LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/4 and EXCHANGE RATE TODAY 8/4

Update gold price today 8/4/2024

Domestic gold prices fluctuated last week.

On the morning of July 29, while the price of SJC gold bars remained at the listed price compared to the closing price of the weekend, the price of gold rings increased in both buying and selling directions.

Specifically, Saigon Jewelry Company (SJC), DOJI Jewelry Group and Phu Quy Jewelry Group all announced the same selling price of SJC gold at 77.5 - 79.5 million VND/tael (buy - sell), keeping the listed price unchanged from the previous session.

At Saigon Jewelry Company (SJC), the price of gold rings was also listed at 75.55 - 77.15 million VND/tael (buy - sell), an increase of 50 thousand VND/tael for buying and an increase of 150 thousand VND/tael for selling compared to the previous session's closing price.

After 3 volatile mid-week days, on August 2, the price of SJC gold bars remained at the listed price compared to the previous session's close, however, the price of gold rings turned to decrease slightly.

Specifically, Saigon Jewelry Company (SJC) and DOJI Jewelry Group announced the selling price of SJC gold bars at 77.8 - 79.8 million VND/tael (buy - sell), keeping the same price in both buying and selling directions compared to the closing price yesterday. Meanwhile, the price of gold rings on August 2 turned to decrease slightly. DOJI Jewelry Group listed the price of gold rings at 76.3 - 77.55 million VND/tael (buy - sell), down 100,000 VND/tael in both buying and selling directions compared to the closing price yesterday.

At the end of the week on August 3, the price of SJC gold bars was listed by Saigon Jewelry Company at 78.3 - 79.8 million VND/tael (buy - sell), the price of gold rings was at 76.15 - 77.55 million VND/tael (buy - sell).

According to The Gioi & Viet Nam Newspaper , at 5:51 p.m. on August 3 (Vietnam time), the world gold price at goldprice.org was at 2,441.95 USD/ounce, down 4.33 USD/ounce compared to the previous trading session.

Gold price today August 4, 2024: Gold price fluctuates unexpectedly, fluctuates between coin tosses, investors are extremely optimistic, gold rings return to orbit. (Source: Kitco News)

Summary of SJC gold bar and gold ring prices at major domestic trading brands at the closing time of August 3:

Saigon Jewelry Company: SJC gold bars 78.3 - 79.8 million VND/tael; SJC gold rings 76.15 - 77.55 million VND/tael.

Doji Group: SJC gold bars 78.3 - 79.8 million VND/tael; 9999 round rings (Hung Thinh Vuong): 76.4 - 77.5 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 76.32 - 77.52 million VND/tael; jewelry gold price is traded at 75.60 - 77.30 million VND/tael.

Converted according to the USD price at Vietcombank on August 3, 1 USD = 25,380 VND, the world gold price is equivalent to 74.67 million VND/tael, 5.13 million VND/tael lower than the selling price of SJC gold.

World gold prices fluctuate due to concerns about economic recession

The world gold market this week had some inconsistent ups and downs. However, for the whole week, the world gold price increased by 1.8% due to the increased demand for safe assets amid tensions in the Middle East and expectations that the US Federal Reserve (Fed) will cut interest rates, making this metal more attractive to investors.

Gold had one of its strongest rallies of the year this week, as pessimistic US economic data and a more dovish Fed combined to boost the precious metal, and even Friday's decline failed to dampen gold traders' enthusiasm.

The latest Kitco News weekly gold survey shows that retail investors are fully expecting the precious metal to continue rising next week, while industry experts are even more confident in gold’s upward trajectory.

Adrian Day , chairman of Adrian Day Asset Management, expects gold prices to rise further next week. “Gold has a real chance of surpassing its previous highs as the U.S. economy weakens and the likelihood of a rate cut increases,” Day said.

Marc Chandler , CEO of Bannockburn Global Forex, said he expects prices to stabilize next week. “A sharp drop in US interest rates and a weaker US dollar have helped push gold higher. In the spot market, gold had its best week in nearly four months, rising about 3.6%, with about a third of the gains coming over the weekend,” he said.

“Gold prices look set to challenge last month’s record high (around $2,483.75, spot),” he said.

Meanwhile, Darin Newsom , senior market analyst at Barchart.com, said: “I have a different tactic this week. Technically, this is a coin toss with no clear trend signal. The daily chart for December gold shows that the contract has risen from the lows of its recent range, meaning it could test the highs near $2,540.”

This week, 14 analysts participated in the Kitco News Gold Survey, with Wall Street bullish on gold prices surging as stocks tumble amid economic and geopolitical concerns. Eleven experts, or 79% of the total, expect gold prices to rise next week, while just one, or 7%, predicts a decline. The remaining two analysts, or 14%, predict gold prices will trade sideways next week.

Meanwhile, 191 votes were cast in Kitco's online poll, with Main Street investors just behind the pros in optimism. 140 retail traders, or 73%, expect gold prices to rise next week. Another 28, or 15%, expect the yellow metal to trade lower, while 23 respondents, or 12%, predict prices will consolidate next week.

Kitco senior analyst Jim Wyckoff said he expects the recent consolidation to continue next week. “Higher, as both fundamentals and technicals are bullish at the moment. There is potential for new highs in the near term,” he predicted.

Chris Vecchio , head of FX and Strategy at Tastylive.com, said he also sees any weakness in gold as a buying opportunity. He dismissed the weakness as investors simply raising cash.

“If you ask me what gold is going to do next week, I think it’s going to be extremely volatile and could be down 2% or 3%. If we’re talking about where gold is going to go in the next quarter, the next two quarters, until the end of the year, I think history will guide us, and we should look up,” he said.

Historically, during recessions, gold has been one of the best performing assets in global financial markets, Vecchio said.

In a comment to Kitco News , Naeem Aslam , chief investment officer at Zaye Capital Markets, said he remains extremely bullish on gold. “I think the path of least resistance is up and we will see a strong rally in gold prices due to ongoing recession concerns,” he said.

As for where gold prices could go as recession fears mount, Michele Schneider , chief market strategist at MarketGauge, said he is expecting a move of at least 8%, possibly to $2,650-$2,700 an ounce.