expect the yellow metal to trade lower, while 35 respondents, or the remaining 17%, see prices consolidating next week.

James Stanley , senior market strategist at Forex.com, expects gold prices to rise next week. “The bulls are still in control and they have demonstrated that very clearly over the past week,” he said. “The sharp spike on Monday led to a higher low on Tuesday and buyers came back strongly over the weekend.

In my view, they have a chance to retest the highs but there is no clear evidence yet that they are ready to break $2,500.”

“If they can break the lower highs pattern in spot gold on the daily chart, the door to a test of $2,500 would open significantly,” he added. “The risk to this scenario would be Treasury yields around next week’s CPI report as the rush to yield could see capital flee gold in pursuit of yield.”

Everett Millman , chief market analyst at Gainesville Coins, said he expects August's seasonal support to support gold despite geopolitical and market uncertainty.

Seasonally, August is one of the best months for gold and the market is now looking ahead to a September rate cut from the Fed, Millman said.

"Really, any support above $2,400 would be very welcome for the bulls," he added. "Gold has been up so much this year, so they can only be satisfied with where it is. $2,500, up to $2,700, I don't expect to see anything like that until at least September."

One thing Millman believes could push gold to new highs ahead of time is an escalation in the Middle East. “The biggest thing is if Iran retaliates,” he said. “The biggest concern is if the conflict spreads, more countries get dragged in, and then you have a broader war, and people have to line up and pick sides.”

“I think that is certainly a risk that will push gold prices higher,” he concluded.

And Kitco senior analyst Jim Wyckoff sees technical and fundamental dynamics favoring price gains next week.