Gold price "stands still", cautious before the move from the world's number 1 economy, gold rings maintain the upward momentum

Gold price today July 2, 2024, Gold price "stands still", gold rings maintain an upward trend for 3 consecutive weeks, closely following the price of SJC gold bars. The world market is stable, investors are cautious before important US economic data is about to be announced.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 7/2 and EXCHANGE RATE TODAY 7/2

1. SJC - Updated: 07/01/2024 08:25 - Website time of supply - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L, 1KG	74,980	76,980
SJC 5c	74,980	77,000
SJC 2c, 1c, 5c	74,980	77,010
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	73,950	75,550
SJC 99.99 gold ring 0.3 chi, 0.5 chi	73,950	75,650
Jewelry 99.99%	73,850	74,850
Jewelry 99%	72,109	74,109
Jewelry 68%	48,553	51,053
Jewelry 41.7%	28,866	31,366

Update gold price today 7/2/2024

Domestic gold price is stable

On the morning of July 1, the price of SJC gold bars continued to stand at 76.98 million VND/tael in the selling direction, remaining stable compared to the previous session's closing price, despite the inconsistent fluctuations in world gold prices last week.

At 8:55 a.m., DOJI Gold and Gemstone Group listed the price of SJC gold at 74.98 - 76.98 million VND/tael (buy - sell), unchanged from the closing price yesterday afternoon.

Similarly, Saigon Jewelry Company (SJC) also listed the price of SJC gold at 74.98 - 76.98 million VND/tael (buy - sell), stable compared to the closing price yesterday afternoon.

Gold price today July 2, 2024: Gold price remains stable, cautious before the move from the world's number 1 economy, gold rings maintain the upward trend. (Source: Reuters)

Summary of SJC gold bar prices at major domestic trading brands at the closing time of July 1:

Saigon Jewelry Company listed at 74.98 - 76.98 million VND/tael.

Doji Group is currently listed at: 74.98 - 76.98 million VND/tael.

PNJ system listed at: 74.98 - 76.98 million VND/tael.

Phu Quy Gold and Silver Group listed at 75.5 - 76.98 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 75.5 - 76.98 million VND/tael; Rong Thang Long gold brand is traded at 74.68 - 75.98 million VND/tael; jewelry gold price is traded at 73.80 - 75.70 million VND/tael.

Meanwhile, domestic gold ring prices also "stayed put", with buying prices anchored below 74.7 million VND and selling prices anchored below 76 million VND/tael.

In the past 3 weeks, the price of gold rings has increased from 600,000 VND to nearly 1 million VND/tael. The unexpected development of the price of gold rings has caused the difference between the price of gold bars and the current price of gold bars to only be about 1 million VND/tael.

According to The Gioi & Viet Nam Newspaper , at 5:37 p.m. on July 1 (Vietnam time), the world gold price on goldprice.com was at 2,330.4 USD/ounce, an increase of 3.4 USD/ounce compared to the previous trading session.

Converted according to the USD price at Vietcombank on July 1, 1 USD = 25,464 VND, the world gold price is equivalent to 71.50 million VND/tael, 5.48 million VND/tael lower than the selling price of SJC gold.

World gold price goes sideways

Gold prices were little changed on Monday as US Treasury yields held steady, while investors remained cautious ahead of key economic data that could shed light on the trajectory of potential rate cuts by the US Federal Reserve.

Spot gold was little changed at $2,327.50 an ounce at 0932 GMT. Prices have risen more than 4% in the second quarter of 2024. US gold futures fell 0.1% to $2,337.80.

The yield on the 10-year US Treasury note hit a near three-week high, making non-yielding bullion less attractive to investors.

Investor attention now turns to remarks from Fed Chairman Jerome Powell on Tuesday, followed by minutes of the US central bank's latest policy meeting on Wednesday and the country's non-farm payrolls data on Friday.

“Chair Powell is likely to maintain a data-dependent stance, so if payrolls come in at the end of this week, that could lift gold prices again,” said UBS analyst Giovanni Staunovo , adding that gold will surge to $2,600 by the end of the year, fueled by Fed rate cuts.

Data last week showed US prices were unchanged in May while consumer spending rose moderately.

The market now sees a 63% chance of a Fed rate cut in September and another cut in December.

“This limited upside is probably also due to the outcome of the French elections, which supported the euro and the French stock market,” analyst Staunovo said.

The euro surged after the French far-right's historic and convincing victory in the first round of parliamentary elections.

The latest US inflation data is still being watched closely by investors and is unlikely to have much impact on the market's current expectations that the Fed will ease policy starting in September 2024, according to IG market strategist Yeap Jun Rong .

Meanwhile, analysts at ANZ bank predict that emerging market central banks will continue to diversify their reserves into gold."

Meanwhile, the currency system Kinesis Money said in a report: “The fact that gold bounced off the $2,300/ounce mark last week was a bullish signal in itself… This shows that buyers are willing to enter the market at levels below $2,300.”

Source: https://baoquocte.vn/gia-vang-hom-nay-272024-gia-vang-an-binh-bat-dong-than-trong-truoc-dong-thai-tu-nen-kinh-te-so-1-the-gioi-vang-nhan-duy-tri-da-tang-277053.html