.jpg "Giá vàng nhẫn tiệm cận vàng miếng, lượng giao dịch vàng tại Hải Dương rất thấp")
.jpg "Livestock output increased by 31.6%")
.jpg "Each tael of gold reversed and decreased by more than 3 million VND.")
.jpg "Kim Thanh reclaims more than 234 hectares of land to build an industrial park")
.jpg "Binh Giang's first quarter budget revenue reached nearly half of the province's annual target.")
.jpg "Early spring tea")
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Gold prices today, July 14, on the world market increased sharply, approaching an all-time high. Many experts expressed optimism about the prospects of gold next week.
Domestic gold price
On July 13, the price of 9999 gold bars at SJC was 74.98 million VND/tael (buy) and 76.98 million VND/tael (sell).
Doji listed at 74.98 million VND/tael (buy) and 76.98 million VND/tael (sell).
International gold price
Gold prices on the Kitco floor closed the trading week at $2,410/ounce. Gold futures for August 2024 traded at $2,416/ounce.
After the US producer price index report was released, world gold prices fell and then rebounded at the end of the session. The US producer price index (PPI) increased moderately in June 2024, continuing to confirm the downward trend of inflation, reinforcing the view of a rate cut in September 2024.
The recent producer price index data took some of the upward momentum out of gold, but the precious metal held above $2,400 an ounce. Gold gained fresh momentum after relatively dovish comments from Federal Reserve Chairman Jerome Powell, along with weaker-than-expected inflation and consumer price index (CPI) readings.
Core CPI, which excludes food and energy prices, rose 3% over the past 12 months. Annual inflation rose at its slowest pace since April 2021.
According to the CME FedWatch Tool, the market sees a more than 90% chance of a rate cut in September.
Gold prices ended the second week of gains, reaching above $2,400/ounce. Analysts said the precious metal is looking for new momentum to move towards a new all-time high. Currently, the world gold price is only about 1% away from the previous high.
Gold Price Forecast
Naeem Aslam, Head of Investment Strategy at Zaye Capital Markets, said at this point, a rate cut in September is very likely.
The market is awaiting some important economic reports coming out soon but he does not expect any impact from these reports. However, that continues to support the new bullish momentum of gold.
Carsten Fritsch, a commodities analyst at Commerzbank, also expects gold to hit an all-time high next week. The September rate cut is almost fully priced in, so gold could return to a new record high in the coming days.
TB (according to Vietnamnet)
.jpg "Hai Duong's agricultural, forestry and fishery value increased by 7.51% in the first quarter.")
