Domestic gold price today August 3, 2024

Domestic gold ring prices were adjusted down early this morning.

Specifically, Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 76.15-77.55 million VND/tael (buy - sell), down 200 thousand VND/tael in the buying direction and down 100 thousand VND/tael in the selling direction compared to the closing price of yesterday's trading session.

Doji Gold and Gemstone Group listed the price of 9999 round smooth gold rings at 76.4-77.55 million VND/tael (buy - sell), unchanged in the buying direction but down 100 thousand VND/tael in the selling direction compared to yesterday's closing price.

Early morning of August 3 , SJC 9999 gold price remained unchanged compared to the closing price of yesterday's trading session, at 79.8 million VND/tael (selling).

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:28 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:31 a.m. as follows:

Buy Sell
SJC HCMC 78,300,000 VND/tael 79,800,000 VND/tael
Doji Hanoi 78,300,000 VND/tael 79,800,000 VND/tael
Doji HCMC 78,300,000 VND/tael 79,800,000 VND/tael

SJC and Doji gold price list updated early morning August 3

On August 2, the price of 9999 gold bars at SJC was 78.3 million VND/tael (buy) and 79.8 million VND/tael (sell).

Doji listed at 78.3 million VND/tael (buy) and 79.8 million VND/tael (sell).

The central exchange rate on August 2, 2024 announced by the State Bank is 24,242 VND/USD, down 3 VND compared to the previous trading session. The USD price at commercial banks this morning (August 3) was commonly listed at 25,010 VND/USD (buy) and 25,380 VND/USD (sell).

International gold price today 8/3/2024

At 9:03 a.m. today (August 3, Vietnam time) , the world spot gold price stood at around 2,443.1 USD/ounce, down 20 USD/ounce compared to last night. The price of gold futures for December 2024 on the Comex New York floor was at 2,469.8 USD/ounce.

On the morning of August 3 , the world gold price converted to USD bank price was over 75.5 million VND/tael, including tax and fees, about 4.3 million VND/tael lower than the domestic gold price.

The price of gold on Kitco (at 8:30 p.m., August 2, Vietnam time) was trading at $2,463/ounce. The price of gold futures for December 2024 was trading at $2,512/ounce.

world-gold-price.jpg
World gold prices increase sharply. Photo: Kitco

Gold prices rose sharply at the beginning of the US trading session. The July employment report just released by the US Department of Labor showed that the main non-farm payrolls increased by 114,000, lower than the forecast of 185,000.

The weak economic report has led to market expectations that the Federal Reserve will cut interest rates sooner than expected. The market is pricing in a 70% chance of a 50 basis point cut at the September FOMC meeting.

David Morrison, an expert at Trade Nation, said September appears to be the first chance to cut rates. Recent economic data suggests the economy may be cooling rather quickly. If that is the case, the Fed may be forced to cut more aggressively.

Gold’s safe-haven demand has increased amid rising tensions in the Middle East. Central bank holdings of the metal continued to rise in the second quarter, up 6% from a year earlier, the World Gold Council said.

The US Dollar Index (DXY), which measures the greenback's movements against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF) stood at 103.45 points.

Nymex crude oil prices fell sharply after the jobs report and hit a two-month low, trading around $75 a barrel. The benchmark 10-year U.S. Treasury yield hit 3.827%.

Gold Price Forecast

Citibank predicts central bank gold demand will remain high in 2024-2025, even though the People's Bank of China (PBoC) did not buy gold in May and June.

Gold is a sought-after asset during times of economic, financial and geopolitical stress, according to commodity analysts at WisdomTree, with analysts predicting prices to rise to $2,585 an ounce by the second quarter of 2025.