LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/3 and EXCHANGE RATE TODAY 8/3

Update gold price today 8/3/2024

World gold prices continued to rise after a sharp increase in the previous session. According to TG&VN at 6:15 p.m., world gold prices on the Kitco exchange were at 2,460.8 - 2,461.8 USD/ounce, up 14.7 USD/ounce.

Analysts say that at the moment, gold has enough momentum to rise to a new record.

The market rose after US Federal Reserve Chairman Jerome Powell on July 31 signaled that he could discuss cutting interest rates at the September meeting.

Mr. Powell affirmed that the Fed "is increasingly confident that it can act at the upcoming meeting" as long as inflation data continues to cool.

Domestic gold prices suddenly increased sharply by 500,000 VND/tael for buying in the trading session on August 2, only 1.5 million VND higher than the selling price. Gold bar brand at Saigon Jewelry Company (SJC) 78.3 million VND/tael (buy) and 79.8 million VND/tael (sell).

SJC listed the price of gold rings type 1-5 at only 76.35-77.65 million VND/tael (buy - sell), an increase of 150 thousand VND/tael in buying and 100 thousand VND/tael more expensive in selling compared to this morning.

Doji Gold and Gemstone Group raised the price of 9999 round smooth gold rings to 76.4-77.65 million VND/tael (buy - sell), an increase of 100 thousand VND/tael in both buying and selling compared to this morning.

Recently, Lieutenant Colonel Le Manh Ha - Deputy Chief of Staff of Ho Chi Minh City Police Department affirmed that the establishment of the Working Group to ensure gold market security "is not to inspect or make things difficult for people", but to maintain stable market operations.

He said: "The collection and exchange of information in the Working Group aims to ensure legitimate rights for individuals and manufacturing companies with real needs, avoiding being affected by speculation and profiteering."

According to Mr. Ha, the Law on Anti-Money Laundering allows updating information on buyers with large, suspicious transactions. Information on gold buyers is always kept confidential according to regulations. When storing, exploiting and using information, the police agency must also ensure compliance with legal regulations.

Since early June, gold bars have been sold to the market through four state-owned commercial banks (Vietcombank, BIDV, VietinBank and Agribank) and the Saigon Jewelry Company (SJC). This is a measure to use state resources to stabilize the market, according to a representative of the State Bank of Vietnam’s Ho Chi Minh City branch.

Therefore, this representative said that the management agency, SJC and 4 commercial banks must comply and be responsible for effectively implementing State resources. This requires synchronous management measures, including coordination in providing information, inspection and supervision to prevent and limit speculation, profiteering and price manipulation.

Gold price today August 2, 2024: World gold price has enough momentum to reach a record level, the market is booming, SJC gold bars cause surprise. (Source: Forbes)

Summary of SJC gold prices at major domestic trading brands at the closing time of August 2:

Saigon Jewelry Company listed at 78.30 - 79.80 million VND/tael.

Doji Group is currently listed at 78.30 - 79.80 million VND/tael.

PNJ system listed at 76.35 - 77.62 million VND/tael.

Phu Quy Gold and Silver Group listed at 78.30 - 79.80 million VND/tael.

The price of SJC gold bars at Bao Tin Minh Chau is listed at 77.30 - 79.80 million VND/tael.

Central banks' diversification of reserves is one of the reasons for the rise in gold prices.

The strongest driving force for gold to go up

“The massive gold purchases by central banks, primarily China, have been the strongest driver of this increase,” explained Samy Chaar, chief economist at Lombard Odier bank.

In fact, in recent years, central banks of emerging economies such as Türkiye, India, Singapore, Poland, China... have increased their gold purchases.

In 2023, these institutions bought 1,037 tonnes of gold, down slightly from the 1,135 tonnes bought in 2022 - a figure not seen since the late 1960s, according to the World Gold Council.

According to the precious metals watchdog, central banks are continuing to buy gold. In the first quarter of this year alone, 290 tonnes of gold were purchased by banks.

China is by far the biggest gold buyer, buying no less than 225 tons in 2023 and another 27 tons in the first quarter of 2024 alone.

China is looking to diversify its vast foreign exchange reserves (mainly US Treasury bonds) worth up to $3.5 trillion, not to mention the $400 billion added annually from exports to the US, Mr. Samy Chaar explained.

And gold is one of the only viable alternatives to diversify the country's reserves.