Gold price reverses to decrease, SJC gold bars and gold rings are quiet

Domestic gold price today August 2, 2024

Gold ring priceDomestically, there were few changes early this morning.

Specifically, Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 76.2-77.55 million VND/tael (buy - sell), unchanged from the closing price of yesterday's trading session.

Doji Gold and Gemstone Group lowered the price of 9999 round smooth gold rings to 76.3-77.55 million VND/tael (buy - sell), down 100 thousand VND/tael in both buying and selling compared to yesterday's closing price.

Early morning 2/8,SJC 9999 gold price remained unchanged compared to yesterday's closing price, at 79.8 million VND/tael (selling).

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:02 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:33 a.m. as follows:

SJC and Doji gold price list updated early morning August 2

At the end of the session on August 1, the price of 9999 gold bars at SJC was 77.8 million VND/tael (buy) and 79.8 million VND/tael (sell). SJC listed the price of gold rings at 76.2-77.55 million VND/tael (buy - sell).

Doji Hanoi listed at 77.8 million VND/tael (buy) and 79.8 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 77.8 million VND/tael and sold at 79.8 million VND/tael.

Bao Tin Minh Chau listed the price of Golden Dragon gold bars at 76.43-77.63 million VND/tael (buy - sell).

Central rate on August 2, 2024announced by the State Bank is 24,242 VND/USD, down 3 VND compared to the previous trading session. The USD price at commercial banks this morning (August 2) was commonly listed at 25,030 VND/USD (buy) and 25,400 VND/USD (sell).

International gold price today 8/2/2024

As of 8:31 a.m. today (August 2, Vietnam time),The world spot gold price stood at around 2,441.6 USD/ounce, down 12.6 USD/ounce compared to last night. The price of gold futures for December 2024 on the Comex New York floor was at 2,484.6 USD/ounce.

Morning 2/8, world gold converted to USD bank price is at more than 75.5 million VND/tael, including tax and fees, about 4.3 million VND/tael lower than domestic gold price.

Gold price on Kitco floor at 9:00 p.m. (August 1, Vietnam time) was trading at 2,454.2 USD/ounce, up 0.24% compared to the beginning of the session. Gold futures price for December 2024 delivery on Comex New York floor was trading at 2,495.9 USD/ounce.

At the beginning of the trading session on August 1 (US time), the world gold price continued to increase after a sharp increase in the previous session. Analysts said that at the present time, gold has enough momentum to increase to a new record level.

World gold is continuing to increase strongly thanks to the demand for safe haven due to concerns about escalating tensions after the assassination of a Hamas leader in Iran, causing shock to the region - which is already shaken by the war in the Gaza Strip and the escalating conflict in Lebanon.

Gold prices were also boosted when US Federal Reserve Chairman Jerome Powell hinted that a rate cut could be discussed as early as September, if inflation remains in line with expectations.

Policymakers are increasingly confident that inflation is moving toward the Fed's 2% target, Powell said, raising investors' hopes for a possible monetary policy pivot at the Fed's September meeting.

Gold Price Forecast

Recently, some forecasts have said that regardless of which candidate, Donald Trump or Kamala Harris, becomes the US president, the White House will increase the money injection to support the economy. Gold will benefit from this move.

Several major banks in the world still maintain their forecast that gold prices will reach $2,500/ounce this year.

According to senior analyst Ricardo Evangelista of ActivTrades, concerns about rising political tensions and expectations that the Fed will pivot its monetary policy are catalysts boosting gold.

Sharing the same view, senior market strategist Bob Haberkorn of RJO Futures predicted that the Fed's interest rate cut along with geopolitical risks in the Middle East could push gold prices up to $2,700/ounce.