Domestic SJC gold price decreased by 100 thousand VND/tael

Domestic gold price today

Early afternoon of August 2 , today's SJC 9999 gold price decreased by 50 thousand VND/tael in both buying and selling compared to the morning.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 14:27 and the price of 9999 gold was listed by Doji Jewelry Group at 14:52 as follows:

	Buy	Sell
SJC Hanoi	66,600,000 VND/tael	67,220,000 VND/tael
SJC HCMC	66,600,000 VND/tael	67,200,000 VND/tael
SJC Danang	66,600,000 VND/tael	67,220,000 VND/tael
Doji Hanoi	66,550,000 VND/tael	67,300,000 VND/tael
Doji HCMC	66,650,000 VND/tael	67,150,000 VND/tael

SJC and DOJI gold price list updated early afternoon 2/8

Early morning of August 2 , SJC gold price 9999 today decreased by 100 thousand VND/tael in both buying and selling compared to the end of yesterday's trading session.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:34 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:53 a.m. as follows:

	Buy	Sell
SJC Hanoi	66,650,000 VND/tael	67,270,000 VND/tael
SJC HCMC	66,650,000 VND/tael	67,250,000 VND/tael
SJC Danang	66,650,000 VND/tael	67,270,000 VND/tael
Doji Hanoi	66,550,000 VND/tael	67,250,000 VND/tael
Doji HCMC	66,700,000 VND/tael	67,200,000 VND/tael

SJC and DOJI gold price list updated early morning August 2

At the end of the trading session on August 1, the domestic 9999 gold price was listed by SJC and Doji Gold and Gemstone Group in the following order of buying and selling:

SJC Hanoi: 66,750,000 VND/tael - 67,350,000 VND/tael
Doji Hanoi: 66,600,000 VND/tael - 67,300,000 VND/tael
SJC HCMC: 66,750,000 VND/tael - 67,370,000 VND/tael
Doji HCMC: 66,700,000 VND/tael - 67,200,000 VND/tael

The central exchange rate on August 2 announced by the State Bank is 23,773 VND/USD, an increase of 16 VND compared to yesterday. The USD price at commercial banks this morning (August 2) was traded around 23,480 VND/USD (buy) and 23,850 VND/USD (sell).

International gold price today

At 9:24 a.m. today (August 2, Vietnam time), the world spot gold price stood at around 1,948 USD/ounce, up 2 USD/ounce compared to last night. The price of gold futures for December delivery on the Comex New York floor was at 1,985 USD/ounce.

Fluctuations in international gold prices in the past 24 hours (Photo: Kitco)

On the night of August 1 (Vietnam time), the world spot gold price stood at around 1,946 USD/ounce. Gold for December delivery on the Comex New York floor was at 1,980 USD/ounce.

The world gold price on the night of August 1 was about 6.7% higher (122 USD/ounce) than at the beginning of 2023. World gold converted to the bank USD price was 56.5 million VND/tael, including taxes and fees, about 10.8 million VND/tael lower than the domestic gold price as of the end of the afternoon session on August 1.

Gold prices on the international market fell rapidly from a two-month peak (around $1,980/ounce on July 27) due to rapidly increasing profit-taking pressure and the USD suddenly appreciating against other major currencies.

*Gold price today turned to decrease rapidly. (Photo: KC)*

The greenback rose sharply amid a decline in several other major currencies in the world, including the Japanese Yen and the Chinese Yuan.

The Japanese yen fell to a three-week low on last week's policy change by the Bank of Japan (BOJ), which could be preparing to change its yield curve target in 2023.

China's Yuan also fell following negative developments in the Chinese economy.

The Euro and the British Pound also reversed losses after a period of strong gains.

The decline in many currencies has pushed the USD to a three-week high.

The USD is also supported by the Federal Reserve's still-tight monetary policy. The Fed may raise interest rates once more in September. US banks are also tightening lending conditions to ensure safety.

Gold prices also fell due to a decline in oil, a commodity closely related to gold. Rising bond yields also put pressure on gold.

Gold Price Forecast

Demand for gold shows signs of softening. Global demand for gold fell 2% in the second quarter to 921 tonnes due to high interest rates and a stronger US economy, according to the World Gold Council.

Still, central bank demand for gold hit a record high of 387 tonnes in the first half of 2023. If central banks are indeed driving “smart money”, this is positive news for gold speculators.

Previously, many forecasts said that gold could rise above the threshold of 2,000 USD/ounce. Demand for this precious metal remains high in the context of economic and political instability occurring all over the world.

The US dollar, meanwhile, is at the end of its bull run and is about to enter a prolonged bear phase.

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