Gold price suddenly changed direction, lost value due to risk-on sentiment in the market, SJC gold 'stood still'

Gold price today, July 4, 2023, gold price decreased slightly due to risk-on sentiment in the market. In the future, buying activities when prices fall by many investors may support precious metals. SJC gold "stands still".

LIVE UPDATE TABLE OF GOLD PRICE TODAY 7/4 and EXCHANGE RATE TODAY 7/4

1. SJC - Updated: 07/03/2023 14:39 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L	66,400	67,000
SJC 5c	66,400	67,020
SJC 2c, 1c, 5c	66,400	67,030
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	55,100	56,100
SJC 99.99 gold ring 0.5 chi	55,100	56,200
Jewelry 99.99%	55,000	55,700
Jewelry 99%	53,949	55,149
Jewelry 68%	36,030	38,030
Jewelry 41.7%	21,379	23,379

World gold prices and domestic gold prices both decreased slightly.

Opening the morning session on July 3, domestic gold price continued to decrease by 50 thousand VND/tael, trading around 67 million VND/tael.

Accordingly, the price of SJC gold in Hanoi market was listed by Saigon Jewelry Company at 66.4 - 67.02 million VND/tael (buy - sell), an increase of 50 thousand VND/tael in buying price, but a decrease of 50 thousand VND/tael in selling price compared to the closing price yesterday.

DOJI Gold and Gemstone Group listed the price of SJC gold at 66.35 - 66.95 million VND/tael (buy - sell), down 50 thousand VND/tael in both buying and selling compared to yesterday's closing price.

Gold price today July 4, 2023: Gold price suddenly changed direction, lost value due to risk-on sentiment in the market, SJC gold 'stood still'. (Source: Bloomberg)

Meanwhile, in the Asian market, gold prices were little changed on the afternoon of July 3, as the market waited for important economic data to find more information about the US Federal Reserve's (Fed) interest rate hike roadmap.

In this session, the spot gold price remained unchanged at 1,919.89 USD/ounce at 14:37 (Vietnam time). The US gold futures price also decreased by 0.1% to 1,927.50 USD/ounce.

According to World & Vietnam Newspaper , at 8:18 p.m. on July 3 (Vietnam time), the world gold price on Kitco floor was at 1,921.8 - 1,922.8 USD/ounce, up 2 USD/ounce compared to the previous trading session.

Summary of SJC gold prices at major domestic trading brands at the closing time of July 3:

Saigon Jewelry Company listed the price of SJC gold at 66.4 - 67.0 million VND/tael.

Doji Group currently lists the price of SJC gold at: 66.4 - 67.0 million VND/tael.

Phu Quy Group listed at: 66.4 - 67.0 million VND/tael.

PNJ system listed at: 66.5 - 66.95 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 66.42 - 66.98 million VND/tael; Rong Thang Long gold brand is traded at 55.33 - 56.18 million VND/tael; jewelry gold price is traded at 54.85 - 55.95 million VND/tael.

Thus, compared to the early morning of July 3, the price of SJC gold in Hanoi market listed by Saigon Jewelry Company decreased unchanged in the buying direction and decreased by 20 thousand VND/tael in the selling direction.

Converted according to the USD price at Vietcombank on July 3, 1 USD = 23,820 VND, the world gold price is equivalent to 55.18 million VND/tael, 11.82 million VND/tael lower than the selling price of SJC gold.

Gold prices slide as the US dollar strengthens

World gold prices fell in the first trading session of the week on Monday as a stronger US dollar reduced the appeal of this precious metal, with investors waiting for US non-farm payroll data and the minutes of the latest Fed meeting later this week for clues on the monetary policy of the world's No. 1 economy.

Spot gold fell 0.3% to $1,913.88 an ounce at 1222 GMT, while U.S. gold futures fell 0.4% to $1,921.80 an ounce. Bullion lost 2.5% in the April-June quarter.

Gold prices, which are considered safe-haven assets, have eased slightly mainly due to risk-on sentiment in the market, said Carlo Alberto De Casa , an analyst at Kinesis Money.

However, the precious metal is holding above the key $1,900/ounce mark despite the prospect of a rate hike and prices could trade in the $1,900-$1,930/ounce range ahead of the Fed's release of the minutes from its March 13-14 meeting, which will provide further policy guidance.

The dollar index rose 0.2%, making gold more expensive for holders of other currencies, while last week the yield on the benchmark 10-year US Treasury note hit its highest since March, last at 3.854%.

U.S. consumer spending stagnated in May, suggesting that the Fed’s rate hikes to curb inflation are starting to have an effect. But the core PCE price index, the Fed’s preferred measure of inflation, rose 4.6% year-on-year after rising 4.7% in April.

It is therefore too early to suggest that the Fed might be thinking about cutting interest rates and gold could be pulled below $1,900 again if another strong US jobs report on Friday paves the way for more hawkish policy, said Exinity chief market analyst Han Tan .

High interest rates discourage investment in non-yielding gold. According to CME’s Fedwatch tool, investors see an 89% chance of a 25 basis point U.S. rate hike in July.

Among other precious metals, spot silver rose 0.3% to $22.81 an ounce, while platinum fell 0.2% to $899.58. Palladium fell 0.3% to $1,223.86.

Gold and silver prices were lower in early U.S. trading on Monday, according to Kitco News. The metals were under slight pressure from a higher U.S. dollar index and rising U.S. Treasury yields to start a holiday-shortened U.S. trading week. August gold was last down $9.40 at $1,920.20 an ounce, and September silver was down $0.05 an ounce at $22.97 an ounce.

Earlier, according to Reuters, Mr. Matt Simpson , senior market analyst at financial services company City Index, said that in the coming time, gold prices may escape the pull to the area of 1,910-1,913 USD/ounce and bulls will try to target around 1,937 USD/ounce.

This expert said that buying activities when prices fall by many investors can support gold.

Gold prices are always sensitive to US interest rate adjustments. Because rising interest rates will help the USD strengthen, but significantly reduce the attractiveness of non-yielding assets such as gold.

Markets will pay close attention to a series of US reports released this week, including the employment survey, monthly employment numbers and the minutes of the Fed's June 13-14 meeting.

While strong economic data could prompt the Fed to be more “tough” in the short term, the Fed’s potential end to its rate-hike cycle in the second half of 2023 would help support markets in the medium to long term, analysts at ANZ bank said in a note.

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