Gold price today 3-8 skyrocketed
At the end of the week, August 3, the price of SJC gold bars was listed by companies at 121.5 million VND per tael for buying and 123.5 million VND per tael for selling, an increase of 2.4 million VND per tael compared to the end of last week.
Gold prices broke a two-week streak of consecutive declines with a strong increase at the end of the week. Gold bar prices are heading towards a historic peak of over VND124 million, set last April.
Similarly, the price of 99.99% gold rings and jewelry gold also increased by 2 million VND/tael compared to last weekend, up to 116.5 million VND/tael for buying and 117 million VND/tael for selling.
Domestic gold prices surprisingly increased strongly, following the jump from world prices.
On the international market, the price of gold closed the trading week at 3,363 USD/ounce, up nearly 30 USD/ounce compared to the end of last week. During the week, the price of gold fluctuated continuously, with many sessions dropping deeply to 3,267 USD/ounce and then rebounding. It was not until the end of the week that the precious metal on the international market increased sharply to 70 USD/ounce.
SJC gold bar price increased sharply compared to last week
The "turnaround" of world gold prices has helped experts be optimistic about the trend next week, according to the Kitco survey results. This week, 17 analysts on Wall Street participated in the survey, of which 94% said that gold prices would continue to increase, no one said that gold prices would decrease and only 6% predicted that gold prices would remain stable. This is a rather surprising survey result in the current context.
According to experts, gold prices reversed and increased dramatically at the end of the week when the USD plunged. The USD index (DXY) on the international market suddenly fell from above 100 points to 98.6 points, down 1.28% compared to the previous session.
Tariffs impact gold market outlook
Some analysts remain bullish on gold as it continues to act as a safe haven, especially as U.S. President Donald Trump imposes higher tariffs on imports around the world. While trade deals with Japan and Europe last week, which included a 15% tariff increase, have eased global trade uncertainty, countries like Canada, which have yet to finalize a deal, will face a 35% tariff increase in August.
Meanwhile, Indian imports face a 25% increase, while Taiwanese (Chinese) exports will be taxed 20%...
"Tariffs mean countries will trade less in dollars, gold prices will continue to rise as the world looks for another asset," said Chris Vecchio, head of futures and FX strategy at Tastylive.com.
Currently, converted according to the exchange rate at Vietcombank , world gold is priced at 107 million VND per tael, 16.5 million VND per tael lower than the price of SJC gold bars.
Source: https://nld.com.vn/gia-vang-hom-nay-3-8-du-bao-hiem-thay-ve-vang-tuan-toi-196250803085628463.htm
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