LIVE UPDATE TABLE OF GOLD PRICES AND EXCHANGE RATES TODAY, AUGUST 8TH
| 1. PNJ - Updated: 08/08/2023 02:30 - Website time of source - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| Ho Chi Minh City - PNJ | 56,100 | 57,100 |
| Ho Chi Minh City - SJC | 66,750 | 67,300 |
| Hanoi - PNJ | 56,100 | 57,100 |
| Hanoi - SJC | 66,750 | 67,300 |
| Da Nang - PNJ | 56,100 | 57,100 |
| Da Nang - SJC | 66,750 | 67,300 |
| Western Region - PNJ | 56,100 | 57,100 |
| Western Region - SJC | 66,900 | 67,400 |
| Prices of gold jewelry - PNJ rings (24K) | 56,100 | 57,000 |
| Gold jewelry prices - 24K jewelry | 55,900 | 56,700 |
| Gold jewelry prices - 18K jewelry | 41,280 | 42,680 |
| Gold jewelry prices - 14K jewelry | 31,920 | 33,320 |
| Gold jewelry prices - 10K jewelry | 22,340 | 23,740 |
Domestic gold prices , opening the trading session on Monday, August 7th, saw SJC gold prices in Hanoi listed by Saigon Jewelry Company at 66.7 - 67.32 million VND/ounce (buy - sell), an increase of 100,000 VND/ounce in the buying price and remaining unchanged in the selling price compared to the closing price of last weekend.
DOJI Gold and Gemstone Group listed the price of SJC gold at 66.55 - 67.3 million VND/ounce (buying price - selling price), unchanged compared to the closing price of last weekend.
Meanwhile, world gold prices tended to fall in the first trading session of the week on August 7th. According to the World & Vietnam Newspaper , at 8:19 PM on August 7th (Vietnam time), the world gold price on the Kitco exchange was 1,939.9 – 1,940.9 USD/ounce, down 2.7 USD/ounce compared to the previous trading session.
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| Gold prices today, August 8, 2023: Gold prices unexpectedly reverse course, SJC remains the sole dominant player in the market, are Vietnamese people no longer favoring gold? (Source: Bloomberg) |
Summary of SJC gold prices at major domestic gold retailers at the close of trading on August 7th:
Saigon Jewelry Company listed the price of SJC gold at 66.8 - 67.4 million VND/ounce.
Doji Group currently lists the price of SJC gold at: 66.6 – 67.35 million VND/ounce.
PNJ's listed price is: 66.75 – 67.3 million VND/ounce.
The price of SJC gold at Bao Tin Minh Chau is listed at: 66.82 – 67.38 million VND/ounce; the Thang Long Dragon gold brand is trading at 56.33 – 57.18 million VND/ounce; and the price of gold jewelry is trading at 55.75 – 56.95 million VND/ounce.
Thus, compared to the beginning of the morning of August 7th, the price of SJC gold in the Hanoi market, as listed by Saigon Jewelry Company, increased by 100,000 VND/ounce for buying and 80,000 VND/ounce for selling.
Based on the USD exchange rate at Vietcombank on August 7th, 1 USD = 23,890 VND, the world gold price is equivalent to 55.87 million VND/ounce, which is 11.53 million VND/ounce lower than the selling price of SJC gold.
Gold retreats as USD stabilizes.
Global gold prices fell on August 7th as the US dollar and US Treasury yields rose after traders considered Friday's jobs report, with attention shifting to US inflation data expected later this week.
Spot gold prices fell 0.4% to $1,934.89 an ounce at 11:22 GMT, after slipping to their lowest level since July 11th at the close of trading last weekend before rising 0.4%. US gold futures fell 0.3% to $1,969.70.
The U.S. economy created fewer jobs than expected in July, but solid wage growth and a falling unemployment rate suggest that labor market conditions remain tight.
UBS analyst Giovanni Staunovo said: “Investors still perceive the US job market as tightening... it’s not a significant decline in employment activity.”
The US dollar has recovered somewhat, while benchmark 10-year Treasury yields have also risen after slipping from their November highs on August 4th.
Yeap Jun Rong , a market strategist at IG, said that the more persistent wage pressure from a tight labor market suggests investors should still keep an eye on inflation risks.
The US consumer price index (CPI) data, to be released on August 10th, will be key to assessing whether further interest rate increases are necessary to curb inflation.
"Our expectation remains that the trend will indicate low inflation and therefore the Federal Reserve will not have to raise interest rates," Staunovo added.
Gold, which doesn't yield returns, is often sought after as a safe haven against inflation, but it tends to lose its "luster" when interest rates rise.
John C. Williams , president of the New York Federal Reserve, hopes that interest rates could begin to fall next year, the New York Times reported.
Meanwhile, on August 7th, world silver prices fell 0.9% to $23.38 per ounce, while platinum lost 0.7% to $915.50. Palladium rose 0.2% to $1,259.57.
"Palladium prices may be nearing a temporary bottom as supply risks reappear due to geopolitical tensions," said economist Daniela Corsini of Intesa Sanpaolo.
What are the chances for gold prices to rise?
Recently, the World Gold Council (WGC)'s Gold Demand Trends Report indicated an opportunity for gold prices to rise in the second half of 2023.
Market research specialist Louise Street at WGC stated: "An economic downturn could present an opportunity for gold to appreciate, further solidifying its position as a safe-haven asset. In this scenario, demand from investors and central banks would support gold prices, helping to offset a decline in consumer demand for jewelry and technology."
According to this expert, record-high demand for gold from central banks has controlled the gold market over the past year. Although the pace of increase slowed in the second quarter, the central bank's gold buying trend has demonstrated the importance of gold as a safe-haven asset amid ongoing geopolitical tensions and challenging economic conditions worldwide.
Previously, in Vietnam, consumer demand for gold decreased by 9% in the second quarter of 2023, from 14 tons in the second quarter of 2022 to 12.7 tons. Key factors influencing this market trend included changes in local demand for gold bars and coins, as well as the slowdown in Vietnam's economic growth.
Specifically, this decline is mainly due to a 5% year-on-year decrease in demand for gold bars and coins, from 9.6 tons in Q2 2022 to 9.1 tons in Q2 2023. A similar trend was observed in the jewelry sector, with demand falling from 4.5 tons in Q2 2022 to 3.7 tons in Q2 2023, representing an 18% year-on-year decrease.
Globally, in terms of gold investment, demand for gold bars and coins increased by 6% year-on-year, reaching 277 tonnes in the second quarter, with total investment reaching 582 tonnes in the first half of 2023, driven by growth in key markets including the US and Türkiye.
However, experts also warn that while gold is a highly liquid investment, caution is advised because its price is often volatile, rising and falling rapidly. Those considering investing should thoroughly research gold prices, invest for the long term, and avoid borrowing to finance their gold investments.
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