Domestic gold prices today (July 2) continued to rise following the strong increase in world prices, approaching the 121 million VND/tael mark. Meanwhile, world gold prices also maintained their upward momentum around the 3,340 USD/ounce mark.
Domestic gold price today
Compared to early yesterday morning, each tael of gold bar increased by 1.2 - 1.3 million VND, bringing the price of this precious metal to its highest level in over a month.
The brands DOJI , SJC, PNJ, and Bao Tin Minh Chau simultaneously listed the price of gold bars at 118.7 - 120.7 million VND/tael (buy - sell), an increase of 1.2 million VND/tael in both directions.
Phu Quy SJC's buying price is 600,000 VND/tael lower than other gold brands, listed at 118.1 million VND/tael for buying (up 1.3 million VND/tael) and 120.7 million VND/tael for selling (up 1.2 million VND/tael).
Domestic gold bar prices updated at 5am July 2 as follows:
Yellow | Area | Early morning 1-7 | Early morning 2-7 | Difference | |||
Buy | Sell | Buy | Sell | Buy | Sell | ||
Unit of measure: Million VND/tael | Unit of measure: Thousand dong/tael | ||||||
DOJI | 117.5 | 119.5 | 118.7 | 120.7 | +1,200 | +1,200 | |
Ho Chi Minh City | 117.5 | 119.5 | 118.7 | 120.7 | +1,200 | +1,200 | |
SJC | Ho Chi Minh City | 117.5 | 119.5 | 118.7 | 120.7 | +1,200 | +1,200 |
Hanoi | 117.5 | 119.5 | 118.7 | 120.7 | +1,200 | +1,200 | |
Danang | 117.5 | 119.5 | 118.7 | 120.7 | +1,200 | +1,200 | |
PNJ | Ho Chi Minh City | 117.5 | 119.5 | 118.7 | 120.7 | +1,200 | +1,200 |
Hanoi | 117.5 | 119.5 | 118.7 | 120.7 | +1,200 | +1,200 | |
Bao Tin Minh Chau | Nationwide | 117.7 | 119.7 | 118.7 | 120.7 | +1,000 | +1,000 |
Phu Quy SJC | Nationwide | 116.8 | 119.5 | 118.1 | 120.7 | +1,300 | +1,200 |
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Gold price today (July 2): Increased to the highest level in more than a month. Illustration photo: VNA |
Similar to gold bars, the price of gold rings also increased, the highest increase was up to 1.3 million VND/tael.
Specifically, SJC listed the price of gold rings at 114.3 - 116.8 million VND/tael (buy - sell), an increase of 800,000 VND/tael in both directions.
DOJI traded gold rings at 115.4 (up 900,000 VND/tael) - 117.4 million VND/tael (up 1.4 million VND/tael).
PNJ listed the price of gold rings at 114.5 - 117 million VND/tael (up 700,000 VND/tael in both directions).
Phu Quy traded gold rings at 114.3 - 117.3 million VND/tael (buy - sell), up 1 million VND/tael in both directions.
In particular, Bao Tin Minh Chau brand gold rings remained unchanged compared to yesterday, with prices of 114.5 - 117.5 million VND/tael (buy - sell).
World gold price today
In the world gold market, the spot gold price today continued to increase compared to yesterday morning, listed at 3,340 USD/ounce (equivalent to 106.3 million VND/tael converted according to Vietcombank exchange rate, excluding taxes and fees).
Thus, world gold price is about 14.4 million VND/tael lower than domestic gold price.
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| Spot gold prices continued to increase today compared to yesterday morning. Photo: Kitco |
The gold market has maintained its impressive growth momentum, remaining firmly above the $3,300/ounce mark amid the USD's continued decline, along with falling US Treasury bond yields, causing investors to flock to safe-haven assets such as gold.
Accordingly, the USD index (DXY) in the international market continued to fall to its lowest level since the beginning of 2022; the yield on 10-year US Treasury bonds is currently at 4.19%. Both of these factors give the US Federal Reserve (FED) more room to consider cutting interest rates.
In addition, the latest data shows that the US manufacturing sector has improved, which also contributed to the increase in gold prices. The US Institute for Supply Management (ISM) has just released its Purchasing Managers' Index (PMI), showing that the country's manufacturing sector increased to 49 points in June, from 48.5 points recorded in May. This figure slightly exceeded market expectations, which were forecast at 48.8 points. Immediately after the above data was released, the spot gold price increased to the peak of the session.
Thus, gold prices are now rising again after falling to their lowest level in about 5 weeks. This week, the market is waiting for new information related to US monetary policy and developments from tariff negotiations. Notably, political instability in the US related to the tax bill can boost investors' demand for shelter; whether the bill is passed or not, it will bring concerns about political disorder or budget deficit.
Global central banks currently hold more than 36,700 tonnes of gold, or about 17% of all the gold ever mined. The US, Germany and China are the three countries with the largest reserves.
MR. PHUONG
*Please visit the Economics section to see related news and articles.
Source: https://baolamdong.vn/gia-vang-hom-nay-2-7-tang-vot-len-muc-cao-nhat-trong-hon-mot-thang-qua-290801.html
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