Gold ring price officially "surpasses" gold bars, the world benefits from USD

Gold price today, July 12, 2024, recorded that gold rings have increased beyond gold bars after many strong increases. Experts say that buying gold at this time must be held for the long term, while surfing will be difficult to make a profit and the risk is also higher.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 7/12 and EXCHANGE RATE TODAY 7/12

1. SJC - Updated: 07/11/2024 08:33 - Website time of supply - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L, 1KG	74,980	76,980
SJC 5c	74,980	77,000
SJC 2c, 1c, 5c	74,980	77,010
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	74,650 ▲200K	76,250 ▲200K
SJC 99.99 gold ring 0.3 chi, 0.5 chi	74,650 ▲200K	76,350 ▲200K
Jewelry 99.99%	74,550 ▲200K	75,550 ▲200K
Jewelry 99%	72,802 ▲198K	74,802 ▲198K
Jewelry 68%	49,029 ▲136K	51,529 ▲136K
Jewelry 41.7%	29,158 ▲84K	31,658 ▲84K

Update gold price today 7/12/2024

Domestic gold prices recorded at the end of the session on July 11, the price of gold rings was listed by SJC at 74.98 - 77.01 million VND/tael (buy - sell). Meanwhile, the price of gold bars was listed at 74.98 - 76.98 million VND/tael (buy - sell). Thus, the price of gold rings was 30,000 VND/tael higher than the price of gold bars.

Meanwhile, the price of gold rings is listed by Doji at 75.6 - 76.8 million VND/tael (buy - sell), the price of gold bars is listed at 75.98 - 76.98 million VND/tael (buy - sell).

Previously, the price of gold rings was always stable and followed the world gold price more closely than SJC gold. The price of gold rings was also always lower than the price of SJC gold bars, at times it was lower by up to tens of millions of VND/tael. During the period from 2014 to 2023, the price of gold rings almost did not fluctuate as violently as gold bars. The buying and selling gap mainly remained at the threshold of 0.5-1 million VND/tael.

World gold prices increased after investors realized that demand for this commodity is still very high.

In addition, gold was also supported as investors bet on the possibility that US Federal Reserve Chairman Jerome Powell would not make any surprise announcements about monetary policy signals.

Earlier, in a meeting before the US Senate, Fed Chairman Powell said that the US labor market has weakened.

US Treasury Secretary Janet Yellen also said that US inflation will decrease over time.

According to TG&VN at 7:00 p.m. on July 11, the world gold price on the Kitco exchange was at 2,382.8 - 2,383.8 USD/ounce, up 12.1 USD compared to the previous trading session.

Goldman Sachs once predicted that gold would reach $2,500/ounce by the end of this year and $3,000/ounce next year. This possibility is widely believed if the Fed cuts interest rates.

In addition, China is said to have resumed net gold purchases after unexpectedly stopping gold purchases in May, ending an 18-month streak of net purchases.

According to the long-term strategy, China will increase its gold holdings and reduce its USD holdings. The People's Bank of China (PBOC) currently has a relatively low gold share in its foreign exchange reserves, only 4.9%.

Not only China, Türkiye and some Middle Eastern countries are still increasing gold purchases.

However, in the immediate future, in the week of July 8-12, the spot gold price faces an important psychological barrier of $2,400/ounce. If it fails to overcome this level, profit-taking pressure and short-selling activities may increase, causing gold to correct downwards again.

Gold has benefited from the weakening US dollar since late June, but prices are more likely to fall below $2,300 than rise to all-time highs in the near term, according to Alex Kuptsikevich, senior market analyst at FxPro.

Gold's recent strength is largely due to parallel weakness in the US dollar, he noted, as the greenback has fallen 1% since late June.

Gold price today July 12, 2024: Gold ring price officially 'surpasses' gold bar price, the world benefits from USD. (Source: NBC News)

Summary of SJC gold bar prices at major domestic trading brands at closing times of trading session on the afternoon of July 11 :

Saigon Jewelry Group listed SJC gold price at: 74.98 - 76.98 million VND/tael.

Doji Group listed SJC gold price at: 75.3 - 76.98 million VND/tael.

PNJ system listed at: 74.98 - 76.98 million VND/tael.

Phu Quy Gold and Silver Group listed at: 75.5 - 76.98 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 75.5 - 76.98 million VND/tael.

Gold surfing is hard to make a profit

Since June 3, when the State Bank of Vietnam (SBV) sold gold to stabilize prices through four state-owned commercial banks and SJC Company, the price of SJC gold bars has "hibernated" at the price range of 74.98 - 76.98 million VND/tael (buy - sell).

Meanwhile, the price of gold rings is continuously adjusted by businesses in line with the world gold price. The price of gold rings in June increased/decreased by up to 1 million VND/tael.

According to gold expert Tran Duy Phuong, buying SJC gold bars at this time will be difficult to make a profit, not to mention buying through online registration is also not easy. Therefore, those in need can choose to buy gold rings with a higher profit margin and a narrower difference in buying and selling prices than gold bars.

This expert noted: "Buying gold at this time requires long-term holding, while surfing will be difficult to make a profit and the risk is also higher."

Source: https://baoquocte.vn/gia-vang-hom-nay-1272024-gia-vang-nhan-chinh-thuc-vuot-mat-vang-mieng-the-gioi-duoc-loi-tu-usd-278303.html