Gold prices today, July 3, 2024, show fluctuations in the price of gold rings following the upward trend of the world market. World gold prices are believed to remain in a strong upward trend as the general price level continues to maintain support above $2,300/ounce.
LIVE UPDATE TABLE OF GOLD PRICES AND EXCHANGE RATES TODAY, JULY 3RD
| 1. SJC - Update: 02/07/2024 08:28 - Time of issue on source website - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L, 1KG | 74,980 | 76,980 |
| SJC 5c | 74,980 | 77,000 |
| SJC 2c, 1C, 5 phân | 74,980 | 77,010 |
| SJC 99.99 gold rings, 1 tael, 2 taels, 5 taels. | 74,000 ▲50K | 75,600 ▲50K |
| SJC 99.99 gold rings, 0.3 tael, 0.5 tael | 74,000 ▲50K | 75,700 ▲50K |
| 99.99% Authentic Jewelry | 73,900 ▲50K | 74,900 ▲50K |
| 99% Jewelry | 72,158 ▲49K | 74,158 ▲49K |
| Jewelry 68% | 48,587 ▲34K | 51,087 ▲34K |
| Jewelry 41.7% | 28,886 ▲20K | 31,386 ▲20K |
Gold price update for today, July 3, 2024
Domestic gold prices showed slight fluctuations for 9999 gold rings.
At the start of trading on July 2nd, several brands such as Saigon Jewelry Company, Doji Group, etc., adjusted the price of 9999 gold rings upwards by 100,000 VND/ounce compared to the closing price of the previous day. This slight increase is believed to be due to the rebound in world gold prices from their previous low range.
The price of SJC gold bars remained unchanged for the fourth consecutive week. This marks the 19th consecutive session that the four state-owned commercial banks, including Agribank , BIDV, Vietcombank, and VietinBank, have maintained the price at 76.98 million VND per tael.
The world gold price, converted using the bank's USD exchange rate, is VND 71.7 million per tael (including taxes and fees), which is approximately VND 5.28 million per tael lower than the domestic gold price.
The difference between domestic and international gold prices has narrowed. However, according to experts, gold buyers should exercise caution in transactions as world gold prices are always fluctuating.
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| Global gold prices are on a strong upward trend, with 'gold poised to win' in the 2024 US election. (Source: Kitco) |
Summary of SJC gold prices at major domestic gold retailers at the close of trading on July 2nd:
Saigon Jewelry Company listed gold at 74.98 - 76.98 million VND/ounce.
Doji Group is currently listing gold at: 74.98 - 76.98 million VND/ounce.
PNJ's listed price is: 74.98 - 76.98 million VND/ounce.
Phu Quy Gold and Silver Group listed gold at 75.50 - 76.98 million VND/ounce.
The price of SJC gold at Bao Tin Minh Chau is listed at: 75.50 – 76.98 million VND/ounce; the Thang Long Dragon gold brand is trading at 74.88 – 76.18 million VND/ounce; and the price of gold jewelry is trading at 74.00 – 75.90 million VND/ounce.
Although world gold prices just experienced a slight decline, The trend remains strong, with prices maintaining support above $2,300 per ounce.
According to TG&VN 's observations at 6:30 PM on July 2nd (Hanoi time), the price of gold traded on the Kitco electronic exchange was... 2,323.50 - 2,324.50 USD/ounce, down 8.1 USD from the previous trading session.
Global gold prices are still on an upward trend, thanks to strong buying interest from investors. In addition, the precious metals market is supported by a weakening US dollar and a slight increase in Nymex crude oil prices, trading around $81.85 per barrel.
Many analysts believe that the gold market is currently in a calm phase and may become volatile again at least until the end of this week. The increased buying by investors at the beginning of the session reflects expectations of a price surge after the precious metal has been trading at low prices. Naeem Aslam, investment director at Zaye Capital Markets , is quite optimistic, suggesting that a loosening of monetary policy by the US Federal Reserve would put pressure on the US dollar and push gold prices higher.
Meanwhile, pessimists like FxPro's senior market analyst Alex Kuptsikevich believe that the Fed's current monetary policy stance could trigger a market sell-off.
In fact, commodity markets are preparing for a shortened trading week due to the US Independence Day holiday, during which gold investors are focusing intensely on several key economic events that are expected to influence the price trajectory of the precious metal in the near future.
The latest report suggests that inflation is likely to cool, consistent with last week's Personal Consumption Expenditures (PCE) report which indicated that inflationary pressures continue to ease and the trajectory is moving closer to the Fed's 2% target. Market expectations, as reflected in CME's FedWatch tool, now show a 91.2% probability that the Fed will maintain the current benchmark interest rate between 5.25% and 5.5% at the July FOMC meeting. However, the probability of a rate cut at the September FOMC meeting has risen to 65.3%, up from 62.4% on Friday and 45.8% just over a month ago.
Growing optimism about interest rate cuts in September has supported a solid rise in gold prices, although significant short-term price volatility remains limited.
Looking ahead, investors are eagerly awaiting Federal Reserve Chairman Powell's speech and the FOMC meeting minutes for more details on the Fed's monetary policy outlook. Then, attention will shift to the jobs report later this week, with market participants hoping to glean information about the timing and number of potential interest rate cuts this year.
US Election 2024 - "Gold Wins"
While American voters continued to grapple with the 2024 presidential debate last week, commodity analysts said, "gold could ultimately be the winner because comments from President Joe Biden and former President Donald Trump have failed to allay ongoing economic and geopolitical concerns."
According to many experts, the debate was quite disappointing, especially from the Democratic perspective, as President Biden failed to express his thoughts coherently. However, Trump was not the ultimate winner either, as political analysts continued to point out numerous "flaws."
MarketGauge.com's chief strategist, Michele Schneider, concluded, "Between the two, gold has won. Regardless of who wins the November election, gold prices will go higher." While Biden is overseeing a robust economy with record-low unemployment and record-breaking stock indices, his administration has also seen inflationary pressures reach their highest levels in 40 years.
Meanwhile, while in office, Trump passed significant tax cuts and oversaw low unemployment rates and a booming stock market, at least until the global Covid-19 pandemic struck.
However, both candidates have contributed significantly to the growing debt burden of the US economy during their respective terms. For many analysts and economists, US debt levels are approaching critical levels and are on an unsustainable upward trajectory.
Looking ahead, while inflation has fallen sharply from its 2022 peak, Schneider says there's no clear message from either candidate on how they'll handle a slowing economy with rising inflation. “I don’t see any sound economic policies on either side at this point. In this context, I think owning some gold is important, and investors will realize they don’t own enough gold,” Schneider said.
All eyes will be on gold as a geopolitical asset, as investors seek to create a commodity portfolio to hedge against risk.
Source: https://baoquocte.vn/gia-vang-hom-nay-372024-gia-vang-the-gioi-se-bat-tang-vang-chien-thang-trong-cuoc-dua-bau-cu-my-2024-277131.html
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