Gold price today August 4, 2024: Gold ring price slightly decreased
Gold price today August 4, 2024: Gold ring price decreased slightly, while world gold price decreased due to profit taking, recording a weekly increase.
Domestic gold price today August 4, 2024
At the time of survey at 5:00 a.m. on August 3, 2024, the gold price on the trading floors of some companies was as follows:
Saigon Jewelry Company (SJC) listed the price of gold rings at 76.15 - 77.55 million VND/tael, down 200,000 VND/tael for buying and down 200,000 VND/tael for selling compared to yesterday.
Doji Ring, listed for buying and selling at 76.4 - 77.55 million VND/tael, unchanged for buying and down 100,000 VND/tael for selling 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/tael, down 110,000 VND/tael for buying and down 110,000 VND/tael for selling compared to the previous session's close.
Mi Hong listed the price of gold rings at 76.5 - 77.5 million VND/tael, down 100,000 VND/tael for buying and selling compared to the previous closing price.
PNJ listed the price of gold rings at 76.25 - 77.55 million VND/tael, down 100,000 VND/tael for buying and down 70,000 VND/tael for selling compared to the previous session's close.
Phu Quy Ring, listed for buying and selling at 76.25 - 77.55 million VND/tael, both buying and selling prices decreased by 100,000 VND/tael compared to yesterday's closing price.
Mi Hong Jewelry Company, Mi Hong gold price at the time of survey listed SJC gold price at 78.8 - 79.8 million VND/tael (buy - sell).
SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 78.3 - 79.8 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 77.8 - 79.8 million VND/tael (buy - sell).
The latest gold price list today, August 4, 2024 is as follows:
| Shop | SJC gold price on August 4 | Difference from 3/8 | Buying and selling range | ||
| Purchase price | Selling price | Buy | Sell out | ||
| 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 price on August 4 | Difference from 3/8 | Buying and selling range | ||
| Purchase price | Selling price | Buy | Sell out | ||
| SJC 99.99 | 76,150,000 | 77,550,000 | -200,000 | -200,000 | 1,400,000 |
| Doji Prosperity 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 world gold price recorded at 5:00 a.m. today, Vietnam time, was 2,441.74 USD/ounce. Today's gold price decreased by 19.54 USD/ounce compared to yesterday's gold price. Converted according to the USD exchange rate on the free market (25,680 VND/USD), the world gold price is about 76.48 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 3.32 million VND/tael higher than the international gold price.
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Global gold prices fell slightly in the last trading session of the week, mainly due to investors deciding to sell after a sudden increase, reaching a high of 2,470 USD/ounce.
Despite the downside correction, gold still posted a weekly gain of 1.9%, boosted by safe-haven demand amid geopolitical tensions in the Middle East and expectations of a Fed rate cut in September.
The latest data shows the US labor market has slowed significantly, with the unemployment rate rising to its highest level since October 2021.
The US Department of Labor's nonfarm payrolls report showed that only 114,000 jobs were created in July, down from 179,000 in June and below the 185,000 forecast by economists.
In the context of poor employment, analysts predict that the Fed will likely cut interest rates by 0.5% at the upcoming meeting, instead of the previous 0.25% reduction.
Jim Wyckoff, chief analyst at Kitco Metals, said the market is pricing in a more than 70% chance that the Fed will cut interest rates by 0.5% in September.
State Street forecasts that, in the context of falling interest rates and geopolitical tensions, gold prices could fluctuate between $2,200 and $2,500 an ounce for the remaining months of the year, unless there are major economic or political changes.
George Milling-Stanley, an expert at State Street, commented that the current economic and political situation is supporting gold prices, and prices could reach $2,500-2,700/ounce if the USD continues to weaken due to the Fed's interest rate policy.
