Gold prices dragged down by USD, still reaching record increase, surprised by physical gold demand

Gold prices today, August 2, 2023, started the new month with the best increase in 4 months. The market is currently supported by expectations that the interest rate hike cycle of leading central banks is coming to an end. Gradually lower interest rates will boost demand for gold and the precious metal may be nearing the peak of a long-term bull market.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 8/2 AND EXCHANGE RATE TODAY 8/2

1. PNJ - Updated: August 1, 2023 11:00 PM - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell out
HCMC - PNJ	56,200	57,200
HCMC - SJC	66,600	67,200
Hanoi - PNJ	56,200	57,200
Hanoi - SJC	66,700 ▲100K	67,300 ▲100K
Da Nang - PNJ	56,200	57,200
Da Nang - SJC	66,600	67,200
Western Region - PNJ	56,200	57,200
Western Region - SJC	66,850 ▲100K	67,350 ▲100K
Jewelry gold price - PNJ rings (24K)	56,200	57,150
Jewelry gold price - 24K jewelry	56,000	56,800
Jewelry gold price - 18K jewelry	41,350	42,750
Jewelry Gold Price - 14K Jewelry	31,980	33,380
Jewelry gold price - 10K jewelry	22,380	23,780

World gold prices fell amid a strong USD, while investors were waiting for the US to announce important economic data. The latest economic data from the US economy is expected to have an impact on the US Federal Reserve's interest rate policy in the fight against inflation.

Recorded by TG&VN at 9:30 p.m. on August 1 (Vietnam time), gold price traded on Kitco floor at 1,945.3 USD/ounce, down 20.20 compared to the previous session. US gold futures were last up 0.5% at $2,009.20 an ounce.

Analysts say the world gold market is lacking momentum to increase prices. Investors are quite cautious and waiting for more information on the US non-farm payroll data expected to be released later this week. Accordingly, the US employment data will be an important indicator for the Fed's interest rate adjustment and this will affect the gold price.

It can be seen that in the precious metals market, investors continue to focus on the US monetary tightening policies and the sharp decrease in the country's money supply. The USDX index is at a 3-week high. The USD and gold usually move in opposite directions. However, according to LaForge's forecast, with the Fed about to end its tightening cycle, gold may be nearing the peak of a long-term bull market.

Gold price today August 2, 2023: Gold price was pulled down by USD, still reaching a record increase, surprised by the demand for physical gold. (Source: Kitco)

Domestic gold price SJC next The price of gold increased for the second session, despite the decline in world gold prices. Meanwhile, the price of gold rings fluctuated little, remaining unchanged compared to the end of yesterday's session.

The price of SJC gold bars of Saigon Jewelry Company increased by 100 thousand VND/tael for buying and remained unchanged for selling. Thus, after 2 sessions, the price of SJC gold bars increased by 200 thousand VND/tael for buying and increased by 100 thousand VND/tael for selling.

The difference between the buying and selling price of domestic gold bars is currently fluctuating between 500,000-700,000 VND/tael. World gold converted to the USD exchange rate at Vietcombank is nearly 56.28 million VND/tael (excluding taxes and fees). SJC gold bar price is about 11.09 million VND/tael higher than the international gold price.

Summary of SJC gold prices at major domestic trading brands at the close of the first trading session of the week (August 1):

Saigon Jewelry Company listed SJC gold price at 66.55 - 67.25 million VND/tael.

Doji Group currently lists SJC gold price at: 66.55 - 67.25 million VND/tael.

PNJ system listed at: 66.6 - 67.2 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 66.65 - 67.23 million VND/tael; Rong Thang Long gold brand is traded at 56.21 - 57.06 million VND/tael; jewelry gold price is traded at 55.55 - 56.75 million VND/tael.

Gold price

Gold saw a record average price in the second quarter, supported by physical demand. According to the latest research by the World Gold Council (WGC), persistent economic uncertainty has created strong physical demand for gold, which has supported prices at record levels in the second quarter of 2023.

In the Gold Demand Trends for Q2/2023, the WGC noted that the world gold price reached a record average price of 1,976/ounce, up 6% compared to the second quarter of 2022 and up 4% compared to the previous record high recorded in Q3/2020.

The banking crisis in May, when several US and European banks collapsed, created a significant risk event that boosted demand for physical gold, said Juan Carlos Artigas, head of research at the WGC. Global uncertainty is “supporting” strong jewelry sales in key markets such as China.

“The fact that gold demand was quite strong during the second quarter is a sign that many investors continue to include gold in their portfolios,” said expert Juan Carlos.

The WGC report shows that rising demand from China is playing a vital role in the global gold market. China's physical gold demand totaled 49.3 tonnes, up 32% from last year. Global demand increased 6% to 277.5 tonnes, with a surge in Türkiye and the Middle East.

The growth in demand appears to be at odds with the net buying trend in the futures market, which fell by about 150 tonnes during the quarter, to about 477 tonnes at the end of June,” the analysts wrote in the report.

The latest gold trend report shows the global importance of the gold market, Artigas noted. “The precious metals market is not driven by just one sector or one region. Gold’s development as an important global asset will add to its stability.

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