Gold worth immediately August 19, 2024 elevated, ready for brand spanking new historic peak

Gold worth immediately August 19, 2024 on the world market is forecasted to proceed to extend. Specialists say that gold worth might set a brand new excessive within the close to future.

Home gold worth

On the finish of final week’s session (August 18), the value of 9999 gold bars at SJC was 78 million VND/tael (purchase) and 80 million VND/tael (promote).

Doji listed at 78 million VND/tael (purchase) and 80 million VND/tael (promote).

Worldwide gold worth

The world spot gold worth closed final week at $2,507/ounce. The December 2024 gold futures worth traded at $2,546/ounce.

Specialists predict gold costs will improve. Picture: Minh Hien

Final week, the world gold worth surpassed the $2,500/ounce mark. That is the value that many organizations predicted for the reason that starting of the yr. Gold costs elevated amid elevated demand for shelter resulting from geopolitical instability.

In response to specialists, gold costs might improve sharply when the US Federal Reserve (Fed) cuts rates of interest. The report excessive stage of many many years (5.25-5.5%/yr) has been maintained by the Fed for a very long time. Alerts from the market present that the Fed will nearly definitely decrease rates of interest on the assembly in September.

The world gold market has seen many new consumers, not solely central banks but additionally different organizations. The wave of gold shopping for has change into sturdy and international.

This week, the market is all for some notable data corresponding to speeches by Fed officers, minutes of the FOMC assembly in July, preliminary unemployment claims, manufacturing index, and residential gross sales within the US.

Economists are awaiting additional knowledge on the private consumption expenditures (PCE) worth index for July, the Fed’s most well-liked inflation gauge.

Gold Worth Forecast

Buyers on each Wall Road and Predominant Road share the view that gold costs will maintain above $2,500 and transfer greater this week.

Gold costs have been rising steadily since late final week and have consolidated above $2,470 an oz., in accordance with Alex Kuptsikevich, senior market analyst at FxPro. Gold costs rise and fall in keeping with the inventory market, however they fall much less throughout instances of disaster and have seen extra rallies.

Kuptsikevich stated that gold costs are recovering amid elevated international demand for protected property. World gold costs may attain $2,800-2,900/ounce.