Domestic gold price today
Early afternoon of August 1 , today's SJC 9999 gold price increased by 100 thousand VND/tael in both buying and selling compared to the morning.
The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 14:25 and the price of 9999 gold was listed by Doji Jewelry Group at 14:36 as follows:
Early morning of August 1 , SJC's 9999 gold price today increased by 50 thousand VND/tael in both buying and selling prices compared to the end of yesterday's trading session.
The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:32 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:36 a.m. as follows:
| Buy | Sell | |
| SJC Hanoi | 66,700,000 VND/tael | 67,320,000 VND/tael |
| SJC HCMC | 66,700,000 VND/tael | 67,300,000 VND/tael |
| SJC Danang | 66,700,000 VND/tael | 67,320,000 VND/tael |
| Doji Hanoi | 66,550,000 VND/tael | 67,250,000 VND/tael |
| Doji HCMC | 66,650,000 VND/tael | 67,150,000 VND/tael |
SJC and DOJI gold price list updated early morning August 1
At the end of the trading session on July 31, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.65 million VND/tael (buy) and 67.25 million VND/tael (sell). SJC Hanoi listed at 66.65 million VND/tael (buy) and 67.27 million VND/tael (sell).
Doji Hanoi listed at 66.55 million VND/tael (buy) and 67.25 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.65 million VND/tael and sold at 67.15 million VND/tael.
The central exchange rate on August 1 announced by the State Bank is 23,757 VND/USD, down 1 VND compared to yesterday. The USD price at commercial banks this morning (August 1) was traded around 23,485 VND/USD (buy) and 23,855 VND/USD (sell).
International gold price today
At 8:54 a.m. today (August 1, Vietnam time) , the world spot gold price stood at around 1,962 USD/ounce, down 4 USD/ounce compared to the end of last week. The price of gold futures for December delivery on the Comex New York floor was at 2,000.9 USD/ounce.
On the morning of August 1 , world gold converted to USD bank price was over 56.42 million VND/tael (excluding tax and fees), about 10.9 million VND/tael lower than domestic gold price.
On the world market, the spot gold price on Kitco floor on July 31 (at 8:30 p.m., Vietnam time) tended to increase, trading at 1,966 USD/ounce.
Analysts say the gold market will not have a new breakthrough, but the trend will still increase in the coming time. According to analysts, the US Federal Reserve's (Fed) tough monetary policy stance weakens the economy.
Kevin Grady, president of Phoenix Futures and Options, said gold prices will remain at current levels despite the reaction to upcoming economic data. Even a small sign of economic weakness will support gold prices. In the coming time, the gold market will pay attention to the US non-farm payrolls report for July.
Lukman Otunuga, chief market analyst at FXTM, said that since the Fed's stance depends on economic data, and the Fed wants the labor market to cool as a condition for controlling inflation, gold is particularly sensitive to the jobs report.
In a recent report, the US Department of Labor said the economy created 209,000 jobs in June. This is the first time employment data has missed expectations since May 2022.
Gold Price Forecast
Future data will play a key role in determining whether the Fed raises rates for the last time in 2023, according to Otunuga.
He said that if the upcoming US jobs report is weaker than economists expect, gold will rise to $1,985 an ounce. If this threshold is conquered, gold is likely to head towards $2,000 an ounce.
Precious metals experts say weaker economic data has raised concerns about a possible recession, supporting gold as a safe haven.
Persistently high inflation or signs that the economy could fall into recession will cause some investors to increase their allocation to gold as a "safe haven," according to market analyst Stuart O'Reilly.
However, signs of economic recovery and falling inflation could have the opposite effect.
Source
Comment (0)