Gold prices increase slightly towards the $2,000/ounce mark

Domestic gold price today

Early afternoon of July 27 , 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 13:42 and the price of 9999 gold was listed by Doji Jewelry Group at 13:44 as follows:

	Buy	Sell
SJC Hanoi	66,550,000 VND/tael	67,170,000 VND/tael
SJC HCMC	66,550,000 VND/tael	67,150,000 VND/tael
SJC Danang	66,550,000 VND/tael	67,170,000 VND/tael
Doji Hanoi	66,550,000 VND/tael	67,250,000 VND/tael
Doji HCMC	66,650,000 VND/tael	67,150,000 VND/tael

SJC and DOJI gold price list updated early afternoon 27/7

Early morning of July 27 , SJC 9999 gold price today remained unchanged compared to yesterday's closing price.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:30 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:39 a.m. 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	66,650,000 VND/tael	67,250,000 VND/tael
Doji HCMC	66,550,000 VND/tael	67,150,000 VND/tael

SJC and DOJI gold price list updated early morning 7/27

At the end of the trading session on July 26, 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: 66,600,000 VND/tael - 67,220,000 VND/tael
Doji Hanoi: 66,550,000 VND/tael - 67,250,000 VND/tael
SJC HCMC: 66,600,000 VND/tael - 67,200,000 VND/tael
Doji HCMC: 66,600,000 VND/tael - 67,100,000 VND/tael

The central exchange rate on July 27 announced by the State Bank is 23,736 VND/USD, down 10 VND compared to yesterday. The USD price at commercial banks this morning (July 27) was traded around 23,470 VND/USD (buy) and 23,840 VND/USD (sell).

International gold price today

At 8:56 a.m. today (July 27, Vietnam time), the world spot gold price stood at around 1,975.1 USD/ounce, up 2.1 USD/ounce compared to last night. The price of gold futures for December delivery on the Comex New York floor was at 2,016.1 USD/ounce.

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

On the night of July 26 (Vietnam time), the world spot gold price stood at around 1,973 USD/ounce. Gold for December delivery on the Comex New York floor was at 1,997 USD/ounce.

The world gold price on the night of July 26 was about 8.2% higher (149 USD/ounce) than at the beginning of 2023. World gold converted to the bank USD price was 57.2 million VND/tael, including taxes and fees, about 10.0 million VND/tael lower than the domestic gold price as of the end of the afternoon session on July 26.

*Gold price increased sharply today. (Photo: KC)*

The market is looking at the views of US Federal Reserve Chairman Jerome Powell on whether to continue to pursue a tight or loose monetary policy in the context of recent cooling of US inflation.

Gold was also supported by declines in many Asian and European stock markets. US stocks also performed poorly in the session on July 26.

Gold also benefited from news that the BRICS group (a group of emerging economies, including Brazil, Russia, India, China and South Africa) could discuss a gold-backed currency.

However, the commodity closely related to gold, oil, weakened slightly. Thereby putting downward pressure on gold prices.

Gold Price Forecast

Gold is expected to soon conquer a record high even as the Fed maintains its tightening cycle after increasing 25 basis points at this meeting.

Accordingly, gold could rise above the threshold of 2,000 USD/ounce. Demand for precious metals remains high amid economic and political instability occurring around the world.

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

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