LIVE UPDATE TABLE OF GOLD PRICE TODAY 7/28 and EXCHANGE RATE TODAY 7/28
| 1. PNJ - Updated: 07/28/2023 00:00 - Website time of supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 56,300 | 57,300 |
| HCMC - SJC | 66,600 | 67,150 |
| Hanoi - PNJ | 56,300 | 57,300 |
| Hanoi - SJC | 66,600 | 67,150 |
| Da Nang - PNJ | 56,300 | 57,300 |
| Da Nang - SJC | 66,600 | 67,150 |
| Western Region - PNJ | 56,300 | 57,300 |
| Western Region - SJC | 66,850 | 67,350 |
| Jewelry gold price - PNJ rings (24K) | 56,300 | 57,200 |
| Jewelry Gold Price - 24K Jewelry | 56,100 | 56,900 |
| Jewelry Gold Price - 18K Jewelry | 41,430 | 42,830 |
| Jewelry Gold Price - 14K Jewelry | 32,040 | 33,440 |
| Jewelry Gold Price - 10K Jewelry | 22,420 | 23,820 |
World gold prices were weaker in the trading session on July 27. The precious metal's modest gains were quickly erased after some important US economic data released recently showed optimism, surpassing all market expectations.
The latest US economic data has supported the monetary policy hawks, suggesting that the market may need another interest rate hike to further cool the US economy.
The first estimate of US GDP in the second quarter came in at 2.4% year-on-year, handily beating market expectations of just 2.0%. The components of GDP growth showed solidity. Meanwhile, US durable goods orders were reported to have risen 4.7% in June, compared to expectations of just 1.5%. In addition, US weekly jobless claims were also lower than expected.
The USDX rebounded from a one-week low on bets that the Federal Reserve may have made its final interest rate hike and pushed U.S. Treasury yields up a bit—both factors that have had a bearish effect on the precious metals market. The yield on the benchmark 10-year U.S. Treasury note is currently around 3.9%.
According to TG&VN at 9:15 p.m. on July 27 (Vietnam time), the gold price traded on Kitco floor at 1,942.50 USD/ounce, continuously decreasing sharply, down 30 USD compared to the previous session. The last time, the August gold futures price decreased by 6.60 USD, trading at 1,963.30 USD.
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| Gold price today July 28, 2023: Gold price dropped sharply, US economy was optimistic beyond expectations, gold also plummeted for this reason. (Source:shutterstock) |
Domestic gold prices fluctuated up and down inconsistently, with adjustments ranging from 50,000 - 150,000 VND/tael at some precious metal trading systems nationwide.
USD exchange rate on July 27 announced by the State Bank is 23,736 VND/USD, down 10 VND compared to July 26. World gold converted to USD exchange rate is priced at 57.2 million VND/tael (including tax and fees), about 10.0 million VND/tael lower than the domestic gold selling price.
Domestic gold prices are often forecast to follow world gold prices, so it is likely that gold prices will decrease in the session on July 28.
Summary of SJC gold prices at major domestic trading brands at the closing time of last weekend's trading session (July 27).
Saigon Jewelry Company listed the price of SJC gold at 66.75 - 67.37 million VND/tael.
Doji Group currently lists the price of SJC gold at: 66.55 - 67.25 million VND/tael.
Phu Quy Group listed at: 66.45 - 67.05 million VND/tael.
PNJ system listed at: 66.60 - 67.15 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 66.75 - 67.28 million VND/tael; Rong Thang Long gold brand is traded at 56.23 - 57.08 million VND/tael; jewelry gold price is traded at 55.65 - 56.85 million VND/tael.
Gold prices vulnerable
Looking ahead to the gold price, independent analyst Ross Norman said that gold has benefited from a weaker US dollar as the Fed looks to be less hawkish, but uncertainty over future interest rate hikes has left bullion vulnerable. Indeed, after hitting a nearly one-week high, gold prices have plunged rapidly, falling more than $30 in a single session.
The Fed raised rates by 25 basis points on July 26, and Fed Chairman Jerome Powell said inflation had not yet returned to its 2% target. He also said it was inappropriate for the Fed to provide guidance on future rate actions. Whether the central bank raises rates again will be determined by the data at its next meeting.
Chairman Powell’s comments were seen as neither too hawkish nor too dovish. Some Fed watchers think the central bank is now done with its rate-hike cycle, while others still think the Fed will make another rate hike in November.
Gold prices may come under pressure as the market leans toward expectations that the Fed will raise interest rates again this year, said Tastylive expert Ilya Spivak .
Meanwhile, traders are now focused on the European Central Bank (ECB), which is expected to raise interest rates for the ninth consecutive time and leave the door open for further moves.
Gold prices are highly sensitive to interest rate hikes because rising rates increase the opportunity cost of holding non-yielding assets such as bullion.
On the other hand, gold benefited from news that the BRICS group of emerging economies (Brazil, Russia, India, China and South Africa) could discuss a gold-backed currency.
However, the commodity closely related to gold, oil, is weakening slightly, putting downward pressure on gold prices.
But gold is forecast to rise above the threshold of 2,000 USD/ounce as demand for precious metals remains high amid economic and political instability occurring around the world.
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