Gold prices soar, profit-taking appears, Russia confirms a new gold standard

Gold prices today, July 14, 2023, have "gone straight" to their highest level in nearly a month, thanks to the weakening USD. The gold market is expected to witness a new price increase as the world prepares to witness a new gold standard.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 7/14 and EXCHANGE RATE TODAY 7/14

1. PNJ - Updated: 07/13/2023 23:00 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	56,000 ▲300K	57,100 ▲400K
HCMC - SJC	66,750 ▲100K	67,300 ▲150K
Hanoi - PNJ	56,000 ▲300K	57,100 ▲400K
Hanoi - SJC	66,750 ▲100K	67,300 ▲150K
Da Nang - PNJ	56,000 ▲300K	57,100 ▲400K
Da Nang - SJC	66,750 ▲100K	67,300 ▲150K
Western Region - PNJ	56,000 ▲300K	57,100 ▲400K
Western Region - SJC	66,750 ▼50K	67,300 ▲100K
Jewelry gold price - PNJ rings (24K)	56,000 ▲300K	57,000 ▲400K
Jewelry Gold Price - 24K Jewelry	55,800 ▲300K	56,600 ▲300K
Jewelry Gold Price - 18K Jewelry	41,200 ▲220K	42,600 ▲220K
Jewelry Gold Price - 14K Jewelry	31,860 ▲170K	33,260 ▲170K
Jewelry Gold Price - 10K Jewelry	22,300 ▲130K	23,700 ▲130K

World gold prices fluctuated slightly after a strong increase and reached a three-week high on July 12, since the US inflation report showed the economic situation "cooling down", the USD fell to its lowest level in nearly a year, boosting hopes that the US Federal Reserve (Fed) could pause the interest rate hike cycle sooner. Thanks to that, gold prices became cheaper for buyers with other currencies.

The US Department of Labor has just released a report showing that the consumer price index (CPI) in this country in June increased slightly - 0.2% compared to the previous month and increased 3% compared to the same period last year, the lowest increase since March 2021. The gold market did not react much to the inflation figures as some investors decided to take profits after this price breakthrough.

According to TG&VN at 20:50 on July 13 (Vietnam time), after many strong increases, the gold price traded on Kitco at 1,959.40 USD/ounce, up 2.1 USD compared to the previous trading session. The August gold futures price was last traded at 1,958.10 USD/ounce, down 0.18% on the day.

Giá vàng hôm nay 14/7/2023: Giá vàng. (Nguồn: Kitco News)

Gold price today July 14, 2023: Gold price skyrockets, profit-taking appears, Russia confirms a new gold standard. (Source: Kitco News)

The yield on 10-year U.S. Treasuries also fell to its lowest in more than a week, reducing the opportunity cost of holding non-yielding assets such as gold.

With just two weeks until the Fed's next meeting and data showing few jobs added last month and inflation slowing in June, many expect the next rate hike to be the last, said Kinesis Money analyst Carlo Alberto De Casa .

Domestic gold prices have increased from the beginning of the session to the end of the session, with an increase of about 70,000 - 150,000 VND/tael at retail stores nationwide. The difference in gold selling prices remains at 600,000 VND/tael.

Converting world gold price according to USD exchange rate at Vietcombank: 1 USD = 23,860 VND, world gold price is equivalent to 55.59 million VND/tael, about 11.61 million VND/tael lower than SJC gold selling price.

Summary of SJC gold prices at major domestic trading brands at the closing time of trading session on July 13.

Saigon Jewelry Company listed the price of SJC gold at 66.75 - 67.37 million VND/tael.

Doji Group currently lists the price of SJC gold at: 66.70 - 67.35 million VND/tael.

Phu Quy Group listed at: 66.45 - 67.05 million VND/tael.

PNJ system listed at: 66.70 - 67.20 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 66.77 - 67.33 million VND/tael; Rong Thang Long gold brand is traded at 56.11 - 56.96 million VND/tael; jewelry gold price is traded at 55.50 - 56.70 million VND/tael.

Russia endorses a gold-backed currency?

The Russian government has recently confirmed that Brazil, Russia, India, China and South Africa, also known as the BRICS countries, will introduce a new trading currency backed by gold. The official announcement is expected to be made at the BRICS Summit in August in South Africa.

The latest news is adding fresh momentum to the ongoing global de-dollarization trend. Since mid-2022, central banks around the world have been buying gold at a historic pace, partly to diversify their reserves and move away from the US dollar.

For many analysts, a gold-backed currency is the next step in this process. Many analysts have seen China's recent gold purchases as an attempt to give the yuan international prestige.

At the same time, the US government's weaponization of the dollar in its competition with Russia has created some geopolitical instability among some countries allied with Russia.

While the prospect of a gold-backed BRICS currency would provide significant support for gold, some analysts say it will take a long time before the impact is felt in the market.

While this is a step in the right direction for BRICS, there is still a long way to go before it becomes a reality, said Thorsten Polleit, chief economist at Degussa . “At first glance, a new unit of exchange backed by gold sounds like a good deal – and first and foremost, it could be a major challenge to the hegemony of the US dollar.”

However, Polleit added, “to create a new currency that is as good as gold, a truly sound currency, it has to be convertible into gold on demand. I am not sure if this is what Brazil, Russia, India, China and South Africa are thinking about.”

"Using gold as money would be a real 'game changer', there's no doubt about it. It could be a shock to the global fiat money system. I'm not sure this is what BRICS wants to achieve," said Thorsten Polleit.

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