Gold Price on August 1: SJC Surges as Global Gold Exceeds 2450 USD, Gaining Over 2 Million VND in July

Summary The gold bar market ended July with an increase of over 2 million VND per tael. As August begins, SJC gold records an 800,000 VND rise as global gold prices surge. After this increase, gold prices approach the 80 million VND mark, the highest in 10 days. Details As of 9 AM on August 1, SJC Ho Chi Minh City listed buying and selling prices at 77.80 – 79.80 million VND per tael, an increase of 800,000 VND per tael in both buying and selling compared to the closing price on July 31. Doji Hanoi listed buying and selling prices at 77.80 – 79.80 million VND per tael, with both buying and selling prices up by 800,000 VND per tael compared to the previous day's close. Similarly, Doji Ho Chi Minh City also raised buying and selling prices by 800,000 VND per tael compared to the previous close, with transactions now at 77.80 – 79.80 million VND per tael. Bao Tin Minh Chau listed buying and selling prices at 77.80 – 79.80 million VND per tael, increasing both by 800,000 VND per tael compared to the closing price on Wednesday. At Phu Quy , buying prices rose by 700,000 VND, and selling prices increased by 800,000 VND per tael compared to the previous day's close, with transactions now at 77.80 – 79.80 million VND per tael. Following nearly a 1 million VND rise this morning, SJC gold bars reached 79.8 million VND per tael, the highest since July 23. The increase is uniform across both buying and selling, with the buy-sell spread at companies consistently at 2 million VND. At the same time, the selling price of gold bars at the Big4 banks (Vietinbank, Vietcombank, BIDV, Agribank) remained at 79 million VND per tael, unchanged from the closing price on July 31. Typically, banks adjust their prices from 10 AM onwards after market changes. The rise in domestic gold bars is driven by a sharp increase in global gold prices. At the close of the US session on July 31, spot gold prices rose by over 1% to 2437.4 USD per ounce. On August 1, global gold prices continued to surge, reaching 2457 USD (as of 8:30 AM on August 1, Vietnam time). Gold Bars End July with Significant Increase As of the close of trading on July 31, 2024, gold bar buying prices were steady at 77-77.1 million VND per tael, with selling prices uniformly at 79 million VND per tael. Compared to the opening price on July 1, the buying side saw an increase of approximately 1.5-2.02 million VND per tael depending on the unit, and the selling side saw a uniform increase of 2.02 million VND per tael. The buy-sell spread on the first day of the month ranged from 1.48-2 million VND and ended July at 1.9-2 million VND. The "stabilized" gold price at the Big4 banks also ended July at 79 million VND per tael, an increase of 2.02 million VND compared to the beginning of the month. Today, August 1, marks the beginning of the third month of selling gold at "stabilized" prices. All five enterprises, including SJC and the four state-owned commercial banks, continue the task of selling stabilized gold to the public online. SJC handles transactions in both buying and selling, while the four banks maintain one-way selling transactions.

Gold Price on August 1: SJC Surges as Global Gold Exceeds 2450 USD, Gaining Over 2 Million VND in July

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