International gold price remains stable, SJC price stays at 121 million VND/tael

Specifically, the price of gold today decreased to 3,332 USD/ounce. Analysts said that the reason why the world gold price did not fluctuate much in the morning trading session on July 8 after a slight decrease the day before, when US President Donald Trump announced a 25% tax on goods from Japan and South Korea starting on August 1.

That boosted safe-haven demand, although a stronger dollar weighed on gold. The dollar index rose 0.4% against a basket of major currencies, making dollar-priced gold more expensive for buyers using other currencies.

International gold price is stable, SJC price is fixed at 121 million VND/tael.

But concerns about inflation due to tariffs have led to expectations that the Federal Reserve will cut rates more slowly. Interest rate futures show that traders no longer expect the Fed to cut rates this month and are pricing in a total of just two quarter-point cuts by year-end.

Minutes from the Fed’s most recent policy meeting and speeches from several Fed officials are expected to be released this week, providing more information on the central bank’s policy direction. Last week, US President Donald Trump signed into law a massive tax cut and spending package at the White House that is expected to add more than $3 trillion to the nation’s $36.2 trillion debt.

In addition, China's central bank added gold to its reserves in June, marking the eighth consecutive month of increases, according to official data from the People's Bank of China (PBOC) released on Monday. Central banks are buying gold to diversify their reserves, reduce their reliance on the U.S. dollar, and hedge against inflation and economic uncertainty, Bank of America said, adding that it expects the trend to continue.

Mr. Huynh Trung Khanh, senior advisor to the World Gold Council (WGC) in Singapore, Indonesia, Thailand and Vietnam, also said that fluctuations in the gold market are partly related to the Fed's roadmap to reduce USD interest rates.

In the past, given the US economic situation, the Fed has been holding back interest rates and has not cut them further. However, with the determination of US President Donald Trump, it is unlikely that the Fed Chairman will be able to maintain USD interest rates for a long time and will likely cut them 1-2 more times in the remaining time of 2025.

Meanwhile, the geopolitical situation, Israel & Iran have ceasefire, but it has only temporarily calmed down, but the Middle East furnace is still hot. Besides, the central banks around the world continue to buy gold, at a rate of about 1,000 tons/year.

"These are the factors that will positively impact gold prices in the coming time. Gold prices may rise to 3,700 - 4,000 USD/ounce in the coming time. Notably, in the third and fourth quarters of each year, the demand for physical gold and gold jewelry will increase, and at the same time, the possibility of the Fed further reducing interest rates will positively impact gold prices," Mr. Khanh added.

HSBC also said that up to 50% of investors surveyed plan to own gold in the next 12 months, double the current rate. Of these, 41% plan to buy physical gold, while 28% consider investing in digital gold. Notably, crypto gold products are popular among young people and are considered the most prominent product group this year.

For the domestic gold market, this morning the price of SJC gold bars increased by 500,000 VND per tael when Saigon Jewelry Company - SJC bought for 119 million VND and sold for 121 million VND... The difference between the buying and selling price of gold narrowed to 1 - 2 million VND/tael.

This morning (July 8), the USD price at commercial banks decreased simultaneously. Specifically, Vietcombank decreased by 25 VND, bringing the transfer buying price down to 25,970 VND, and the selling price to 26,330 VND/USD.

Source: https://baodautu.vn/vang-quoc-te-di-ngang-gia-sjc-neo-121-trieu-dongluong-d325653.html