US economy accelerates, gold plunges

Domestic gold price today 3/8

Early morning of August 3 , SJC 9999 gold price today remained unchanged compared to the close of yesterday's trading session.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:35 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:46 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	66,550,000 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 morning August 3

At the end of the trading session on August 2, 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 - 67,300,000 VND/tael
SJC HCMC: 66,600,000 VND/tael - 67,200,000 VND/tael
Doji HCMC: 66,650,000 VND/tael - 67,150,000 VND/tael

The central exchange rate on August 3 announced by the State Bank is 23,803 VND/USD, an increase of 30 VND compared to yesterday. The USD price at commercial banks this morning (August 3) was traded around 23,545 VND/USD (buy) and 23,915 VND/USD (sell).

International gold price today 3/8

At 9:28 a.m. today (August 3, Vietnam time), the world spot gold price stood at around 1,936.6 USD/ounce, down 10.4 USD/ounce compared to last night. The price of gold futures for December delivery on the Comex New York floor was at 1,972.3 USD/ounce.

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

On the night of August 2 (Vietnam time), the world spot gold price stood at around 1,947 USD/ounce. Gold for December delivery on the Comex New York floor was at 1,981 USD/ounce.

The world gold price on the night of August 2 was about 6.8% higher (123 USD/ounce) than at the beginning of 2023. World gold converted to the bank USD price was 56.6 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 2.

Gold prices on the international market continued to fall, the USD was under pressure from Fitch's negative assessments of the US economy.

The world gold price in the early afternoon of August 3 (Vietnam time) continued to plummet by more than 30 USD compared to last night, down to 1,933 USD/ounce.

In the Hong Kong market at 2:00 p.m., the price dropped to $1,930/ounce.

In the trading session on August 2, the gold market fluctuated according to conflicting information about the US economy.

Gold rose sharply again after credit rating agency Fitch downgraded the US credit rating from AAA to AA+. The falling US dollar pushed gold prices up.

*Gold prices continue to fall today. (Photo: MR)*

However, the precious metal soon turned lower as the USD recovered after the White House objected to Fitch's downgrade of the US credit rating. The government disagreed with Fitch Ratings' downgrade of the US credit rating and affirmed that the US economy is recovering strongly.

Gold also fell after the US announced positive data on the US labor market, especially the private economic sector.

The economy added 324,000 jobs in July, much higher than the 191,000 economists had forecast, according to ADP.

Gold prices also fell as the yield on 10-year US bonds rose above 4%/year. Investors rushed to collect USD to buy bonds.

Gold Price Forecast

Despite the decline, gold is expected to increase in the medium and long term as the USD enters a period of decline.

Demand for gold remains high. Central banks around the world continue to increase their gold purchases. According to the World Gold Council (WGC), in the first half of 2023, central banks continued to buy 387 tons of gold, a record high compared to the same period of all years since 2000.

It is also worth noting that jewelry gold consumption in the second quarter still increased despite high gold prices. Jewelry gold consumption reached 476 tons, up 3% over the same period.

The economic recovery in Europe and China could also slow the US dollar's rise, thereby pushing gold prices up.

China’s gold demand is expected to rise in the second half of the year, driven by stimulus policies aimed at boosting consumption and investors seeking safe havens, which is also the traditional peak season for gold jewelry consumption linked to the holiday season.

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