Gold price on August 6: Gold bars suddenly dropped by nearly 1 million VND/tael

The world gold price today (August 6) decreased due to widespread sell-off after a week of strong price increases, currently trading at 2,414 USD/ounce. Domestically, the price of SJC gold bars decreased by nearly 1 million VND/tael, down to 79 million VND/tael; SJC gold rings decreased slightly, trading at 77.45 million VND/tael.

In the domestic market, this morning, August 6, gold brands simultaneously reduced prices. In particular, the price of SJC gold bars suddenly dropped sharply by 800,000 VND to 79 million VND/tael.

At 9:00 a.m. on August 6, DOJI gold bar prices in Hanoi and Ho Chi Minh City were listed at VND77 million/tael for buying and VND79 million/tael for selling, down VND1.3 million and VND800,000 respectively compared to the previous session.

This brand listed the buying and selling price of Doji Hung Thinh Vuong 9999 gold ring at 76.3-77.5 million VND/tael, down 100,000 VND and 50,000 VND respectively compared to the closing price last week.

Saigon Jewelry Company listed SJC gold bar price The buying and selling prices were at 77-79 million VND/tael, unchanged from the previous session's close. Meanwhile, the price of SJC 9999 ring gold was traded at 76.15 million VND/tael for buying and 77.45 million VND/tael for selling, down 100,000 VND from the previous session's close.

PNJ gold bought at 76.2 million VND/tael and sold at 77.45 million VND/tael, down 50,000 VND and 100,000 VND respectively compared to the previous session.

As of 9:00 a.m. August 6 (Vietnam time), gold price World prices fell slightly by 28.9 USD compared to the previous session to 2,414.2 USD/ounce.

Yesterday, the price of gold dropped to only 2,364 USD/ounce due to profit-taking pressure from investors, but immediately after that, the precious metal recovered to above 2,400 USD due to the demand for "bargain hunting" and safe haven.

The collapse in global stock markets sent the broader market into a “panic” to start the trading week. The old market adage seems to ring true in times of panic: “If you can’t sell what you want, sell what you can,” which has kept safe-haven metals gold and silver from rallying during times of heightened geopolitical uncertainty.

However, if the global stock market sell-off continues, investor sentiment could quickly shift to gold as a safe haven amid a “panic” stock market.

Recent weak U.S. economic data has quickly stoked fears of a recession. U.S. Treasury yields continue to fall. Markets are now pricing in a 60 percent chance of an emergency rate cut by the Federal Reserve next week.

Jeremy Siegel, professor emeritus of finance at the Wharton School of the University of Pennsylvania, told CNBC that the Fed should make an emergency 0.75% interest rate cut this week and cut rates another 0.75% at the FOMC meeting in September.

Although the market has just witnessed a sharp decline in precious metals, experts still believe that in the medium and long term, factors such as persistent economic and political instability as well as expectations of the FED cutting interest rates will support and help gold regain its upward momentum quickly.

This morning, the USD-Index continued to fall to 102.8 points, hitting a 5-month low; the yield on 10-year US Treasury bonds is currently at 3.829%, down about 1% since its peak in April; US stocks “plummeted”, the sharpest decline in 2 years as recession fears surrounded; oil prices stabilized after hitting a 6-month low, trading at 77.25 USD/barrel for Brent oil and 74.14 USD/barrel for WTI oil.

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