Domestic gold prices opened today's trading session with DOJI Group listing the buying price at 70 million VND/ounce and the selling price at 70.75 million VND/ounce.
The difference between the buying and selling price of gold at DOJI is 750,000 VND/ounce.
Compared to yesterday's opening price, the price of gold at DOJI increased by 50,000 VND/ounce for the buying price and remained unchanged for the selling price.
Meanwhile, Saigon Jewelry Company (SJC) listed the buying price of gold at 70 million VND/ounce; the selling price was 70.7 million VND/ounce.
The difference between the buying and selling price of gold at Saigon Jewelry Company (SJC) is 700,000 VND/ounce.
Compared to yesterday's opening price, the price of gold at Saigon Jewelry Company (SJC) increased by 100,000 VND/ounce for both buying and selling.
Although adjusted downwards, the current spread between buying and selling gold in the domestic market remains very high. This could put buyers at risk of losses when investing in the short term.
As of 10:20 AM today, the world gold price , listed on Kitco, is $1,983.5 per ounce. Compared to the opening of the previous trading session, the world gold price has increased by $4.1 per ounce.
Gold prices tended to rise slightly after the US Federal Reserve (FED) announced it would keep interest rates unchanged in the range of 5.25 - 5.5% following its two-day meeting.
This is the second consecutive meeting in which the Fed decided to keep interest rates unchanged, following a series of 11 increases since March 2022. The central bank also stated that " economic activity grew at a strong pace in the third quarter." In previous assessments, the Fed said the economy was growing at a "solid pace."
Jerome Powell, the chairman of the Federal Reserve, did not rule out the possibility of raising interest rates next month, and stated that the idea that raising rates is unlikely after two pauses is a misconception. Therefore, it is likely that the Fed will have to continue maintaining a tight monetary policy to slow down the economy.
Gold prices are projected to rise further in 2024 due to loose monetary policy and Middle East tensions. A Reuters poll suggests that global gold prices will increase in 2024 compared to the average of 2023.
This is due to predictions that central banks around the world will begin easing monetary policy. Additionally, conflicts in the Middle East could provide impetus for gold prices to rise above $2,000/oz.
Experts predict that the average price of gold will be $1,986.5 per ounce for 2024, up from the $1,925 expected this year.
Earlier in July, a similar Reuters survey predicted that gold prices would average $1,988 per ounce in 2024 and $1,944.50 in 2023.
Nitesh Shah, a commodities expert at WisdomTree, analyzed: “Gold has long been a geopolitical hedge. This time it has taken on that role.”
Carsten Menke, an expert from Julius Baer, assessed: "A return to record highs in gold prices would only happen if the US economy experienced a severe recession, leading to a longer and more widespread downturn."
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