Gold price today August 3: Strong upward trend in the context of market fluctuations
Gold prices today, August 3, continued to record a strong increase in the buying direction in the domestic market, surpassing the threshold of 78 million VND/tael. This development marked a period of positive growth, opening up many attractive investment opportunities for investors.
Domestic gold price today August 3
Major domestic gold brands have adjusted the price of gold bars up by VND500,000 for buying, helping the gold price surpass the threshold of VND78 million/tael.
The selling price is still maintained at 79.8 million VND/tael. Brands such as SJC, DOJI, Phu Quy, PNJ, and Bao Tin Minh Chau listed the buying price at 78.3 million VND/tael. This is a consensus in price adjustment, creating a new stable price level in the market.
For gold rings, the listed price of SJC 9999 gold is 76.35 million VND/tael for buying and 77.65 million VND/tael for selling, respectively, recording a slight increase of 150,000 VND for buying and 100,000 VND for selling. In the Hanoi and Ho Chi Minh City markets, DOJI brand gold rings remain at 76.4 million VND/tael for buying and 77.65 million VND/tael for selling. Meanwhile, PNJ maintains the buying and selling price of gold rings at 75.6 million VND/tael and 77.06 million VND/tael.
Bao Tin Minh Chau's plain round rings are bought at 76.43 million VND/tael and sold at 77.63 million VND/tael, unchanged from the previous day. Phu Quy SJC is buying gold rings at 76.35 million VND/tael and selling at 77.65 million VND/tael.
Gold bar price updated at 5:30 am August 3 as follows:
| Product Million VND/tael | Today (August 3, 2024) | Yesterday (August 2, 2024) | ||
|---|---|---|---|---|
| Purchase price | Selling price | Purchase price | Selling price | |
| World gold price | 2,443.1$ +12.6$ | 2,444.1$ +12.1$ | $2,430.50 | $2,432 |
| AVPL/SJC HN | 78.3 | 79.8 | 78.3 | 79.8 |
| AVPL/SJC HCM | 78.3 | 79.8 | 78.3 | 79.8 |
| SJC 1L, 10L, 1KG | 78.3 | 79.8 | 78.3 | 79.8 |
| SJC 2c, 1C, 5 phan | 78.3 | 79.83 | 78.3 | 79.83 |
| SJC 5c | 78.3 | 79.82 | 78.3 | 79.82 |
| 99.99 gold ring | 76.35 | 77.65 | 76.35 | 77.65 |
| Hanoi PNJ | 76.35 | 77.62 | 76.35 | 77.62 |
| Hanoi SJC | 78.3 | 79.8 | 78.3 | 79.8 |
| HCMC PNJ | 76.35 | 77.62 | 76.35 | 77.62 |
| Ho Chi Minh City SJC | 78.3 | 79.8 | 78.3 | 79.8 |
World gold price today
In the international market, spot gold prices increased slightly by 0.1 USD to 2,444.1 USD/ounce, while gold futures traded at 2,486.1 USD/ounce, down slightly by 1.2 USD compared to the previous day. Although gold prices remained almost unchanged compared to August 2, they decreased compared to the increase at the end of last week due to profit-taking pressure after the recent price increase.
Earlier, gold prices hit a more than two-week high thanks to falling Treasury yields and the US dollar, as data showed the US economy created fewer jobs than expected in July. This raised hopes that the US Federal Reserve (Fed) will cut interest rates in the near future.
Gold price forecast
According to experts, the yield on the US 10-year bond has fallen to its lowest level since December, and the USD has also hit its lowest level since March. These data, combined with the unemployment rate rising to 4.3%, have increased the demand for safe havens and pushed gold prices higher.
Lower yields and expectations of rate cuts are the main factors driving gold prices, said David Meger, chief investment officer at High Ridge Futures. The market is now pricing in a 50 basis point cut by the Fed at its September policy meeting.
Gold prices rose nearly 2% this week, supported by safe-haven demand due to concerns about tensions in the Middle East and expectations that the Fed will adjust monetary policy.
With the current domestic and international gold prices, the difference between the two markets is about 4.9 million VND/tael, a significant difference reflecting macroeconomic factors and domestic market demand.
