Domestic gold price today

Domestic gold bar prices fluctuated this morning and traded at over 68 million VND/tael sold. Currently, the listed gold bar prices of the brands are as follows.

DOJI gold price in Hanoi area continues to be adjusted up 100,000 VND in both directions to 67.4 million VND/tael for buying and 68.3 million VND/tael for selling. In Ho Chi Minh City, this brand's gold is buying and selling at the same level as in Hanoi area, up 100,000 VND in both directions compared to early this morning.

Domestic gold prices are mixed. Photo: vnexpress.net

SJC gold price in Hanoi and Da Nang is listed at 67.5 million VND/tael for buying and 68.12 million VND/tael for selling. In Ho Chi Minh City, SJC gold is still being bought at the same price as in Hanoi and Da Nang but sold at 20,000 VND lower. Thus, compared to early this morning, SJC gold price has been adjusted down 50,000 VND in both directions.

PNJ gold price is listed at 67.6 million VND/tael for buying and 68.3 million VND/tael for selling, up 150,000 VND for buying and 200,000 VND for selling. Meanwhile, Bao Tin Minh Chau has adjusted down 50,000 VND for buying and 40,000 VND for selling to 67.52 million VND/tael and 68.1 million VND/tael, respectively.

Domestic gold bar prices updated at 5:30 a.m. August 31 as follows:

Yellow

Area

Early morning 30-8

Early morning of August 31

Difference

Buy

Sell

Buy

Sell

Buy

Sell

Unit of measure:

Million VND/tael

Unit of measure:

Thousand dong/tael

DOJI

Hanoi

67.3

68.2

67.4

68.3

+100

+100

Ho Chi Minh City

67.3

68.2

67.4

68.3

+100

+100

SJC

Ho Chi Minh City

67.55

68.15

67.5

68.1

-50

-50

Hanoi

67.55

68.17

67.5

68.12

-50

-50

Danang

67.55

68.17

67.5

68.12

-50

-50

PNJ

Ho Chi Minh City

67.45

68.1

67.6

68.3

+150

+200

Hanoi

67.45

68.1

67.6

68.3

+150

+200

Bao Tin Minh Chau

Nationwide

67.57

68.14

67.52

68.1

-50

-40










World gold price today

World gold prices increased slightly this morning with spot gold rising $6.5 to $1,943 an ounce. December gold futures last traded at $1,971.2 an ounce, up $6.3 from yesterday morning.

Gold continued to rise as new data showed signs of a cooling labor market and a slowing global economy. Specifically, the US Bureau of Economic Analysis' second-quarter gross domestic product report showed the economy grew at a lower-than-expected 2.1% rate. Economists had expected a 2.4% increase, according to the consensus estimate. The closely watched personal consumption expenditures (PCE) price index rose 2.5% in the second quarter, compared to a first estimate of 2.6%. All of these figures favor supporters of the US Federal Reserve (Fed) delaying further interest rate hikes.

The latest jobs report also showed that the labor market is cooling. According to the latest report from ADP, 177,000 jobs were created last month. The data missed expectations, with economists forecasting a gain of about 194,000. Along with the weaker job growth, the report also noted slower wage growth across the country.

World gold prices edged up slightly. Photo: Reuters

Another piece of information the market is waiting for this week is the US Labor Department's August employment report, which will be released this Friday. The number of non-farm jobs is expected to increase by 170,000, compared to the increase of 187,000 in the July report.

Analysts are closely watching the labor market as it could determine when the US central bank stops raising interest rates. The Fed has said it will need to see a slowdown in the labor market as a condition for ending its current tightening cycle.

Gold continues to assert itself as a global store of value, attracting a new generation of investors who have weathered unprecedented volatility, according to Randy Smallwood, CEO of Wheaton Precious Metals and Chairman of the World Gold Council.

Smallwood added that the World Gold Council has seen significant interest from banks around the world in digitizing physical gold. He said that Bitcoin’s relative obscurity throughout 2023 could allow gold to shine in the digital market.

With the domestic gold price increasing slightly and the world gold price listed at Kitco at 1,943 USD/ounce (equivalent to nearly 56.9 million VND/tael if converted according to Vietcombank exchange rate, excluding taxes and fees), the difference between the domestic and world gold prices is over 11 million VND/tael.

TRAN HOAI

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