USD falls, gold price increases rapidly

Domestic gold price today

Early afternoon of July 12 , SJC's 9999 gold price today remained unchanged compared to the morning.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 2:43 p.m. as follows:

	Buy	Sell out
SJC Hanoi	66,600,000 VND/tael	67,220,000 VND/tael
SJC HCMC	66,600,000 VND/tael	67,200,000 VND/tael
SJC Danang	66,600,000 VND/tael	67,220,000 VND/tael

SJC gold price list updated early afternoon July 12

Early morning of July 12 , SJC 9999 gold price today remained unchanged compared to the close of yesterday's trading session.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:31 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 9:01 a.m. as follows:

	Buy	Sell out
SJC Hanoi	66,600,000 VND/tael	67,220,000 VND/tael
SJC HCMC	66,600,000 VND/tael	67,200,000 VND/tael
SJC Danang	66,600,000 VND/tael	67,220,000 VND/tael
Doji Hanoi	66,550,000 VND/tael	67,200,000 VND/tael
Doji HCMC	66,550,000 VND/tael	67,050,000 VND/tael

SJC and DOJI gold price list updated early morning July 12

At the end of the trading session on July 11, the domestic 9999 gold price was listed by SJC and Doji Gold and Gemstone Group in the following order of buying and selling:

SJC Hanoi: 66,600,000 VND/tael - 67,220,000 VND/tael
Doji Hanoi: 66,500,000 VND/tael - 67,150,000 VND/tael
SJC HCMC: 66,600,000 VND/tael - 67,200,000 VND/tael
Doji HCMC: 66,550,000 VND/tael - 67,050,000 VND/tael

The central exchange rate on July 12 announced by the State Bank is 23,772 VND/USD, down 15 VND compared to yesterday. The USD price at commercial banks this morning (July 12) was traded around 23,490 VND/USD (buy) and 23,860 VND/USD (sell).

International gold price today

At 9:14 a.m. today (July 12, Vietnam time), the world spot gold price stood at around 1,936.5 USD/ounce, up 4.5 USD/ounce compared to last night. The price of gold futures for August delivery on the Comex New York floor was at 1,942.8 USD/ounce.

Fluctuations in international gold prices in the past 24 hours (Photo: Kitco)

On the night of July 11 (Vietnam time), the world spot gold price stood at around 1,932 USD/ounce. Gold for August delivery on the Comex New York floor was at 1,953 USD/ounce.

The world gold price on the night of July 11 was about 5.9% higher (108 USD/ounce) than at the beginning of 2023. World gold converted according to the bank USD price was 56.1 million VND/tael, including taxes and fees, about 10.9 million VND/tael lower than the domestic gold price as of the end of the afternoon session on July 11.

Gold prices on the international market increased quite strongly due to the decrease of the USD in the world even though many Asian currencies are rapidly depreciating against the greenback.

*Gold prices increased sharply today due to the decrease in USD. (Photo: KC)*

Gold rose to a three-week peak, at times approaching the threshold of 1,940 USD/ounce. The DXY index (measuring the greenback's fluctuations against a basket of six major currencies) fell from 103 points last week to 101.9 points.

The dollar fell against a basket of currencies, mainly due to the strength of European currencies against the US currency. The DXY basket is 77% made up of European currencies. European central banks are taking a rather hawkish stance on monetary policy.

Meanwhile, in Asia, monetary policy polarization is taking place. Japan maintains ultra-low interest rates, around 0%. China cut interest rates in June. Other Asian currencies, including those in Southeast Asia, are weakening as monetary policy loosens.

Gold price forecast

Gold hit a three-week high as investors scrutinized US inflation data - a key factor influencing the US Federal Reserve's decision on monetary policy.

Unless US inflation falls rapidly, gold will benefit. Otherwise, the Fed will remain dovish and the dollar will continue to rise (mainly against Asian currencies).

In the medium to long term, gold is supported by the fact that the Fed is gradually reaching the end of its monetary policy easing cycle.

Besides, precious metals are also supported by gold buying demand from many central banks of countries.

Gold is also supported by the rising price of its closely related commodity, oil. OPEC+ is cutting oil supply.

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