Domestic gold ring prices were adjusted up slightly early this morning.

Specifically, Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 76.15-77.5 million VND/tael (buy - sell), an increase of 200 thousand VND/tael in both buying and selling compared to the end of yesterday's trading session.

Doji Gold and Gemstone Group listed the price of 9999 round gold rings at 76.15-77.5 million VND/tael (buy - sell), 100,000 VND/tael more expensive for buying and 250,000 VND/tael more expensive for selling compared to the closing price of yesterday's trading session.

Early morning of August 9 , SJC 9999 gold price remained unchanged compared to the closing price of yesterday's trading session, at 78.5 million VND/tael (selling price).

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:16 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:26 a.m. as follows:

SJC and Doji gold price list updated early morning August 9

At the end of the session on August 8, the price of 9999 gold bars at SJC was 76.5 million VND/tael (buy) and 78.5 million VND/tael (sell). SJC listed the price of gold rings at 75.95 - 77.3 million VND/tael (buy - sell).

Doji Hanoi listed at 76.5 million VND/tael (buy) and 78.5 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 76.5 million VND/tael and sold at 78.5 million VND/tael.

Bao Tin Minh Chau listed the price of Golden Dragon gold bars at 76.03-77.23 million VND/tael (buy - sell).

The central exchange rate on August 9, 2024 announced by the State Bank is 24,260 VND/USD, down 2 VND compared to the previous trading session. The USD price at commercial banks this morning (August 9) was commonly listed at 24,940 VND/USD (buy) and 25,310 VND/USD (sell).

At 8:20 a.m. today (August 9, Vietnam time) , the world spot gold price stood at around 2,420.5 USD/ounce, up 9.6 USD/ounce compared to last night. The price of gold futures for December 2024 on the Comex New York floor was at 2,462.2 USD/ounce.

On the morning of August 9, the world gold price converted to USD bank price was over 74.6 million VND/tael, including tax and fees, about 3.9 million VND/tael lower than the domestic gold price.

Gold price on Kitco floor at 9:00 p.m. (August 8, Vietnam time) was trading at 2,410.9 USD/ounce, up 1.1% compared to the beginning of the session. Gold futures price for December 2024 delivery on Comex New York floor was trading at 2,420.4 USD/ounce.

At the beginning of the trading session in the US market, the world gold price turned to increase sharply after the USD decreased. The US stock market is fluctuating. Investors are worried about the instability in the financial market, causing them to choose gold as a safe haven asset.

Statistics from Kitco show that, after the US employment report decreased last week, investors have more confidence that the US Federal Reserve (Fed) will cut interest rates by the end of the year, when the US economy may be in recession.

Mr. Kyle Rodda, financial market analyst at Capital, commented that gold is still being actively supported by expectations that the Fed will cut interest rates in September.

The precious metal was further supported by ongoing geopolitical tensions in the Middle East and lingering concerns about a global economic slowdown, according to Yeap Jun Rong, market strategist at IG.

Amelia Xiao Fu, head of commodities at BOCI, said that although gold is currently showing some weakness due to the strong US dollar, the macro outlook remains quite optimistic.

Fawad Razaqzada, an analyst at Forex, said that expectations of interest rate cuts from central banks could support gold prices and even push them to new highs. He predicted that gold prices could hit $2,500 in the short term.

Recent geopolitical tensions in the Middle East have contributed to increased demand for gold as a safe haven.