LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/14 AND EXCHANGE RATE TODAY 8/14

Update gold price today August 14, 2024

World gold prices continued to increase from last night, increasing vertically.

The world gold price has just skyrocketed to 2,477 USD/ounce, nearly reaching the historical peak of 2,484 USD/ounce. Many experts predict that the precious metal will soon surpass the 2,500 USD/ounce mark.

According to the World & Vietnam Newspaper , at 9:00 p.m. on August 13 (Hanoi time), the world gold price traded on the Kitco floor was at 2,475.60 USD/ounce , continuing in an upward trend, currently up 1.7 USD compared to the previous trading session.

Gold markets are rebounding after the latest data showed that US manufacturers saw price pressures ease last month. The US Labor Department reported that the Producer Price Index (PPI) rose 0.1% in July, following a 0.2% increase in June.

Gold prices rose after better-than-expected inflation data, with the latest inflation data in line with expectations, as economists expected a 0.1% increase.

The reason for the soaring gold price is also explained by the demand for safe havens due to concerns about increasing geopolitical instability, especially the escalating tension in the Middle East. Along with that, the expectation that the US Federal Reserve (Fed) will ease monetary policy at its next meeting has also added to the supporting factor for the price of the yellow metal. If the Fed loosens monetary policy, the USD will become weaker, which is also an advantage for the gold market.

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

The financial market is fraught with risks as major economies such as the US and China have not yet grown steadily, making gold more attractive than other investment channels. In addition, the US presidential election at the end of the year will also end. It is forecasted that the world gold price will increase to a new historical level, surpassing the threshold of 2,500 USD/ounce by the end of the year.

Domestic gold prices followed world prices, suddenly increasing very strongly.

The price of SJC gold bars increased sharply in the trading session on August 13, with an increase of up to 1.5 million VND/tael, at times reaching 78.50 million VND/tael for buying and 80.00 million VND/tael for selling. Since July 19, this is the strongest increase in the price of SJC gold bars.

Accordingly, at the end of the trading session, the price of SJC gold bars was listed at 78.00 - 80.00 million VND/tael (buy-sell) at Doji Group, Saigon Jewelry Company, Phu Quy Group, Bao Tin Minh Chau System...

Gold price today August 14, 2024: Gold price skyrockets, BRICS aggressively buys goods despite record prices. (Source: Kitco)

The price of 9999 round smooth gold rings also increased sharply by 500-600 thousand VND/tael early on August 13. The selling price climbed to 78 million VND/tael.

Specifically, at Saigon Jewelry Company, the price of plain gold rings is listed at 76.60 - 78.00 million VND/tael. DOJI Group applies the price of 76.65 - 77.90 million VND/tael. Bao Tin Minh Chau lists 76.68 - 77.88 million VND/tael. Meanwhile, PNJ Group lists at 76.60 - 77.90 million VND/tael.

Central rate on August 13 announced by the State Bank is 24,256 VND/USD, unchanged from the previous trading session. The USD price at commercial banks on August 13 was commonly listed at 24,920 - 25,290 VND/USD (buy - sell).

Despite record prices, BRICS aggressively buys gold

According to a study by the Atlantic Council, while currencies are struggling to gain advantage over the US dollar, gold has become a favorite commodity among BRICS members, amid complex and emerging geopolitical fluctuations in many places.

“Emerging markets have driven the recent surge in gold purchases,” the Atlantic Council report said. Since 2018, all BRICS members have increased their gold holdings at a faster pace than the rest of the world, despite record gold prices. Many advanced economies have accumulated large gold reserves over the centuries and continued to hold onto them in the 20th century to maintain the gold standard after the end of World War II,” the report’s authors said.

Meanwhile, recent surveys show that advanced economies are now planning to increase their gold holdings as a hedge against economic shocks. This is likely to continue to increase global gold demand in the coming years. Emerging markets tend to hold the majority of their reserves in foreign exchange, but have been steadily increasing their gold holdings in recent times.

More specifically, the Atlantic Council report notes that the share of gold in international reserves "began to increase in 2019 and accelerated after the Covid-19 pandemic broke out, increasing from about 10% to nearly 16% today. Central banks now hold a total of more than 35,000 tons of gold, accounting for nearly 20% of all gold ever mined.

Reasons for central banks in emerging markets like BRICS to buy gold include the fact that the precious metal “provides options in the face of geopolitical risks; provides a hedge against inflation; is seen as a safe haven asset, especially in times of broader economic downturns because it has held its value for centuries and is not subject to any credit risk; and it provides a hedge against fluctuations in the value of the US dollar,” the report said.