Gold prices today, August 4, 2024: Gold ring prices slightly decrease.
Gold prices today, August 4, 2024: Gold ring prices fell slightly, while world gold prices declined due to profit-taking, but recorded a weekly increase.
Domestic gold prices today, August 4, 2024
As of 5:00 AM on August 3, 2024, the gold prices on the exchanges of several companies were as follows:
Saigon Jewelry Company (SJC) listed the price of gold rings at 76.15 - 77.55 million VND/ounce, a decrease of 200,000 VND/ounce in both buying and selling prices compared to yesterday.
Doji gold, listed at 76.4 - 77.55 million VND/ounce for buying and selling, remained unchanged on the buying side and decreased by 100,000 VND/ounce on the selling side compared to yesterday.
Bao Tin Minh Chau and Bao Tin Manh Hai companies listed the price of gold rings at 76.32 - 77.52 million VND/ounce, a decrease of 110,000 VND/ounce in both buying and selling prices compared to the previous closing session.
Mi Hong listed the price of gold rings at 76.5 - 77.5 million VND/ounce, a decrease of 100,000 VND/ounce for both buying and selling compared to the previous closing session.
PNJ listed the price of gold rings at 76.25 - 77.55 million VND/ounce, a decrease of 100,000 VND/ounce in the buying price and a decrease of 70,000 VND/ounce in the selling price compared to the previous closing session.
Phu Quy gold is listed for buying and selling at 76.25 - 77.55 million VND/ounce, with both buying and selling prices down 100,000 VND/ounce compared to yesterday's closing price.
Mi Hong Gold and Gemstone Company, at the time of the survey, listed the price of SJC gold at 78.8 - 79.8 million VND/ounce (buying price - selling price).
At Bao Tin Minh Chau Co., Ltd., the price of SJC gold is also being traded at 78.3 - 79.8 million VND/ounce (buying price - selling price). Meanwhile, at Bao Tin Manh Hai, it is being traded at 77.8 - 79.8 million VND/ounce (buying price - selling price).
The latest gold price chart for today, August 4, 2024, is as follows:
| Shop | SJC gold price on August 4th | Difference compared to 3/8 | Buy-sell spread | ||
| Purchase price | Selling price | Buy | Sell | ||
| SJC Gold | 78,300,000 | 79,800,000 | 0 | 0 | 1,500,000 |
| Doji | 78,300,000 | 79,800,000 | 0 | 0 | 1,500,000 |
| BTMC | 78,300,000 | 79,800,000 | 0 | 0 | 1,500,000 |
| Mi Hong | 78,800,000 | 79,800,000 | 0 | 0 | 1,000,000 |
| Bao Tin Manh Hai | 77,800,000 | 79,800,000 | 0 | 0 | 2,000,000 |
| PNJ | 78,300,000 | 79,800,000 | 0 | 0 | 1,500,000 |
| Phu Quy | 78,300,000 | 79,800,000 | 0 | 0 | 1,500,000 |
| Shop | Gold ring prices on August 4th | Difference compared to 3/8 | Buy-sell spread | ||
| Purchase price | Selling price | Buy | Sell | ||
| SJC 99.99 | 76,150,000 | 77,550,000 | -200,000 | -200,000 | 1,400,000 |
| Doji Hung Thinh Vuong 9999 | 76,400,000 | 77,550,000 | 0 | -100,000 | 1,150,000 |
| BTMC | 76,320,000 | 77,520,000 | -110,000 | -110,000 | 1,200,000 |
| 999 Mi Hong | 76,500,000 | 77,500,000 | -100,000 | -100,000 | 1,000,000 |
| Bao Tin Manh Hai | 76,320,000 | 77,520,000 | -110,000 | -110,000 | 1,200,000 |
| PNJ 999.9 | 76,250,000 | 77,550,000 | -100,000 | -70,000 | 1,300,000 |
| Phu Quy 999.9 | 76,250,000 | 77,550,000 | -100,000 | -100,000 | 1,300,000 |
According to Kitco, the spot price of gold in the world market at 5:00 AM Vietnam time today was $2,441.74 per ounce. Today's gold price is down $19.54 per ounce compared to yesterday's price. Converted using the free market USD exchange rate (25,680 VND/USD), the world gold price is approximately 76.48 million VND per tael (excluding taxes and fees). Therefore, the price of SJC gold bars is still 3.32 million VND per tael higher than the international gold price.
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Global gold prices edged lower in the final trading session of the week, mainly as investors decided to sell off after a sharp price surge that reached a high of $2,470 per ounce.
Despite a price correction, gold still recorded a weekly gain of 1.9%, driven by increased demand for safe-haven assets amid geopolitical tensions in the Middle East and expectations of a Fed interest rate cut in September.
The latest data shows a significant slowdown in the US labor market, with the unemployment rate rising to its highest level since October 2021.
The U.S. Department of Labor's non-farm employment report indicated that only 114,000 jobs were created in July, down from 179,000 in June and below economists' forecast of 185,000.
Given the unfavorable employment outlook, analysts predict the Fed may cut interest rates by 0.5% at its upcoming meeting, instead of the previously projected 0.25% reduction.
Jim Wyckoff, a leading analyst at Kitco Metals, said the market is expecting more than a 70% chance that the Fed will cut interest rates by 0.5% in September.
State Street forecasts that, amid falling interest rates and geopolitical tensions, gold prices could fluctuate between $2,200 and $2,500 per ounce for the remainder of the year, unless there are major economic or political changes.
George Milling-Stanley, a State Street expert, believes that the current economic and political situation is supporting gold prices, and that prices could reach $2,500-$2,700 per ounce if the US dollar continues to weaken due to the Fed's interest rate policy.
