Domestic gold price today

Early morning of July 5 , SJC's 9999 gold price today decreased by 50 thousand VND/tael in both buying and selling compared to the end of yesterday's trading session.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:22 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 9:11 a.m. as follows:

SJC and DOJI gold price list updated early morning 5/7

At the end of the trading session on July 4, the domestic 9999 gold price was listed by SJC and Doji Gold and Gemstone Group in the following order of buying and selling:

SJC Hanoi: 66,500,000 VND/tael - 67,120,000 VND/tael
Doji Hanoi: 66,450,000 VND/tael - 67,050,000 VND/tael
SJC HCMC: 66,500,000 VND/tael - 67,100,000 VND/tael
Doji HCMC: 66,500,000 VND/tael - 67,050,000 VND/tael

The central exchange rate on July 5 announced by the State Bank is 23,813 VND/USD, up 9 VND compared to yesterday. The USD price at commercial banks this morning (July 5) was traded around 23,420 VND/USD (buy) and 23,790 VND/USD (sell).

International gold price today

At 10:00 a.m. today (July 5, Vietnam time), the world spot gold price stood at around 1,923.3 USD/ounce, down 3.7 USD/ounce compared to last night. The price of gold futures for August delivery on the Comex New York floor was at 1,931.2 USD/ounce.

On the night of July 4 (Vietnam time), the world spot gold price stood at around 1,927 USD/ounce. Gold for August delivery on the Comex New York floor was at 1,949 USD/ounce.

The world gold price on the night of July 4 was about 5.6% higher (103 USD/ounce) than at the beginning of 2023. World gold converted to the bank USD price was 55.9 million VND/tael, including taxes and fees, about 11.2 million VND/tael lower than the domestic gold price as of the end of the afternoon session on July 4.

Gold prices in the international market continued to recover after falling close to the strong support level of 1,900 USD/ounce. Domestic gold prices skyrocketed due to the high USD/VND exchange rate in the banking system, increasing by nearly 100 VND, reaching 23,860 VND/USD. However, in the short term, the pressure on precious metals in the world is still great.

Gold on the world market recovered quite quickly thanks to bottom-fishing demand after gold approached the important support level of 1,900 USD/ounce.

The slight cooling of the USD also contributed to the increase in gold prices.

Oil, which is closely related to gold, has been rising, pushing up gold prices. WTI and Brent have been rising steadily recently after OPEC+ cut production. Saudi Arabia cut oil supply by 1 million barrels to 9 million barrels per day starting in July.

WTI oil price on the night of July 4 (Vietnam time) increased by 1.5% to 70.83 USD/ounce.

Despite the recovery, gold is still under pressure in the short and medium term as the USD is actively supported by information that the US Federal Reserve (Fed) is likely to raise interest rates at its upcoming meeting.

Previously, the Fed had raised interest rates 10 times, totaling 500 basis points, and stopped raising them at its meeting last June.

Gold Price Forecast

Market signals and the views of most Fed officials will still raise interest rates, about 2 more times, each time by 25 basis points to fight inflation.

On Kitco, according to experts from Heraeus Precious Metals, the Fed's "hawkish" stance could put pressure on gold for a long time. US economic data last month also reinforced the possibility of the Fed raising interest rates.

Heraeus Precious Metals experts believe that gold will be under pressure from “headwinds” in the next 10 months as the USD is likely to continue to strengthen. Accordingly, the US may only have its first interest rate cut in May 2024. The peak of interest rates will fall at the end of 2023.

However, if interest rates rise and cause the US economy to destabilize, gold will benefit again.

So, how gold will rise or fall in the coming time depends on many factors. These are monetary policy decisions, and the results/consequences of these policies as well as fluctuations in the financial and geopolitical markets around the world.