Domestic gold price

At the end of the session on August 1, the price of 9999 gold bars at SJC was 77.8 million VND/tael (buy) and 79.8 million VND/tael (sell). SJC listed the price of gold rings at 76.2-77.55 million VND/tael (buy - sell).

Doji Hanoi listed at 77.8 million VND/tael (buy) and 79.8 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 77.8 million VND/tael and sold at 79.8 million VND/tael.

Bao Tin Minh Chau listed the price of Golden Dragon gold bars at 76.43-77.63 million VND/tael (buy - sell).

International gold price

Gold price on Kitco floor at 9:00 p.m. (August 1, Vietnam time) was trading at 2,454.2 USD/ounce, up 0.24% compared to the beginning of the session. Gold futures price for December 2024 delivery on Comex New York floor was trading at 2,495.9 USD/ounce.

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World gold prices continue to increase due to safe-haven demand. Photo: Kitco

At the beginning of the trading session on August 1 (US time), the world gold price continued to increase after a sharp increase in the previous session. Analysts said that at the present time, gold has enough momentum to increase to a new record level.

World gold is continuing to increase strongly thanks to the demand for safe haven due to concerns about escalating tensions after the assassination of a Hamas leader in Iran, causing shock to the region - which is already shaken by the war in the Gaza Strip and the escalating conflict in Lebanon.

Gold prices were also boosted when US Federal Reserve Chairman Jerome Powell hinted that a rate cut could be discussed as early as September, if inflation remains in line with expectations.

Policymakers are increasingly confident that inflation is moving toward the Fed's 2% target, Powell said, raising investors' hopes for a possible monetary policy pivot at the Fed's September meeting.

Gold Price Forecast

Recently, some forecasts have said that regardless of which candidate, Donald Trump or Kamala Harris, becomes the US president, the White House will increase the money injection to support the economy. Gold will benefit from this move.

Several major banks in the world still maintain their forecast that gold prices will reach $2,500/ounce this year.

According to senior analyst Ricardo Evangelista of ActivTrades, concerns about rising political tensions and expectations that the Fed will pivot its monetary policy are catalysts boosting gold.

Sharing the same view, senior market strategist Bob Haberkorn of RJO Futures predicted that the Fed's interest rate cut along with geopolitical risks in the Middle East could push gold prices up to $2,700/ounce.

Gold price today August 1, 2024 increased dramatically, SJC gold bars jumped to nearly 80 million/tael . Gold price today August 1, 2024 in the world increased dramatically due to geopolitical instability in the Middle East. SJC gold bars increased by nearly 1 million, up to nearly 80 million VND/tael (sold), while gold rings rose to over 77.6 million VND.