Gold price has reduced losses, catalysts appear to help the precious metal recover; investing in SJC gold is profitable

Gold price today August 1, 2023, gold price tends to reduce losses and is ready for the best month in four months. Factors appear to help gold consolidate the recovery in the short term. Just buy SJC gold to make a profit.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 1/8 and EXCHANGE RATE TODAY 1/8

1. PNJ - Updated: August 1, 2023 01:00 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell out
HCMC - PNJ	56,200	57,200
HCMC - SJC	66,600	67,200
Hanoi - PNJ	56,200	57,200
Hanoi - SJC	66,600	67,200
Da Nang - PNJ	56,200	57,200
Da Nang - SJC	66,600	67,200
Western Region - PNJ	56,200	57,200
Western Region - SJC	66,750	67,250
Jewelry gold price - PNJ rings (24K)	56,200	57,150
Jewelry gold price - 24K jewelry	56,000	56,800
Jewelry gold price - 18K jewelry	41,350	42,750
Jewelry Gold Price - 14K Jewelry	31,980	33,380
Jewelry gold price - 10K jewelry	22,380	23,780

Domestic gold price, opening the first trading session of the week on July 31, in Hanoi market, SJC gold price fluctuated little, trading above 67.2 million VND/tael in the selling direction.

Accordingly, the price of SJC gold was listed by Saigon Jewelry Company at 66.6 - 67.22 million VND/tael (buy - sell), an increase of 50 thousand VND/tael in buying price, but a decrease of 50 VND/tael in selling price compared to the previous session's close.

DOJI Gold and Gemstone Group listed the price of SJC gold at 66.55 - 67.25 million VND/tael (buy - sell), unchanged from yesterday's closing price.

Gold price today August 1, 2023: Gold price reduces losses, catalysts appear to help precious metals recover; investing in SJC gold is profitable. (Source: Shutterstock)

Meanwhile, in Asia, gold prices were on track for their biggest monthly gain in four months amid growing speculation that major central banks may be nearing the end of their current monetary tightening cycle.

However, at around 2:35 p.m. Vietnam time, spot gold fell 0.2 percent to $1,954.99 an ounce due to a stronger dollar. US gold futures fell 0.3 percent to $1,953.90 an ounce.

According to World & Vietnam Newspaper , at 7:54 p.m. on July 31 (Vietnam time), the world gold price on Kitco floor was at 1,965.8 - 1,966.8 USD/ounce, an increase of 6.4 USD/ounce compared to the previous trading session.

Summary of SJC gold prices at major domestic trading brands at the closing time of July 31:

Saigon Jewelry Company listed the price of SJC gold at 66.65 - 67.25 million VND/tael.

Doji Group currently lists SJC gold price at: 66.55 - 67.25 million VND/tael.

PNJ system listed at: 66.6 - 67.2 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 66.58 - 67.18 million VND/tael; Rong Thang Long gold brand is traded at 56.18 - 57.03 million VND/tael; jewelry gold price is traded at 55.60 - 56.80 million VND/tael.

Thus, compared to the early morning of July 31, the price of SJC gold in the Hanoi market listed by Saigon Jewelry Company increased by VND50,000/tael for buying and VND30,000/tael for selling.

Converted according to the USD price at Vietcombank on July 31, 1 USD = 23,855 VND, the world gold price is equivalent to 56.53 million VND/tael, 10.72 million VND/tael lower than the selling price of SJC gold.

Looking back at last July, it can be seen that SJC gold investors have booked profits of up to 300,000 VND/tael. Specifically, at the end of the session on July 1, the domestic SJC gold price was listed by Saigon Jewelry Company at 66.35 - 67.05 million VND/tael (buy - sell).

Thus, compared to the session on July 31, 2023 at 66.65 - 67.25 million VND/tael (buy - sell), the price of SJC gold in the domestic market increased by 300,000 VND/tael for buying and increased by 200,000 VND/tael for selling.

Gold prices are poised to rise

Gold prices pared losses and were poised for their best month in four months in early trading on Monday as the world's top central banks turned more cautious about further moves in their year-long global monetary tightening, Reuters reported.

Spot gold was unchanged at $1,959.50 an ounce at 11:32 GMT after falling as much as 0.5% earlier. U.S. gold futures fell 0.1% to $1,959.30.

Data showing higher economic growth in Europe and easing inflation, a stronger euro and a weaker dollar have helped gold consolidate its near-term recovery, said Carlo Alberto De Casa, market analyst at Kinesis Money.

Bullion priced in dollars is set to gain 2.1% this month, its biggest gain since March, as bets that U.S. interest rates may be nearing their peak kept the greenback on track for a second straight month of declines.

“The risk of a recession and expectations that central banks will be more dovish next year are the main catalysts supporting gold prices,” said analyst De Casa.

Last Friday, data showed US annual inflation rose at its slowest pace in more than two years in June, reinforcing expectations that the US Federal Reserve is nearing the end of its fastest interest rate hike cycle since the 1980s.

Higher interest rates discourage the purchase of non-interest-paying bullion.

Earlier, also according to Reuters , senior market analyst Matt Simpson at financial company City Index said that the market found their assessments that the US Federal Reserve (Fed) was getting closer to ending interest rate hikes were well-founded because the latest inflation report from the US showed the pace was slowing.

Two European Central Bank policymakers on Friday also raised the prospect of ending the longest streak of interest rate hikes.

That is supporting gold prices as the precious metal finds support at $1,900 an ounce, Mr. Simpson said.

Baden Moore , head of commodities and carbon at National Australia Bank, said the next “big” catalyst beyond geopolitical risk would be progress in China’s stimulus measures or the start of Fed rate cuts expected in the first quarter of 2024.

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