Domestic gold ring prices decreased slightly early this morning.

Specifically, Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 76.15-77.45 million VND/tael (buy - sell), down 100,000 VND/tael compared to the closing price of yesterday's trading session.

Doji Gold and Gemstone Group listed the price of 9999 round smooth gold rings at 76.25-77.45 million VND/tael (buy - sell).

Early morning of August 6 , SJC 9999 gold price decreased by 1.3 million VND/tael for buying and 800 thousand VND/tael for selling compared to the end of yesterday's trading session, to 79 million VND/tael (selling).

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:31 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:43 a.m. as follows:

SJC and Doji gold price list updated early morning August 6

At the end of the session on August 5, the price of 9999 gold bars at SJC was 78.3 million VND/tael (buy) and 79.8 million VND/tael (sell). SJC listed the price of gold rings at 76.25-77.55 million VND/tael (buy - sell).

Doji Hanoi listed at 78.3 million VND/tael (buy) and 79.8 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 78.3 million VND/tael and sold at 79.8 million VND/tael.

Bao Tin Minh Chau listed the price of plain round gold rings at 76.28-77.48 million VND/tael (buy - sell).

The central exchange rate on August 6, 2024 announced by the State Bank is 24,240 VND/USD, down 1 VND compared to the previous trading session. The USD price at commercial banks this morning (August 6) was commonly listed at 24,900 VND/USD (buy) and 25,270 VND/USD (sell).

At 8:29 a.m. today (August 6, Vietnam time) , the world spot gold price stood at around 2,415.7 USD/ounce, up 30.4 USD/ounce compared to last night. The price of gold futures for December 2024 on the Comex New York floor was at 2,455.6 USD/ounce.

On the morning of August 6 , the world gold price converted to USD bank price was over 74.3 million VND/tael, including tax and fees, about 4.7 million VND/tael lower than the domestic gold price.

The price of gold on the Kitco floor at 8:30 p.m. (August 5, Vietnam time) was trading at $2,385.3/ounce, down 2.29% from the beginning of the session. The price of gold futures for delivery in December 2024 on the Comex New York floor was trading at $2,409.9/ounce.

At the beginning of the trading session on August 5 (US time), world gold prices plummeted after the market recorded investors continuing to sell off.

Analysts say this is a counter-reaction of the gold market when the US economy shows signs of falling into recession. However, gold will not be able to fall deeply but will quickly turn around and increase again, when a series of recent economic data supports gold prices.

The US economy created just 114,000 jobs last month, well below economists' forecasts of about 176,000, according to the Bureau of Labor Statistics. At the same time, the unemployment rate jumped to 4.3% from 4.1% recorded in June.

Economists see the rise in unemployment as a sign of a recession in the world's largest economy.

If the US economy falls into recession, it will push the Federal Reserve to cut interest rates sooner. Some economists predict the Fed will be forced to cut interest rates more aggressively to support the sluggish economy.

The market is not only pricing in three rate cuts this year, but also not ruling out the possibility of as many as 50 basis points each time.

On the other hand, Mr. Tai Wong, an independent metals trader in New York, commented that gold speculators are right to worry that the Fed needs weaker inflation data before deciding to cut interest rates.

Traders are now pricing in about a 63% chance of a rate cut in September, according to CME's FedWatch tool. Lower interest rates reduce the opportunity cost of holding non-yielding gold.

Meanwhile, George Milling-Stanley, an expert at State Street, commented that the current economic and political situation is supporting gold prices, which could reach $2,500-2,700/ounce if the USD continues to weaken due to the Fed's interest rate policy.

Contrary to the above view, experts predict that gold prices may continue to decrease in the near future, but the long-term upward trend of this precious metal is still there and recent price drops are opportunities for investors to own gold.