Domestic gold price

At the end of the trading session on August 7, the domestic 9999 gold price was listed by SJC and Doji Gold and Gemstone Group in the following order of buying and selling:

Doji Hanoi : 77,000,000 VND/tael - 79,000,000 VND/tael
SJC HCMC: 77,000,000 VND/tael - 79,000,000 VND/tael
Doji HCMC: 77,000,000 VND/tael - 79,000,000 VND/tael

International gold price

As of 8:10 p.m. on August 7 (Vietnam time), the spot gold price today on the world market was at $2,404/ounce. Gold for December 2024 delivery on the Comex New York floor was at $2,448/ounce.

The world gold price on the night of August 7 was about 16.5% higher (341 USD/ounce) than at the end of 2023. The world gold price converted to the bank USD price was 74.1 million VND/tael, including taxes and fees, about 4.9 million VND/tael lower than the domestic gold price as of the end of the afternoon session on August 7.

The world gold price plummeted and then suddenly increased despite the strong USD. Money is looking for safe investment channels when the world stock market is in turmoil.

World gold prices fell rapidly, at times reaching $2,380/ounce, while most other assets, including stocks, bitcoin, USD, oil, etc., fell in price. Investors were reportedly forced to sell gold to cover losses.

However, demand for precious metals has increased again as geopolitical tensions have increased in the Middle East.

Investors are holding their breath over the Middle East “powder keg”, as the possibility of a war in the region following the assassination of Hamas political leader Ismail Haniyeh in Iran.

The world is watching the response from Iran and its proxies. Israel now faces threats of retaliation not only from Iran, but also from Iran-backed groups such as Hezbollah in Lebanon and the Houthis in Yemen.

Widespread conflict could erupt in the Middle East.

Money is flowing into low-risk assets, including the US dollar and gold. This is the reason why gold prices are increasing despite the US greenback also increasing quite strongly.

The DXY index - measuring the fluctuations of the USD against a basket of six major world currencies - increased nearly 0.2% at the opening session on August 7 (New York market) to 103.2 points after falling to 102.5 points at the same time in the previous session.

However, it can be seen that compared to the level of 105 points in July, this index is still on a downward trend.

Gold Price Forecast

Gold is expected to continue to benefit from geopolitical uncertainties in international markets as well as a US dollar that could fall into a long-term downtrend.

Recently, the US released some figures showing that the country's labor market is quite weak. Overall, the US economy is still positive, but the possibility of the Fed cutting interest rates to avoid an economic recession is very high.

Gold is also supported by demand from major players around the world, including central banks and gold ETFs.

The fact that gold has continuously conquered the threshold of 2,400 USD/ounce shows this.

A volatile world could push the precious metal higher even though it has been on a strong run since late 2023.

Gold, stock, USD, bitcoin prices plummet: The strangest thing is happening The market is witnessing a rare phenomenon when most assets plummet, stock exchanges collapse, USD drops sharply, gold prices fall freely... This development is contrary to the usual rule: When USD increases, gold decreases and vice versa.