Domestic gold prices today
Early this morning, July 5th , the price of 9999 gold from SJC decreased by 50,000 VND/ounce for both buying and selling compared to the closing price of yesterday's trading session.
The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:22 AM, and the price of 9999 gold was listed by Doji Gold and Jewelry Group at 9:11 AM as follows:
| Buy | Sell | |
| SJC Hanoi | 66,450,000 VND/ounce | 67,070,000 VND/ounce |
| SJC Ho Chi Minh City | 66,450,000 VND/ounce | 67,050,000 VND/ounce |
| SJC Da Nang | 66,450,000 VND/ounce | 67,070,000 VND/ounce |
| Doji Hanoi | 66,400,000 VND/ounce | 67,000,000 VND/ounce |
| Doji Ho Chi Minh City | 66,450,000 VND/ounce | 66,950,000 VND/ounce |
Updated SJC and DOJI gold prices at the beginning of the morning on July 5th.
At the close of trading on July 4th, the domestic price of 9999 gold was listed by SJC and Doji Gold and Gemstone Group in the following order for buying and selling:
SJC Hanoi: 66,500,000 VND/ounce - 67,120,000 VND/ounce
Doji Hanoi: 66,450,000 VND/ounce - 67,050,000 VND/ounce
SJC Ho Chi Minh City: 66,500,000 VND/ounce - 67,100,000 VND/ounce
Doji Ho Chi Minh City: 66,500,000 VND/ounce - 67,050,000 VND/ounce
The central exchange rate for July 5th , announced by the State Bank of Vietnam, is 23,813 VND/USD, an increase of 9 VND compared to yesterday. The USD price at commercial banks this morning (July 5th) is trading around 23,420 VND/USD (buying) and 23,790 VND/USD (selling).
International gold price today
At 10:00 AM today (July 5th, Vietnam time), the spot price of gold in the world market stood around $1,923.3 per ounce, down $3.7 per ounce compared to last night. The price of August gold futures on the Comex New York exchange was $1,931.2 per ounce.
On the night of July 4th (Vietnam time), the spot price of gold in the world market stood around $1,927 per ounce. Gold futures for August delivery on the Comex New York exchange were at $1,949 per ounce.
World gold prices on the night of July 4th were approximately 5.6% (US$103/ounce) higher than at the beginning of 2023. Converted using the bank's USD exchange rate, world gold was priced at VND 55.9 million/ounce, including taxes and fees, which is about VND 11.2 million/ounce lower than domestic gold prices as of the end of the trading session on July 4th.
Gold prices on the international market continued their recovery after falling to near the strong support level of $1,900 per ounce. Domestic gold prices surged due to the high USD/VND exchange rate in the banking system, increasing by nearly 100 dong to 23,860 VND/USD. However, in the short term, pressure on the precious metal globally remains significant.
Gold prices on the world market recovered quite quickly thanks to bargain hunting after gold approached the important support level of $1,900 per ounce.
The slight cooling of the US dollar also contributed to the rebound in gold prices.
Oil, a commodity closely related to gold, has seen its price rise, thereby driving up gold prices. Recently, WTI and Brent crude oil prices have been steadily increasing after OPEC+ cut production. Saudi Arabia cut its oil supply by 1 million barrels to 9 million barrels per day starting in July.
WTI crude oil prices rose by 1.5% to $70.83 per ounce on the night of July 4th (Vietnam time).
Despite the recovery, gold remains under pressure in the short and medium term as the US dollar is strongly supported by news that the Federal Reserve (Fed) is likely to raise interest rates at its next meeting.
Prior to this, the Fed had raised interest rates 10 times, totaling 500 basis points, and halted the increase at its June meeting.
Gold price forecast
Market signals and the views of most Fed officials still suggest further interest rate hikes, approximately two more times, each by 25 basis points, to combat inflation.
According to experts from Heraeus Precious Metals on Kitco, the Fed's hawkish stance could put further pressure on gold for an extended period. Recent US economic data also reinforces the likelihood of a Fed interest rate hike.
Experts at Heraeus Precious Metals believe that gold will face headwinds over the next 10 months as the USD is likely to remain strong. Accordingly, the US may only implement its first interest rate cut in May 2024. The peak of interest rates will occur at the end of 2023.
However, if rising interest rates destabilize the US economy, gold will benefit again.
Therefore, how gold prices will rise or fall in the near future depends on many factors. These include monetary policy decisions, the results/consequences of these policies, as well as fluctuations in financial markets and global geopolitics.
Source
Comment (0)