Today's Gold Price for 1 Don & U.S. Economic Data and Gold Prices

Today's Gold Price for 1 Don

Introduction


Today's gold prices reflect fluctuations in various precious metal assets. Below is the current price information for gold and other metals based on the 1 don standard:

  • Pure Gold: Selling Price 399,000 KRW / Buying Price 454,000 KRW (Change from Previous Day: +1,000 KRW)
  • 18K Gold: Selling Price 293,300 KRW / Buying Price 0 KRW (Change from Previous Day: +700 KRW)
  • 14K Gold: Selling Price 227,400 KRW / Buying Price 0 KRW (Change from Previous Day: +500 KRW)
  • Platinum: Selling Price 146,000 KRW / Buying Price 180,000 KRW (Change from Previous Day: +2,000 KRW)
  • Silver: Selling Price 4,310 KRW / Buying Price 5,420 KRW (Change from Previous Day: +70 KRW)

Relationship Between Interest Rate Cuts and Gold Prices

Recent changes in the Chicago Mercantile Exchange (CME) FedWatch Tool indicate shifts in expectations for the Federal Reserve's interest rate decisions. The probability of rate cuts for the FOMC meeting on September 18, 2024, is split into two main scenarios:

  • 25 basis point rate cut probability: 30.5%
  • 50 basis point rate cut probability: 69.5%


Looking ahead to November 7, 2024, a 100% probability of a rate cut is forecasted, with similar expectations for December. These anticipated rate cuts are significantly influencing the gold market.

U.S. Economic Data and Gold Prices

Recent U.S. non-farm payroll (NFP) data came in lower than expected, with rising unemployment rates and declining average hourly wages. Consequently, international gold prices surged to a two-week high of $2,475 before stabilizing around $2,430. This economic data has heightened expectations for rate cuts, positively impacting gold prices.

The U.S. 10-year Treasury yield recently hit its lowest point since March, leading to significant declines in stock indices. Additionally, escalating tensions between Israel and Lebanon have increased demand for gold as a safe-haven asset.

Federal Reserve Chairman Jerome Powell emphasized that economic decisions will be based on a broad range of data rather than individual indicators. Economists currently do not foresee an imminent recession and expect rate cuts in September and December.

Conclusion

Gold prices are highly volatile due to various economic factors, making informed decision-making crucial. Factors such as interest rate expectations, economic data, and international tensions all play a role in influencing gold prices. It is essential to consider these elements comprehensively when evaluating the current gold market.

Key Keywords

gold prices, pure gold, 18K gold, 14K gold, platinum, silver, interest rate cuts, U.S. economic data, international gold prices, safe-haven asset

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