In the domestic gold market on August 2, SJC gold price was traded at 121.5 million VND/tael (buy) and 123.5 million VND/tael (sell), up 2.1 million VND/tael compared to the closing price of yesterday's trading session. Thus, the price of SJC gold bars closely followed the record peak of 124 million VND on April 22.

The price of 1-5 chi SJC gold rings closed at 116.5-119 million VND/tael (buy - sell), an increase of 1.9 million VND/tael compared to yesterday's closing price.

The price of 9999 gold rings at Doji closed at 117 - 119.5 million VND/tael, an increase of 1 million VND/tael compared to yesterday's closing price.

In the world market, the spot gold price is at 3,361 USD/ounce. The gold futures price for September 2025 delivery on the Comex New York floor is trading at 3,376 USD/ounce.

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Domestic gold prices increase sharply. Photo: Chi Hieu

After a two-day policy meeting, the US Federal Reserve (Fed) decided to keep its benchmark interest rate unchanged at 4.25-4.5%. The Fed said that economic growth in the first half of the year had slowed down, although the labor market remained stable and the unemployment rate remained low.

Fed Chairman Jerome Powell surprised everyone with his hawkish tone at the beginning of the press conference. He declared: "We have not made any decisions about September." Just one sentence from Fed Chairman Jerome Powell pushed gold prices to a four-week low, below $3,300/ounce. Gold prices fell nearly $30, equivalent to about 1% in just one hour.

By Friday, disappointing jobs data had turned the market on its head. Within two minutes of the report’s release, gold prices had jumped $30. Spot prices continued to climb, ending the session at $2,361.50 an ounce, up more than 2% on the day.

Another important driver of gold's recovery is strong investment demand. Investors seek gold as a safe haven in times of economic uncertainty.

According to the World Gold Council’s latest Gold Demand Trends report, investment demand for gold-backed ETFs in the first half of 2025 was the highest since early 2020. Total ETF holdings remain significantly lower than five years ago, suggesting there is still plenty of room for growth, even as prices near record highs.

Gold Price Forecast

Adrian Day, president of Adrian Day Asset Management, predicts gold prices will recover and move higher next week. The recently released US employment data shows that the labor market is far from reaching the level of stability that Fed Chairman Powell asserted.

He said the stable job market was the main pillar that Mr. Powell relied on to not cut interest rates. The latest jobs report will significantly increase the pressure on the Fed to cut interest rates in September.

These aggressive rate cut expectations are coming back even as inflation remains high. Analysts say this is ideal for gold, as falling real interest rates reduce the opportunity cost of holding the precious metal.

David Morrison, a market analyst, said gold prices are trending up, but need a period of consolidation before gaining enough momentum to break out and stay above $3,400.

The weekend rally was largely driven by an unusual reversal in the dollar, triggered by unexpectedly weak non-farm payrolls data, which increased the likelihood of a Fed rate cut in September.

Technical signals are firmly bullish for gold, as daily momentum indicators have reset from overbought levels. This suggests there is plenty of room for upside momentum from here.

Source: https://vietnamnet.vn/gia-vang-hom-nay-3-8-2025-cong-pha-moc-ky-luc-124-trieu-luong-2428073.html