Domestic gold price today August 1, 2024

Domestic gold ring prices early this morning were adjusted to increase quite strongly by brands.

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

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

Early morning of August 1 , the price of SJC 9999 gold increased by 800 thousand VND/tael in both buying and selling compared to the end of yesterday's trading session, up to 79.8 million VND/tael (selling).

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

Buy Sell
SJC HCMC 77,800,000 VND/tael 79,800,000 VND/tael
Doji Hanoi 77,800,000 VND/tael 79,800,000 VND/tael
Doji HCMC 77,800,000 VND/tael 79,800,000 VND/tael

                                      SJC and Doji gold price list updated early morning August 1    

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

Doji Hanoi: 77,000,000 VND/tael - 79,000,000 VND/tael
SJC HCMC: 77,000,000 VND/tael - 79,000,000 VND/tael
Doji HCMC: 77,000,000 VND/tael - 79,000,000 VND/tael

The central exchange rate on August 1, 2024 announced by the State Bank is 24,245 VND/USD, down 10 VND compared to the previous trading session. The USD price at commercial banks this morning (August 1) was commonly listed at 25,055 VND/USD (buy) and 25,425 VND/USD (sell).

International gold price today August 1, 2024

At 8:48 a.m. today (August 1, Vietnam time) , the world spot gold price stood at around 2,452.3 USD/ounce, up 31.3 USD/ounce compared to last night. The price of gold futures for December 2024 on the Comex New York floor was at 2,498.2 USD/ounce.

On the morning of August 1 , the world gold price converted to USD bank price was over 75.9 million VND/tael, including tax and fees, about 3.9 million VND/tael lower than the domestic gold price.

As of 8:00 p.m. on July 31 (Vietnam time), the spot gold price today on the world market was at $2,421/ounce. Gold for December 2024 delivery on the Comex New York floor was at $2,464/ounce.

The world gold price on the night of July 31 was about 17.4% higher (358 USD/ounce) than at the end of 2023. World gold converted to the bank USD price was 75 million VND/tael, including taxes and fees, about 4 million VND/tael lower than the domestic gold price as of the end of the afternoon session on July 31.

Gold on the international market skyrocketed by about 30 USD compared to the same time in the previous session, reaching above 2,420 USD/ounce in the context of the USD falling quite quickly after the US announced quite disappointing employment data.

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

The US dollar and US bond yields immediately fell.

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Gold prices skyrocket. Photo: MH

The DXY index - measuring the fluctuations of the USD against a basket of six major world currencies - decreased from 104.8 points (8:00 p.m., July 30) to 103.94 points (8:00 p.m., July 31, Vietnam time).

Thus, there are more signs that the US economy is not doing well. This is a factor that may force the US Federal Reserve (Fed) to have a plan to loosen monetary policy at a faster pace to ensure that the US economy does not fall into recession in the future.

Gold Price Forecast

The market had previously priced in a 100% chance that the Fed would cut rates for the first time in September. Now, that probability remains the same. The key thing investors will watch closely is the Fed’s view on the pace of rate cuts for the rest of the year. Will it cut once or twice and by how much each time, 25 basis points or 50 basis points?

With worse economic signals, the Fed will likely have to consider accelerating the rate cut process.

However, the Fed may wait to take a closer look at the health of the US economy after its September rate cut. 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 said that whichever candidate, Donald Trump or Kamala Harris, becomes the US president and the owner of the White House, will also increase money pumping to support the economy. Gold will benefit from this move.

Several major banks in the world still maintain their forecast that gold prices will reach $2,500/ounce this year.

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