Gold prices today, August 7, 2024: Plummeting across the board.
Gold prices today, August 7, 2024: Domestic and international gold prices plummeted simultaneously due to a stronger US dollar and higher bond yields.
Domestic gold prices today, August 7, 2024
As of 5:00 AM on August 7, 2024, the price of 9999 gold at DOJI was 77 million VND/ounce for buying and 79 million VND/ounce for selling.
The SJC gold price listed by Mi Hong at the time of the survey was 78-79 million VND/ounce for buying and selling respectively.
The current gold price at Bao Tin Minh Chau and Bao Tin Manh Hai SJC stores is 77.10 million VND for buying and 79 million VND for selling.
The latest gold price list for today, August 7, 2024, is as follows:
| Gold price today | August 7, 2024 (Million VND) | Difference (thousand dong/ounce) | ||
| Buy | Sell | Buy | Sell | |
| SJC in Hanoi | 77.0 | 79.0 | -1300 | -800 |
| DOJI Group | 77.0 | 79.0 | -1300 | -800 |
| Mi Hong | 78.0 | 79.0 | -300 | -800 |
| PNJ | 77.0 | 79.0 | -1300 | -800 |
| Vietinbank Gold | But | 79.0 | But | -800 |
| Bao Tin Minh Chau | 77,10 | 79.0 | -1200 | -800 |
| Bao Tin Manh Hai | 77,10 | 79.0 | -1200 | -800 |
| 1.DOJI- Updated: 06/08/2024 15:43 - Website time of the supplier - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| AVPL/SJC HN | 77,000 | 79,000 |
| AVPL/SJC HCM | 77,000 | 79,000 |
| AVPL/SJC DN | 77,000 | 79,000 |
| 9999 Raw Materials - HN | 75,700 | 76,400 |
| Ingredients 999 - HN | 75,600 | 76,300 |
| AVPL/SJC Can Tho | 77,000 | 79,000 |
| 2.PNJ- Updated: 07/08/2024 05:30 - Website time of the supplier - ▼/▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| Ho Chi Minh City - PNJ | 76,200 | 77,450 |
| Ho Chi Minh City - SJC | 77,000 | 79,000 |
| Hanoi - PNJ | 76,200 | 77,450 |
| Hanoi - SJC | 77,000 | 79,000 |
| Da Nang - PNJ | 76,200 | 77,450 |
| Da Nang - SJC | 77,000 | 79,000 |
| Western Region - PNJ | 76,200 | 77,450 |
| Western Region - SJC | 77,000 | 79,000 |
| Gold jewelry prices - PNJ | 76,200 | 77,450 |
| Gold jewelry prices - SJC | 77,000 | 79,000 |
| Gold jewelry prices - Southeast Vietnam | PNJ | 76,200 |
| Gold jewelry prices - SJC | 77,000 | 79,000 |
| Gold jewelry prices - Gold jewelry prices | PNJ Plain Ring 999.9 | 76,200 |
| Gold jewelry prices - 999.9 gold jewelry | 76,100 | 76,900 |
| Gold jewelry prices - 999 gold jewelry | 76,020 | 76,820 |
| Gold jewelry prices - 99% pure gold jewelry | 75,230 | 76,230 |
| Jewelry gold price - 916 (22K) gold | 70,040 | 70,540 |
| Jewelry gold price - 750 (18K) gold | 56,430 | 57,830 |
| Jewelry gold price - 680 gold (16.3K) | 51,040 | 52,440 |
| Jewelry gold price - 650 gold (15.6K) | 48,740 | 50,140 |
| Jewelry gold price - 610 gold (14.6K) | 45,660 | 47,060 |
| Jewelry gold prices - 585 Gold (14K) | 43,740 | 45,140 |
| Jewelry gold price - 416 Gold (10K) | 30,740 | 32,140 |
| Jewelry gold price - 375 (9K) gold | 27,590 | 28,990 |
| Jewelry gold price - 333 Gold (8K) | 24,130 | 25,530 |
World gold price today, August 7, 2024, and chart of world gold price fluctuations over the past 24 hours.
The world gold price today at 5:00 AM on August 7th (Vietnam time), as reported by Kitco, is $2,390.43 per ounce, down $19.45 from the previous day. Based on the current Vietcombank exchange rate, the converted gold price is approximately VND 71.655 million per tael, excluding taxes and fees. The domestic SJC gold price remains higher than the world price, with a difference of VND 5.345 million per tael.
The strengthening of the US dollar and rising bond yields have put downward pressure on gold prices, despite expectations of a US interest rate cut in September and geopolitical tensions in the Middle East.
The US Dollar Index (DXY) recorded a slight increase of 0.2%, surpassing the Japanese Yen on the first trading day of the month, boosting the price of gold when converted to dollars, thereby affecting international investor demand. US 10-year Treasury yields continued to rise.
Amelia Xiao Fu, Director of Commodity Markets at BOCI, noted that although gold is influenced by the strength of the dollar, the macro outlook for gold remains positive, with the possibility of price fluctuations in the near future.
Tensions escalated as Hezbollah launched a series of attacks on northern Israel using drones and missiles.
Federal Reserve policymakers have countered the notion that weak July jobs data is a sign of a recession, warning of the need to cut interest rates to prevent one.
Gold is considered a safe investment channel in times of economic uncertainty and is often favored in low-interest rate environments.
Fawad Razaqzada, an analyst at Forex.com, expressed the view that expectations of interest rate cuts from central banks will support gold prices, potentially even pushing them to new highs. He also predicted that gold prices could reach $2,500 in the short term.
