Domestic gold price fluctuated slightly this morning
Domestic gold price on August 10 decreased slightly, trading around 67.3 million VND/tael.
Specifically, as of 9:30 this morning, DOJI gold price in Hanoi and Ho Chi Minh City was listed at 66.6 million VND/tael for buying and 67.3 million VND/tael for selling, down 50,000 VND/tael compared to the end of the previous trading session.
Meanwhile, SJC gold price decreased slightly this morning, listed buying-selling at 66.75-67.27 million VND/tael, unchanged from yesterday.
PNJ Gold is buying at 55.9 million VND/tael and selling at 57 million VND/tael, down 200,000 VND and 100,000 VND respectively compared to the previous day.
World gold price continues to decrease this morning
World gold prices fell this morning, August 10, with spot gold down $8.5 to $1,916.5 an ounce. December gold futures last traded at $1,951.2 an ounce, up $0.6 from the previous session.
Gold prices continued to fall this morning, falling to a one-month low due to pressure from the rising USD and rising interest rates.
According to some analysts, the gold market continues to face difficulties as the US Federal Reserve (FED) is still maintaining its monetary tightening cycle, causing investors to stay out of the market until the FED has a more definitive answer on the direction of interest rates.
In addition, China's recently released gloomy economic data also increased pressure on gold prices. Specifically, the world's second largest economy's July exports fell 14.5% year-on-year, the sharpest decline since the Covid-19 pandemic; imports are expected to fall 12.4%.
In addition, the latest data on China's inflation showed that the country's consumer prices fell for the first time since February 2021. Accordingly, the Consumer Price Index (CPI) in July decreased by 0.3% compared to the same period last year. The Producer Price Index (PPI) decreased for the 10th consecutive month, down 4.4% compared to last year.
The latest data from China has raised concerns that economic activity in the country of one billion people may continue to slow in the third quarter of this year, causing gold demand to continue to decline in the coming time.
Investors are now looking ahead to the US Consumer Price Index (CPI) for July, which will be released tonight, followed by the Producer Price Index (PPI) on Friday. The July CPI is expected to have increased slightly from the 3.0% increase in June and the 3.3% increase in the same period last year. The July PPI is also expected to have increased from June.
According to Kitco News, senior market analyst at OANDA Edward Moya commented that there are many concerns about the global economic growth outlook. The world economy may be much weaker than previously forecasted and this encourages investors to buy USD.
“The US inflation report coming out tonight will be important for gold, but more important is next month’s inflation report, which means we could see more volatility in gold in the short term,” said Moya.
Other precious metals are also losing ground this week, with platinum down nearly 4%, while silver is down 4.1%.
This morning, the USD-Index climbed to 102.48, near a five-week high; the 10-year US Treasury yield is currently at 4.027%, the highest level since the beginning of the year; US stocks continue to correct; oil prices increase, trading at $84.29/barrel.
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