USD falls, gold rises.

Domestic gold prices today, August 11th

Early this morning, August 11th , the price of 9999 gold from SJC remained unchanged compared to yesterday's closing price.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:29 AM, and the price of 9999 gold was listed by Doji Gold and Jewelry Group at 8:38 AM as follows:

	Buy	Sell
SJC Hanoi	66,700,000 VND/ounce	67,320,000 VND/ounce
SJC Ho Chi Minh City	66,700,000 VND/ounce	67,300,000 VND/ounce
SJC Da Nang	66,700,000 VND/ounce	67,320,000 VND/ounce
Doji Hanoi	66,650,000 VND/ounce	67,350,000 VND/ounce
Doji Ho Chi Minh City	66,750,000 VND/ounce	67,250,000 VND/ounce

Updated SJC and DOJI gold prices at the beginning of the morning on August 11th.

At the close of trading on August 10th, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.7 million VND/ounce (buying price) and 67.3 million VND/ounce (selling price). SJC Hanoi listed the price at 66.7 million VND/ounce (buying price) and 67.32 million VND/ounce (selling price).

Doji Hanoi listed gold at 66.65 million VND/ounce (buying price) and 67.35 million VND/ounce (selling price). Doji Ho Chi Minh City bought SJC gold at 66.7 million VND/ounce and sold it at 67.2 million VND/ounce.

The central exchange rate for August 11th , announced by the State Bank of Vietnam, is 23,837 VND/USD, an increase of 11 VND compared to yesterday. The USD price at commercial banks this morning (August 11th) is trading around 23,540 VND/USD (buying) and 23,910 VND/USD (selling).

International gold prices today, August 11th

On the global market, the spot gold price on the Kitco exchange on August 10th (at 8 PM, Vietnam time) was trading at $1,922 per ounce.

World gold prices are rising. (Photo: Reuters)

At current prices, the difference between the world gold price converted to VND (including taxes and processing fees) and the domestic SJC gold price is approximately over 11 million VND per ounce.

According to the US Department of Labor, the consumer price index rose 0.2% in July, in line with expert forecasts.

Over the past 12 months, inflation has risen by 3.2%. This annual inflation rate is lower than economists' forecasts of 3.3%.

The gold market did not react strongly to the recently released inflation data. December gold futures were trading at $1,962 per ounce, up 0.58% on the day.

The US dollar index, which measures the strength of the greenback against major currencies, stands at 102.11 points.

According to CME's FedWatch, the market is currently betting that the Federal Reserve (Fed) has only a 13.5% chance of raising interest rates by 0.25 percentage points at its September 2023 meeting.

Gold price forecast

Daniel Pavilonis, senior market strategist at RJO Futures, said the consumer price index (CPI) is a key measure of US inflation. Currently, most gold investors are in a "wait and see" mode.

The market is seeing a downward trend in overall inflation. Any signs of stabilizing inflation would be a catalyst for a short-term drop in gold prices.

Meanwhile, gold prices are always sensitive to US interest rate adjustments.

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