Gold Price on 7/8: Global Gold Falls Below 2400 USD, Domestic Gold Bars Unchanged

Summary This morning, the domestic gold bar market remained flat at 79 million VND per tael. The buy-sell spread stayed at 2 million VND as both buying and selling prices followed the same trend. What factors will influence the gold market in the near future? Details This morning, the domestic gold bar market showed no changes compared to yesterday’s closing prices. The buying price at various companies is currently around 77-77.1 million VND per tael, with the selling price fixed at 79 million VND per tael. Both buy and sell prices remained stable, with the buy-sell spread maintained at 1.9-2 million VND. Specifically, as of 9:30 AM on August 7, SJC Ho Chi Minh City, Doji Hanoi, and Doji Ho Chi Minh City are listing buy-sell prices at 77.00 – 79.00 million VND per tael, unchanged from the close on July 6. Bảo Tín Minh Châu and Phú Quý have buy-sell prices fixed at 77.10 – 79.00 million VND per tael, also unchanged from the previous day's close. The selling price of gold bars at Big4 banks (Vietinbank, Vietcombank, BIDV, Agribank) remains stable at 79.00 million VND per tael. At the close of the U.S. session on August 6, the spot gold price fell nearly 1% to 2388.3 USD per ounce. In the Asian session on August 7, the world gold price fluctuated around 2385 USD, with the price after conversion being more than 4 million VND lower than SJC gold bars, up from more than 3 million VND in yesterday morning's session. What factors will influence the gold market in the near future? At the "Finding Investment Opportunities in the Second Half of the Year" seminar, Dr. Nguyễn Trí Hiếu, Director of the Global Financial & Real Estate Market Research Institute, forecasted that gold could reach 2,500 USD per ounce this year and possibly up to 3,000 USD per ounce next year. Currently, no factors are seen to potentially lower gold prices. In fact, Vietnam's economy heavily depends on the U.S. economy. Any changes in U.S. monetary policy strongly affect Vietnam's monetary policy and have impacts on Vietnam’s markets, from the stock market to the gold market and other markets. So, what changes are happening in the U.S.? According to expert Nguyễn Trí Hiếu, the U.S. election is becoming increasingly heated and dynamic. If U.S. interest rates decrease, it will positively impact Vietnam's monetary market, helping to reduce pressure on the exchange rate. Standing Deputy Governor of the State Bank of Vietnam, Đào Minh Tú, also stated that the gold market might fluctuate based on the U.S. election results. Currently, central banks are buying gold, especially the BRICS currency bloc, along with other assets, to replace their national reserves instead of holding assets defined by USD. As such, global gold demand will push prices up, impacting Vietnam's gold market. “We are implementing a price stabilization policy in the gold market. The government has successfully reduced the price of gold bars from 92 million VND to the current level of about 80 million VND. The issue is that the supply is still limited, with very few people able to buy gold. This has led to the rise in the price of gold rings, as they are not included in the price stabilization program, unlike gold bars. There was a time when the price of gold rings exceeded that of gold bars, although now the price of gold rings has been brought down. In Vietnam, there are two gold market segments: the gold bar market and the gold ring market. Pegging gold prices to market prices to not exceed 3-5 million VND, or a certain ratio, is very risky. We should let the gold market operate according to supply and demand principles,” Đào Minh Tú analyzed.

Gold Price on 7/8: Global Gold Falls Below 2400 USD, Domestic Gold Bars Unchanged

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