World gold price increases sharply, "pulling" gold ring price up

Domestic gold price this afternoon 7/24/2024

At the time of survey at 2:00 p.m. on July 24, 2024, the gold price today, July 24, on the trading floors of some companies is as follows:

The price of SJC gold listed by the gold house is 77.50 million VND/tael for buying and 79.50 million VND/tael for selling.

This afternoon, DOJI listed the price of 9999 gold at 77.50 million VND/tael for buying and 79.50 million VND/tael for selling.

At Mi Hong Gold and Gemstone Company, the price of Mi Hong gold at the time of survey listed the price of SJC gold at 78.50 - 79.50 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 77.70 - 79.50 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 78.80 - 79.50 million VND/tael (buy - sell).

SJC gold bars this afternoon kept the same price as yesterday's trading session at the same time, currently the difference between domestic and world gold prices is around 4.5 million VND/tael.

The domestic gold ring price in today's trading session was slightly increased by brands. Specifically, Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 75.8-77.2 million VND/tael (buy - sell), an increase of 100,000 VND per tael in both buying and selling compared to yesterday. Meanwhile, DOJI Jewelry Group raised the price of 9999 plain round gold rings to 75.95-77.2 million VND/tael (buy - sell), an increase of 50,000 VND in both buying and selling compared to yesterday.

The central exchange rate listed by the State Bank is 24,264 VND/USD, up 3 VND/USD. The USD price at commercial banks is traded around 25,147 VND/USD for buying and 25,477 VND/USD for selling.

Gold price this afternoon 7/24/2024. Illustration photo

1. DOJI – Updated: 07/24/2024 14:26 – Source website time – ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
AVPL/SJC HN	77,500	79,500
AVPL/SJC HCM	77,500	79,500
AVPL/SJC DN	77,500	79,500
Raw material 9999 – HN	75,550	76,300 ▲100K
Raw materials 999 – HN	75,450	76,200 ▲100K
AVPL/SJC Can Tho	77,500	79,500

2. PNJ – Updated: 07/24/2024 14:30 – Time of the source website – ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC – PNJ	75,850 ▲30K	77,210 ▲40K
HCMC – SJC	77,500	79,500
Hanoi – PNJ	75,850 ▲30K	77,210 ▲40K
Hanoi – SJC	77,500	79,500
Da Nang – PNJ	75,850 ▲30K	77,210 ▲40K
Da Nang – SJC	77,500	79,500
Western Region – PNJ	75,850 ▲30K	77,210 ▲40K
Western Region – SJC	77,500	79,500
Jewelry gold price – PNJ	75,850 ▲30K	77,210 ▲40K
Jewelry gold price – SJC	77,500	79,500
Gold jewelry price – Southeast	PNJ	75,850 ▲30K
Jewelry gold price – SJC	77,500	79,500
Jewelry gold price – Jewelry gold price	PNJ Ring (24K)	75,850 ▲30K
Jewelry Gold Price – 24K Jewelry	75,800 ▲100K	76,600 ▲100K
Jewelry Gold Price – 18K Jewelry	56,200 ▲70K	57,600 ▲70K
Jewelry Gold Price – 14K Jewelry	43,560 ▲60K	44,960 ▲60K
Jewelry Gold Price – 10K Jewelry	30,620 ▲50K	32,020 ▲50K

World gold price today 7/24/2024 and world gold price fluctuation chart in the past 24 hours

According to Kitco, the world gold price recorded at 2:00 p.m. today, Vietnam time, was at 2,415.33 USD/ounce. Today's gold price increased by 22.36 USD/ounce compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 72.972 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 4.528 million VND/tael higher than the international gold price.

Gold price fluctuation chart in the last 24 hours

The world spot gold price stood at 2,415.33 USD/ounce, up more than 22 USD/ounce compared to the same time yesterday. The yellow precious metal increased strongly despite the high greenback.

In addition, the US economy announced the federal manufacturing index in July at a decrease of 17, much lower than the forecast of a decrease of 7.

Meanwhile, the US Redbook index – a weighted measure of revenue growth surveyed by representatives of major and popular retailers for about 9,000 US stores – increased slightly from 4.8% in June to 4.9% in July.

So, US store sales seemed to be more positive in July, but federal manufacturing fell sharply. This is the factor that pushed gold prices up sharply today.

Gold Price Forecast

In a recent forecast, commodity analysts at BMO Capital Markets raised their gold price forecast by 5% across the board as they do not expect gold prices to fall below $2,000 an ounce in the next four years.

The Bank of Canada forecasts gold prices to average around $2,263 an ounce this year, up 4% from its previous estimate of $2,168.

In 2025, BMO forecasts gold prices to average around $2,200 an ounce, up 5% from its previous estimate of $2,100. While gold prices are expected to fluctuate in the third quarter, BMO forecasts prices to rise by the end of the year, with an average price of $2,350 in the fourth quarter.

Source: https://congthuong.vn/gia-vang-chieu-nay-2472024-vang-the-gioi-tang-manh-keo-vang-nhan-tien-len-334494.html