LIVE UPDATE TABLE OF GOLD PRICE TODAY 7/9 and EXCHANGE RATE TODAY 7/9
| 1. SJC - Updated: 07/08/2023 08:27 - Website time of supply source - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L | 66,450 | 67,150 |
| SJC 5c | 66,450 | 67,170 |
| SJC 2c, 1c, 5c | 66,450 | 67,180 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 55,200 | 56,200 |
| SJC 99.99 gold ring 0.5 chi | 55,200 | 56,300 |
| Jewelry 99.99% | 55,100 | 55,800 |
| Jewelry 99% | 54,048 | 55,248 |
| Jewelry 68% | 36,098 | 38,098 |
| Jewelry 41.7% | 21,421 | 23,421 |
World gold prices and domestic gold prices both fluctuated this week.
On the morning of July 3, domestic gold prices continued to decrease by 50 thousand VND/tael, trading around 67 million VND/tael. Accordingly, the price of SJC gold in Hanoi market was listed by Saigon Jewelry Company at 66.4 - 67.02 million VND/tael (buy - sell), an increase of 50 thousand VND/tael in the buying direction, but a decrease of 50 thousand VND/tael in the selling direction compared to the closing price yesterday.
In the 3 mid-week sessions, the price of gold mainly decreased. On the morning of July 7, the domestic gold price decreased by 50 thousand VND/tael, trading above 67 million VND/tael.
At the end of the week on July 8, the domestic gold price was listed by Saigon Jewelry Company at 66.45 - 67.15 million VND/tael.
Thus, compared to the first session of the week on July 3 (at 66.4 - 67.02 million VND/tael), the price of SJC gold in the Hanoi market listed by Saigon Jewelry Company increased by 50 thousand VND/tael for buying and increased by 130 thousand VND/tael for selling.
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| Gold price today July 9, 2023, Gold price received good news, there will be a 'tug of war', the downward trend remains intact, SJC gold price increases. (Source: Shutterstock) |
In the world market, Asian gold prices on the afternoon of July 7 were on track to decline for the fourth consecutive week as many factors reinforced bets on the possibility of higher US interest rates for a longer period of time, putting pressure on this precious metal.
Spot gold rose 0.1% to $1,912.75 an ounce at 2:37 p.m. Vietnam time on Friday. But the precious metal has fallen 0.3% so far this week. U.S. gold futures rose 0.2% to $1,918.60 an ounce.
According to the World & Vietnam , the world gold price closed the trading week (July 7) on the Kitco floor at 1,925.4 USD/ounce.
Summary of SJC gold prices at major domestic trading brands at the closing time of July 8:
Saigon Jewelry Company listed the price of SJC gold at 66.45 - 67.15 million VND/tael.
Doji Group currently lists the price of SJC gold at: 66.45 - 67.05 million VND/tael.
Phu Quy Group listed at: 66.45 - 67.15 million VND/tael.
PNJ system listed at: 66.5 - 67.0 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 66.6 - 67.15 million VND/tael; Rong Thang Long gold brand is traded at 55.69 - 56.54 million VND/tael; jewelry gold price is traded at 55.20 - 56.30 million VND/tael.
Converted according to the USD price at Vietcombank on July 8, 1 USD = 23,810 VND, the world gold price is equivalent to 55.23 million VND/tael, 11.92 million VND/tael lower than the selling price of SJC gold.
There will be a “tug of war”
According to analysts, before the impact of the June inflation report to be released next week, although the price of gold increased by more than 20 USD/ounce on July 7, the precious metal market has not yet proven that its downtrend has ended.
Gold prices rebounded on Friday after weaker-than-expected jobs data for June, with the US economy adding 209,000 jobs compared to 225,000 expected, the weakest gain since December 2020.
Slowing job growth is good news for gold because it could eliminate the need for two interest rate hikes this year, a promise made repeatedly in June by Federal Reserve Chairman Jerome Powell.
However, last month's decline in jobs was not strong enough to prevent the Fed from raising interest rates in July, which means gold's upside momentum may be limited in the short term.
“While slowing jobs growth will be welcomed by Fed officials, it is unlikely to stop the Fed from raising rates again later this month, especially as the downward trend in wage growth appears to be stalling,” said Andrew Hunter, deputy US economist at Capital Economics.
With just over two weeks to go until the Fed's meeting (July 25-26), the latest inflation data from June, due for release on July 12, will be closely watched by the market.
The macroeconomic outlook is one of the biggest headwinds for gold in the short term, said Michael Boutros , senior technical strategist at Forex.com .
“Markets are pricing in a 92% chance of a rate hike in July. But only one hike is expected, while the Fed has signaled two. If that changes, it could limit gold’s upside.”
The USD was affected in the last session of the week on July 7, which contributed to supporting gold prices at the end of the week, with only the greenback closing the week at 102.27, down 0.87% on the day.
"It's going to be a tug of war for gold. There's not going to be a big drop," said Boutros.
Meanwhile, Edward Moya , senior market analyst at OANDA, said that the long-term outlook for gold is bullish as the labor market will weaken, ushering in a much weaker economy.
“Gold will eventually rise. But with multiple rate hikes being priced in, the precious metal is in a difficult position right now. The upcoming inflation report could be quite weak. Trading could be choppy next week,” said Moya.
Gold prices to watch
From a technical perspective, expert Boutros pointed out that gold can only break the downtrend when it rises above the price levels of $1,943 and $1,965/ounce.
The $1,903-$1,910/ounce range is a solid key support zone.
If gold falls, Boutros warned to keep an eye on the $1,891 level. If this level is broken, the gold market could see a sharp decline to $1,830, which is only initial support.
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