Gold surges from 9-week low

Domestic gold price today

On the afternoon of July 31, the price of 9999 gold of SJC today decreased by 50 thousand dong/tael in the afternoon of buying and selling compared to the morning.

Gold price 9999 is updated by Saigon Jewelry Company Limited (SJC) at 15:23 and gold price 9999 is listed by Doji Jewelry Group at 14:15 as follows:

                                    SJC and DOJI gold price list updated on the afternoon of April 31

Early morning on June 31, the price of 9999 gold of SJC today increased by 100 thousand dong/tael in the buying and selling direction compared to the end of yesterday's trading session.

Gold price 9999 is updated by Saigon Jewelry Company Limited (SJC) at 9:05 and gold price 9999 is listed by Doji Jewelry Group at 9:16 as follows:

                                        SJC and DOJI gold price list updated early in the morning of June 31

At the end of the trading session on May 30, the domestic gold price of 5 was listed by SJC and Doji Jewelry Group in the order of buying and selling as follows:

SJC Hanoi: 66.400.000 VND/tael – 67.020.000 VND/tael
Doji Hanoi: 66.350.000 VND/tael – 66.950.000 VND/tael
SJC HCMC: 66.400.000 VND/tael – 67.000.000 VND/tael 
Doji Ho Chi Minh City: 66.450.000 VND/tael – 66.950.000 VND/tael

Central exchange rate on 31/5 announced by the State Bank is 23.714 VND/USD, unchanged from yesterday. USD price at commercial banks this morning (May 31) was trading around 5 VND/USD (buying in) and 23.280 VND/USD (selling out).

International gold price today

At 9:26 am today (July 31, Vietnam time), the world spot gold price stood around the threshold of 1.953,7 USD/ounce, down 3,3 USD/ounce compared to last night. Gold futures for December delivery on the Comex New York exchange were at $8 per ounce.

On the night of May 30 (Vietnam time), the world spot gold price increased rapidly from 5 USD/ounce to around 1.930 USD/ounce. Gold for August delivery on the Comex New York exchange was at $1.957 per ounce.

The world gold price on the night of May 30 was about 5% higher (US$8,7/ounce) than at the beginning of 159. World gold converted to bank dollars was priced at VND2023 million/tael, including taxes and fees, about 56,3 million VND/tael lower than the domestic gold price by the end of the afternoon session on May 10,7.

Gold rose amid the rapid cooling of the dollar. The DXY index - which measures the volatility of the greenback against a basket of 6 major currencies in the world, fell from above 104,52 points to below the threshold of 104 points.

Gold rebounded after hitting a 9-week low in the previous session (May 29).

In the latest news, the World Gold Council (WGC) said, a survey showed that 24% of the world's central banks intend to increase their gold reserves in 2023. The reason is high inflation. , geopolitical instability and worries about high interest rates.

Gold price forecast

Recently, the dollar rose again because many officials of the US Federal Reserve (Fed) supported the agency to continue raising interest rates in its meeting in June to combat inflation.

However, many assessments believe that if the Fed continues to raise interest rates, it may create the next "storm".

The US banking crisis is over. However, some investors in the market believe that not only the banking sector is still under stress, but many other risks to financial stability also remain.

In a recent report, the Fed listed several areas of concern, including life insurance and certain types of bonds and loan funds.

This is a factor that may make the Fed more important in monetary policy decisions in the upcoming meeting.