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

Update gold price today 8/8/2024

World gold prices edged up slightly as traders waited for more signals to assess the US Federal Reserve's interest rate cut in September 2024.

According to TG&VN at 7:00 p.m. on August 7, the world gold price on the Kitco exchange was at 2,396.4 - 2,397.4 USD/ounce, up 6.4 USD compared to the previous trading session.

The dollar index rose 0.3%, making gold cheaper for buyers using other currencies, while US government bond yields also rose.

Traders adjusted their interest rate forecasts after last week's US jobs report, now expecting a cut of nearly 150 basis points by the end of the year.

However, markets also see a 65% chance the Fed will cut rates by 50 basis points by September 2024, compared with 85% a day ago.

Gold's declines may be limited as tensions in the Middle East persist and there are still concerns about a global recession, as markets await more economic data to gauge the health of the US economy, according to Yeap Jun Rong, market strategist at IG.

Regarding the situation in the Middle East, US Secretary of State Antony Blinken issued a warning to Iran and Israel to reduce the level of escalation of conflicts in the Middle East, although the Pentagon affirmed that it would not tolerate attacks on their forces in the region.

Meanwhile, China's exports grew at their slowest pace in three months in July 2024, adding to concerns about the outlook for the manufacturing sector.

Domestic gold price at SJC Company and commercial banks including Vietcombank, Agribank, BIDV and VietinBank listed selling price at 79 million VND/tael - recorded at the end of session on August 7. In the opposite direction, SJC company listed buying price at 77 million VND/tael.

The difference between buying and selling prices was maintained at 2 million VND/tael, after the gold company lowered the buying price by 1.3 million VND/tael compared to previous days.

Meanwhile, the price of 24K gold rings and jewelry gold of all kinds was continued to be adjusted by SJC Company to 75.8 million VND/tael for buying, 77.3 million VND/tael for selling, down 100,000 VND/tael compared to the previous day. PNJ Company sold gold rings at a lower price, around 77.25 million VND/tael.

Gold price today August 8, 2024: World gold price stops falling, gold ring price still goes down, can we 'rely on' PBOC? (Source: Getty Images)

Summary of SJC gold bar prices at major domestic trading brands at the closing time of the trading session on the afternoon of August 7:

Saigon Jewelry Company: SJC gold bars 77.0 - 79.0 million VND/tael.

Doji Group: SJC gold bars 77.0 - 79.0 million VND/tael.

PNJ system: SJC gold bars 77.0 - 79.0 million VND/tael.

Phu Quy Gold and Silver Group: SJC gold bars: 77.1 - 79.0 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 77.1 - 79.0 million VND/tael.

Gold price will increase to 2,500 USD/ounce

UOB Head of Market Strategy, Global Economics and Market Research Heng Koon How said that gold prices will increase to US$2,500/ounce by end-2024 and US$2,700/ounce by mid-2025.

He informed that there are three main reasons leading to the forecast of rising gold prices.

First , emerging markets and Asian central banks have sharply increased their gold reserve allocations.

Second, demand for gold jewelry from retail buyers continues to increase, with many turning to gold as a safe investment amid a devaluation of the domestic currency.

Third, expectations that the Fed will soon cut interest rates continue to push gold prices higher.

Mr. Heng Koon How commented: "It would be inaccurate and unconvincing to conclude that the PBOC has stopped buying gold just because it stopped buying gold for one month (after 18 consecutive months of buying).

Central banks could pause gold purchases and compile reports later.

More importantly, from an overall perspective, emerging markets and Asian central banks are strong buyers of gold in their continued efforts to increase reserve allocations to gold."

The expert added that currently, emerging market and Asian central banks hold about 5% or less of gold in their total reserves, which is low compared to some central banks in developed markets and Europe, which hold 10% or more of gold on their balance sheets.

"We can expect continued gold buying from central banks in emerging markets and Asia. Especially China," said Heng Koon How.