LIVE UPDATE TABLE OF GOLD PRICE TODAY 7/29 and EXCHANGE RATE TODAY 7/29
| 1. PNJ - Updated: 07/28/2023 22:00 - Website supply time - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 56,000 ▼300K | 57,100 ▼200K |
| HCMC - SJC | 66,600 | 67,200 ▲50K |
| Hanoi - PNJ | 56,000 ▼300K | 57,100 ▼200K |
| Hanoi - SJC | 66,600 | 67,200 ▲50K |
| Da Nang - PNJ | 56,000 ▼300K | 57,100 ▼200K |
| Da Nang - SJC | 66,600 | 67,200 ▲50K |
| Western Region - PNJ | 56,000 ▼300K | 57,100 ▼200K |
| Western Region - SJC | 66,750 ▼100K | 67,250 ▼100K |
| Jewelry gold price - PNJ rings (24K) | 56,000 ▼300K | 57,000 ▼200K |
| Jewelry Gold Price - 24K Jewelry | 55,800 ▼300K | 56,600 ▼300K |
| Jewelry Gold Price - 18K Jewelry | 41,200 ▼230K | 42,600 ▼230K |
| Jewelry Gold Price - 14K Jewelry | 31,860 ▼180K | 33,260 ▼180K |
| Jewelry Gold Price - 10K Jewelry | 22,300 ▼120K | 23,700 ▼120K |
Gold prices held near a two-week low on the final trading day of the week (July 28) after stronger-than-expected US economic data boosted the dollar and bond yields. The high-interest-rate environment sent the non-yielding precious metal to its biggest weekly loss this year.
This week's action also showed that after hitting a weekly high in Thursday's trading, the gold market saw profit-taking ahead of the closing bell for the commodities market.
According to TG&VN at 7:00 p.m. on July 28 (Vietnam time), the gold price traded on Kitco was at 1,957.4 USD/ounce, up 9.6 USD compared to the previous session, after continuously falling sharply. The last time, the gold price traded in August increased by 10.30 USD to 1,956.00 USD/ounce.
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| Gold price today July 29, 2023: Gold price hits bottom, biggest drop of the year, is it the right time to buy? (Source: TASS) |
Domestic gold prices are almost unchanged, remaining above 67 million VND/tael for sale.
Summary of SJC gold prices at major domestic trading brands at the closing time of July 28.
Saigon Jewelry Company listed the price of SJC gold at 66.75 - 67.37 million VND/tael.
Doji Group currently lists the price of SJC gold at: 66.55 - 67.25 million VND/tael.
Phu Quy Group listed at: 66.45 - 67.05 million VND/tael.
PNJ system listed at: 66.60 - 67.15 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 66.75 - 67.28 million VND/tael; Rong Thang Long gold brand is traded at 56.23 - 57.08 million VND/tael; jewelry gold price is traded at 55.65 - 56.85 million VND/tael.
Gold prices are still being pulled down?
Gold prices have fallen from their weekly highs after better-than-expected GDP data from the world's leading economy and a better-than-expected drop in unemployment claims, according to analysts. Gold prices are expected to remain under pressure in the coming days after the upbeat US economic data, and could fall another $10 to $15 in the market. Some investors, therefore, see this as a good time to buy.
New data released showed that the US economy's GDP grew by 2.4% in the second quarter, beating economists' expectations. Economists had expected a 1.8% increase. New data also showed that the strength of the US labor market was a factor in the reversal of gold prices. According to the US Department of Labor, the number of weekly unemployment claims decreased by 7,000 compared to the previous week.
According to analysts, gold prices are suffering a double shock. The number of unemployment claims from earlier shows that the labor market is stronger than expected. Meanwhile, GDP figures show that the US is not likely to enter a recession at the moment. These two important factors will pave the way for the Fed to continue raising interest rates.
Gold prices are currently in the range of $1,935 to $1,985 an ounce and the yellow metal is expected to fall further to $1,935 an ounce after positive US economic data is released.
Gold prices are highly sensitive to rising interest rates. Rising interest rates increase the opportunity cost of holding non-yielding assets such as gold.
The best chance for gold to hit a new record high is if the Fed announces the end of its monetary tightening cycle and there is no imminent recession, said market analyst Matt Simpson at financial services firm City Index .
Looking longer term, George Milling-Stanley, head of gold strategy at State Street Global Advisors, said the precious metal will continue to be supported by lingering recession concerns. “People are still concerned about the health of the economy, and uncertainty is good for gold. I don’t think that uncertainty is going away anytime soon,” he said.
Even if a recession is avoided, the Fed’s aggressive monetary policy will slow growth, he added. “While not a perfect environment for gold, low growth and persistent inflation are still positive for the precious metal,” Milling-Stanley said.
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