LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/5 and EXCHANGE RATE TODAY 8/5

Update gold price today 8/5/2024

World gold prices had one of the strongest increases of the year last week.

According to The Gioi & Viet Nam Newspaper , the world gold price closed this week's trading session on the kitco floor at 2,444.10 USD/ounce , down slightly 3 USD compared to the previous trading session.

The US economy created fewer jobs than expected last month, with the unemployment rate also rising to a record high of 4.3%. World gold prices rose nearly 2.4% last week.

Now, dismal US economic data, more dovish Federal Reserve policymakers and a flash crash over the weekend have not dampened the enthusiasm of precious metals traders.

Gold prices started the week trading a few dollars lower than $2,400 an ounce and held steady between $2,375 and $2,400 before breaking through a key resistance level, as weaker-than-expected U.S. manufacturing data reinforced traders’ confidence that the Fed would be dovish at this policy meeting.

Along with the latest economic data, Fed interest rate updates and information from Fed Chairman Powell's press conference, gold prices "accelerated", continuously pushing the delivery price to new highs during the week from 2,430 USD/ounce, then to 2,457.86 USD/ounce, then conquering the "double peak" of 2,470 USD/ounce.

Gold then traded within a newly established bullish range between $2,430/ounce and $2,460/ounce as weekly jobless claims reinforced views of a weakening US economy.

The market witnessed one of the strongest sell-offs of the year over the weekend, causing the world gold price to fall from $2,471.96/ounce to $2,413.69/ounce in just 1 hour. But by the end of the week, the gold price had recovered along with stocks, returning to trading above $2,430/ounce.

Thus, in the spot market, gold had its best week in nearly four months, gaining about 3.6%, with about a third of the gain coming over the weekend.

Gold price today August 5, 2024: Gold price accelerated the most in the year, overcoming the 'sell-off whirlwind', is the upward trajectory certain? (Source: Kitco)

Domestic gold prices have just ended a week of strong increases in both gold bar and gold ring prices.

At the end of this week, the price of SJC gold bars increased by 800,000 VND/tael for buying and 300,000 VND/tael for selling, currently trading at 77.8 - 79.8 million VND/tael (buy - sell).

Doji gold price is currently trading at 78.3 - 79.8 million VND/tael, a sharp increase of 800,000 VND/tael for buying and 300,000 VND/tael for selling compared to the closing price of last week.

Bao Tin Minh Chau gold listed the price of SJC gold bars at 78.3 - 79.8 million VND/tael.

The domestic precious metals market has recently been hit by the news that Saigon Jewelry Company (SJC) has stopped buying dented two-character gold bars and one-character serial numbers, causing many gold bar holders to worry. Regarding this, the General Director of SJC recently affirmed that SJC Company still buys back SJC one-character gold bars at the same price as two-character ones. The temporary suspension of buying dented gold bars in recent days is due to objective reasons. "Currently, SJC Company no longer sells one-character SJC but only buys them to reprocess into two-character SJC gold bars," said a company representative.

The price of 9999 smooth round gold rings follows the trend of gold bar prices, increasing sharply in some brands.

Saigon Jewelry Company listed the price of gold rings at 76.15 - 77.55 million VND/tael (buy - sell), an increase of 650,000 VND/tael for buying and an increase of 550,000 VND/tael compared to the closing price of last week's trading session.

Bao Tin Minh Chau Company listed the price of gold rings at 76.32-77.52 million VND/tael (buy - sell), an increase of 440,000 VND/tael for both buying and selling compared to the closing price of last week's trading session.

Gold price forecast this week?

The latest Kitco News weekly gold survey shows that retail investors expect the yellow metal to continue rising this week, while industry experts are even more confident in gold’s upward trajectory.

Adrian Day, Chairman of Adrian Day Asset Management , expects gold prices to move higher next week.

“Gold has a real chance to break above its previous highs as the U.S. economy weakens and the likelihood of a rate cut increases,” Day said. “In his press conference earlier this week, Fed Chairman Jerome Powell almost seemed eager to cut rates but was waiting for the opportunity to do so. Now he has that opportunity. In the last few rate-cut cycles, when the Fed started cutting rates, gold prices rose.”

Marc Chandler, CEO of Bannockburn Global Forex , sees a steady price action next week. “The sharp drop in US interest rates and a weaker US dollar have helped push gold higher,” he said. The US 2-year Treasury yield fell more than 40 basis points last week, its biggest weekly decline since 2024, Chandler noted.

"Gold looks set to challenge last month's record high (~$2,483.75, spot). It's hard to tell where the resistance is in uncharted waters, but $2,500 is the next psychological target. Expect a quieter week ahead," said the general manager at Bannockburn Global Forex.

“I’m taking a different tack this week,” said Darin Newsom, senior market analyst at Barchart.com . “Technically, this is a coin toss with no clear trend signal. The daily chart for December gold shows that the contract has bounced off the lows of its recent range, meaning it could test the highs near $2,540.”

Michele Schneider, chief market strategist at MarketGauge.com , is bullish on the yellow metal next week. “Gold needs to hold at $2,450,” the expert believes.

Bob Haberkorn, senior commodities broker at RJO Futures , said Friday’s sharp sell-off was driven by recession fears following a weak U.S. jobs report. “I think if anything, there’s a buying opportunity right here,” he said as the yellow metal’s spot price traded near $2,420 an ounce.

“If you look at the headlines and what’s going on in the world right now, gold has proven to be a safe haven asset,” he added. “Gold prices are going to go higher.”