Domestic gold prices today, August 1, 2024

Domestic gold ring prices saw a significant increase this morning, adjusted upwards by various brands.

Specifically, Saigon Jewelry Company (SJC) listed the price of gold rings weighing 1-5 taels at 76.3-77.65 million VND/tael (buy - sell), an increase of 350,000 VND per tael in both buying and selling prices compared to the closing price of yesterday's trading session.

Meanwhile, Doji Gold and Gemstone Group raised the price of 9999 pure gold rings to 76.45-77.65 million VND/ounce (buy - sell), an increase of 350,000 VND/ounce in both buying and selling prices compared to yesterday's closing price.

Early this morning, August 1st , the price of 9999 gold from SJC increased by 800,000 VND/ounce for both buying and selling compared to the close of yesterday's trading session, reaching 79.8 million VND/ounce (selling price).

The price of 9999 gold was updated at 8:27 AM by Saigon Jewelry Company Limited (SJC) and the price of 9999 gold was listed by Doji Gold and Jewelry Group at 8:33 AM as follows:                       

Buy Sell
SJC Ho Chi Minh City 77,800,000 VND/ounce 79,800,000 VND/ounce
Doji Hanoi 77,800,000 VND/ounce 79,800,000 VND/ounce
Doji Ho Chi Minh City 77,800,000 VND/ounce 79,800,000 VND/ounce

                                      Updated SJC and Doji gold prices at the beginning of the morning on August 1st.    

At the close of trading on July 31, the domestic price of 9999 gold was listed by SJC and Doji Gold and Gemstone Group in the following order for buying and selling:

Doji Hanoi: 77,000,000 VND/ounce - 79,000,000 VND/ounce
SJC Ho Chi Minh City: 77,000,000 VND/ounce - 79,000,000 VND/ounce
Doji Ho Chi Minh City: 77,000,000 VND/ounce - 79,000,000 VND/ounce

The central exchange rate for August 1, 2024 , announced by the State Bank of Vietnam, is 24,245 VND/USD, a decrease of 10 VND compared to the previous trading session. The USD exchange rate at commercial banks this morning (August 1) was commonly quoted at 25,055 VND/USD (buying) and 25,425 VND/USD (selling).

International gold prices today, August 1, 2024

As of 8:48 AM today (August 1st, Vietnam time) , the spot price of gold in the world market stood around $2,452.3 per ounce, an increase of $31.3 per ounce compared to last night. The price of gold futures for December 2024 on the Comex New York exchange was $2,498.2 per ounce.

On the morning of August 1st , world gold prices, converted using the bank's USD exchange rate, were over 75.9 million VND/ounce, including taxes and fees, which is approximately 3.9 million VND/ounce lower than domestic gold prices.

As of 8:00 PM on July 31st (Vietnam time), the spot price of gold on the world market was $2,421 per ounce. Gold futures for December 2024 on the Comex New York exchange were at $2,464 per ounce.

World gold prices on the night of July 31st were approximately 17.4% higher (US$358/ounce) than at the end of 2023. World gold prices, converted using the bank's USD exchange rate, were VND 75 million/ounce, including taxes and fees, which is about VND 4 million/ounce lower than domestic gold prices as of the end of the trading session on July 31st.

Gold prices on the international market surged by approximately $30 compared to the same time in the previous session, rising above $2,420 per ounce, as the US dollar reversed course and fell quite rapidly after the US released rather disappointing employment figures.

Accordingly, 122,000 jobs were created in the US in July, lower than the forecast of 147,000.

The US dollar and US bond yields immediately fell.

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Gold prices surged. Photo: MH

The DXY index – which measures the fluctuations of the US dollar against a basket of six major world currencies – fell from 104.8 points (8 PM, July 30) to 103.94 points (8 PM, July 31, Vietnam time).

Thus, there are further signals indicating a less positive outlook for the US economy. This could lead the Federal Reserve (Fed) to plan for a faster pace of monetary easing to ensure the US economy does not fall into recession in the future.

Gold price forecast

Previously, the market reflected a 100% probability that the Fed would cut interest rates for the first time in September. Now, that probability remains the same. The key thing investors are closely watching is the Fed's stance on the pace of rate cuts for the remainder of the year. Will the Fed cut rates once or twice, and by how much each cut – 25 basis points or 50 basis points?

With worsening economic signals, the Fed will likely have to consider accelerating the pace of interest rate cuts.

However, it's possible that after the interest rate cut in September, the Fed will wait to take a closer look at the health of the US economy. In addition, the world is also watching the race for the White House between the two presidential candidates. The election will take place in November.

Recently, some forecasts have suggested that whichever candidate, Donald Trump or Kamala Harris, becomes the US president, the occupant of the White House will aggressively inject money to support the economy. Gold would benefit from this move.

Several major banks around the world are maintaining their forecasts that the price of gold will reach $2,500 per ounce this year.

Domestically, the price of SJC gold bars stands at 79 million VND/ounce (selling price). The price of gold rings increased by 200-300 VND/ounce, reaching 77.2-77.3 million VND/ounce.