USD down, gold up

Domestic gold price today August 11

Early morning of August 11 , SJC 9999 gold price today remained unchanged compared to yesterday's closing price.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:29 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:38 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	66,650,000 VND/tael	67,350,000 VND/tael
Doji HCMC	66,750,000 VND/tael	67,250,000 VND/tael

SJC and DOJI gold price list updated early morning August 11

At the end of the trading session on August 10, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.7 million VND/tael (buy) and 67.3 million VND/tael (sell). SJC Hanoi listed at 66.7 million VND/tael (buy) and 67.32 million VND/tael (sell).

Doji Hanoi listed at 66.65 million VND/tael (buy) and 67.35 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.7 million VND/tael and sold at 67.2 million VND/tael.

The central exchange rate on August 11 announced by the State Bank is 23,837 VND/USD, an increase of 11 VND compared to yesterday. The USD price at commercial banks this morning (August 11) was traded around 23,540 VND/USD (buy) and 23,910 VND/USD (sell).

International gold price today August 11

On the world market, the spot gold price on Kitco floor on August 10 (at 8:00 p.m., Vietnam time) was trading at 1,922 USD/ounce.

World gold prices increase. (Photo: Reuters)

At the current price, the world gold price converted to VND (including tax and processing fee) the difference between the domestic SJC gold price is about more than 11 million VND/tael.

According to the US Department of Labor, the consumer price index in July increased 0.2%, in line with experts' forecasts.

Inflation rose 3.2% over the past 12 months. The annual inflation rate was lower than economists' forecast of 3.3%.

The gold market did not react strongly to the inflation data. Gold futures for December delivery traded at $1,962 an ounce, up 0.58% on the day.

The dollar index, which measures the greenback's strength against a basket of major currencies, was at 102.11.

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 meeting in September 2023.

Gold Price Forecast

The consumer price index (CPI) is a key measure of U.S. inflation, and most gold investors are in a “wait and see” mode, said Daniel Pavilonis, senior market strategist at RJO Futures.

The market is seeing headline inflation trending lower. Any sign of stabilizing inflation is a catalyst for gold prices to fall in the short term.

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

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