Domestic gold price today
Early morning of July 29 , SJC's 9999 gold price today decreased by 100 thousand VND/tael in buying price and remained unchanged in selling price compared to yesterday's closing price.
The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:38 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:32 a.m. as follows:
| Buy | Sell | |
| SJC Hanoi | 66,550,000 VND/tael | 67,270,000 VND/tael |
| SJC HCMC | 66,550,000 VND/tael | 67,250,000 VND/tael |
| SJC Danang | 66,550,000 VND/tael | 67,270,000 VND/tael |
| Doji Hanoi | 66,550,000 VND/tael | 67,250,000 VND/tael |
| Doji HCMC | 66,650,000 VND/tael | 67,150,000 VND/tael |
SJC and DOJI gold price list updated early morning July 29
At the end of the trading session on July 28, the price of 9999 gold bars at SJC Ho Chi Minh City was 66.65 million VND/tael (buy) and 67.25 million VND/tael (sell). SJC Hanoi listed at 66.65 million VND/tael (buy) and 67.27 million VND/tael (sell).
Doji Hanoi listed at 66.55 million VND/tael (buy) and 67.25 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.6 million VND/tael and sold at 67.1 million VND/tael.
The central exchange rate on July 28 announced by the State Bank is 23,744 VND/USD. The USD price at commercial banks this morning (July 29) was traded around 23,490 VND/USD (buy) and 23,860 VND/USD (sell).
International gold price today
At 9:11 a.m. today (July 29, Vietnam time), the world spot gold price stood at around 1,959.4 USD/ounce, up 4.4 USD/ounce compared to last night. The price of gold futures for December delivery on the Comex New York floor was at 1,999.9 USD/ounce.
On the morning of July 29 , world gold converted to USD bank price was over 56.36 million VND/tael (excluding tax and fees), about 10.91 million VND/tael lower than domestic gold price.
On the world market, the spot gold price on Kitco floor on July 28 (at 8:00 p.m., Vietnam time) was trading at 1,954 USD/ounce.
Gold prices rose back above the psychologically important level of $1,950 an ounce, as US inflation came in as expected.
The Commerce Department said its core personal consumption expenditures price index rose 0.2% last month. Inflation over the past 12 months rose 4.1%, down sharply from June's 4.6% increase. Inflation remains high, nearly double the Federal Reserve's 2% target.
Some analysts say inflation is falling in the right direction, leading the Fed to keep interest rates unchanged in September. The possibility of a pause in tightening interest rates continues to support gold prices.
According to the released data, the US GDP increased by 2.4% (adjusted on an annual basis) in the second quarter. The US Department of Labor said that the number of initial unemployment claims decreased by 7,000 compared to the previous week.
Meanwhile, the European Central Bank (ECB) has just raised interest rates by 25 percentage points and left open the possibility of further rate hikes in the coming months.
Gold Price Forecast
Policymakers at the Fed and other central banks have been more hawkish, which is bad for gold. Gold is highly sensitive to interest rate hikes because rising rates increase the opportunity cost of holding non-yielding assets like bullion.
Analysts forecast the average gold price in 2023 will be $1,950/ounce.
$2,000 an ounce remains achievable for gold based on factors including the potential end of interest rate hikes and persistent geopolitical tensions, said StoneX analyst Rhona O'Connell.
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