LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/6 and EXCHANGE RATE TODAY 8/6

Update gold price today 8/6/2024

Domestic gold price on August 5 was stable.

On the morning of August 5, domestic gold bar and gold ring prices remained stable.

Specifically, Saigon Jewelry Company (SJC) and DOJI Jewelry Group both announced the selling price of SJC gold bars at 78.3 - 79.8 million VND/tael (buy - sell), keeping the same price in both buying and selling directions compared to the closing price at the end of last week.

Similarly, the price of gold rings on the morning of August 5 remained unchanged. DOJI Gold and Gemstone Group listed the price of gold rings at 76.4 - 77.55 million VND/tael (buy - sell), keeping the same price in both directions compared to the closing price yesterday.

At Saigon Jewelry Company (SJC), the listed price of gold rings is at 76.15 - 79.55 million VND/tael (buy - sell), keeping the same price in both buying and selling directions compared to the closing price yesterday.

Gold price today August 6, 2024: Gold price plummeted, 'free-falling' amid panic selling, SJC and gold rings 'stayed out of the game'. (Source: Kitco News)

Summary of SJC gold bar prices at major domestic trading brands at the closing time of the trading session on the afternoon of August 5:

Saigon Jewelry Company: SJC gold bars 78.3 - 79.8 million VND/tael; SJC gold rings 76.25 - 77.55 million VND/tael.

Doji Group: SJC gold bars 78.3 - 79.8 million VND/tael; 9999 round rings (Hung Thinh Vuong): 76.40 - 77.55 million VND/tael.

PNJ system: SJC gold bars 78.3 - 79.8 million VND/tael; PNJ 999.9 plain gold rings: 76.25 - 77.55 million VND/tael.

Phu Quy Gold and Silver Group: SJC gold bars: 78.3 - 79.8 million VND/tael; Phu Quy 999.9 round gold rings: 76.25 - 77.55 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 78.3 - 79.8 million VND/tael; Rong Thang Long gold brand is traded at 76.38 - 77.58 million VND/tael; jewelry gold price is traded at 75.65 - 77.35 million VND/tael.

According to the World & Vietnam Newspaper , information on Kitco News , as of 8:01 p.m. Vietnam time on August 5, the world gold price was listed at 2,378.9 USD/ounce, down 65.2 USD/ounce compared to the previous trading session.

Converted according to the USD price at Vietcombank on August 5, 1 USD = 25,270 VND, the world gold price is equivalent to 72.43 million VND/tael, 7.37 million VND/tael lower than the selling price of SJC gold.

World gold price plummets

World gold prices fell more than 2% in volatile markets but remained attractive as a safe haven.

Gold prices fell more than 2% in volatile trading on Monday as investors sold assets including stocks. But analysts said the safe-haven appeal of the metal remained strong as fears of a U.S. recession grew.

Spot gold fell 2% to $2,393.66 an ounce at 11:39 GMT, officially losing the $2,400 mark. US gold futures fell 1.4% to $2,434.10 an ounce.

“There is truth in the old saying that all correlations point to a market crash, and as traders need to liquidate to cover margin calls on other assets, gold’s volatility signals the extent to which panic is affecting the stock market,” said Adrian Ash , director of research at Bullionvault.

Stock markets plunged, with Japanese shares falling more than their Black Monday losses in 1987, as fears of a US recession prompted investors to dump riskier assets.

Data released last Friday showed the US unemployment rate jumped to 4.3% in July, increasing the likelihood of the Federal Reserve cutting interest rates in September, with markets now expecting the central bank to cut by as much as 50 basis points.

"Rising geopolitical tensions and recent hopes of an even bigger Fed rate cut will create supportive conditions for gold. Eventually, the precious metal could hit a new record high as the worries subside," said Han Tan , chief market analyst at Exinity Group.

Gold bullion, often used as a hedge against geopolitical and economic risks, thrives when interest rates are low.