Domestic gold price

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).

International 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.

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Investors choose gold as a safe haven asset. Photo: Kitco

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.

Gold Price Forecast

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.

Gold price today August 8, 2024: SJC gold bars evaporate half a million VND in both directions . Gold price today August 8, 2024 in the world has turned to plummet again despite a slight recovery. Domestic SJC gold bars continued to decrease by 500,000 VND per tael in both directions, a total decrease of 1.8 million VND (buy) and 1.3 million VND (sell) since the beginning of the week.