Gold price today July 31: Fed Chairman makes gold price fluctuate

(Baohatinh.vn) - Gold price today, July 31: World gold prices plummeted after US Federal Reserve Chairman Jerome Powell reaffirmed that the Fed is in no hurry to cut interest rates.

Domestic gold ring price today

Gold ring prices today (July 31) of brands increased and decreased in opposite directions compared to yesterday morning.

Specifically, SJC listed the price of gold rings at 114.7 - 117.2 million VND/tael (buy - sell), an increase of 300,000 VND/tael in both directions.

DOJI traded gold rings at 116.1 - 118.6 million VND/tael, up 200,000 VND/tael in both directions.

Bao Tin Minh Chau gold rings are stable in both directions, currently trading at 116.3 - 119.3 million VND/tael (buy - sell).

PNJ traded gold rings at 115.4 - 118.4 million VND/tael, down 400,000 VND/tael in both directions compared to yesterday morning.

Phu Quy traded gold rings at 115.2 - 118.2 million VND/tael, an increase of 200,000 VND/tael in both directions compared to yesterday morning.

The domestic gold bar price today increased by 300,000 VND/tael compared to yesterday morning. Photo: chinhphu.vn

Domestic gold bar price today

The domestic gold bar price increased by 300,000 VND/tael compared to yesterday morning. On the morning of July 31, DOJI, SJC, PNJ, and Bao Tin Minh Chau brand gold bars were bought at 120 million VND/tael and sold at 121.5 million VND/tael, unchanged from yesterday morning.

Particularly, Phu Quy SJC brand gold bars are being bought at a price 500,000 VND lower than other brands, listed at 119.5 million VND/tael for buying and 121.5 million VND/tael for selling, unchanged from yesterday morning.

Domestic gold bar prices updated on the morning of July 31 as follows:

Yellow	Area	Early morning of July 30				Early morning of July 31			Difference
		Buy	Sell ​​out			Buy	Sell ​​out		Buy	Sell ​​out
		Unit of measurement: Million VND/tael							Unit of measurement: Thousand dong/tael
DOJI	Hanoi	119.7		121.2		120		121.5	+300	+300
	Ho Chi Minh City	119.7		121.2		120		121.5	+300	+300
SJC	Ho Chi Minh City	119.7		121.2		120		121.5	+300	+300
	Hanoi	119.7		121.2		120		121.5	+300	+300
	Da Nang	119.7		121.2		120		121.5	+300	+300
PNJ	Ho Chi Minh City	119.7		121.2		120		121.5	+300	+300
	Hanoi	119.7		121.2	120			121.5	+300	+300
Bao Tin Minh Chau	Nationwide	119.7		121.2	120			121.5	+300	+300
Phu Quy SJC	Nationwide	119.2		121.2	119.5			121.5	+300	+300

World gold price today

The world gold price fell sharply today, with the spot gold price at 3,274.3 USD/ounce. The world gold price generally decreased by 1.53% in the past 24 hours, equivalent to a decrease of 51 USD/ounce.

With the domestic gold bar price increasing and the world gold price listed at Kitco at 3,274.3 USD/ounce (equivalent to about 104.5 million VND/tael converted according to Vietcombank exchange rate, excluding taxes and fees), the difference between the domestic and world gold prices is about 17 million VND/tael.

World gold prices fell sharply after Fed Chairman Jerome Powell reaffirmed that there would be no interest rate cuts. Illustrative photo

Gold prices fell to their lowest level of the session on Wednesday after Fed Chairman Jerome Powell reaffirmed that the US central bank is in no hurry to cut interest rates, dampening expectations of easing in September.

The Federal Open Market Committee (FOMC) voted 9-2 to keep the benchmark interest rate unchanged in a range of 4.25%-4.50%. Most policymakers said the Fed should hold off on cutting rates while it assesses the impact of tariffs on inflation. Some also stressed that the strong labor market allows them to be patient.

In a statement after the meeting, the Fed Chairman said that while fluctuations in the trade balance still affect the data, recent indicators suggest that economic activity has slowed in the first half of the year. The Fed had previously described growth as occurring at a “solid pace.” The Fed reiterated its assessment that the labor market “remains strong” and that inflation “remains somewhat elevated.” However, the central bank withdrew its previous note that the level of uncertainty about the economic outlook “has declined” and instead said it “remains elevated.”

Although gold initially held key support at $3,300 an ounce, Powell’s lack of guidance triggered a wave of selling pressure. Spot gold ended the session at $3,274.30 an ounce, down 1.6% on the day. US gold futures closed down 0.8% at $3,352.80 an ounce.

Meanwhile, the US dollar continued to rise after Mr. Powell's speech. "The soaring US dollar has put more pressure on gold, although the precious metal has maintained its position within the fluctuation range. A sharper correction is possible, but this will attract buyers because the overall outlook for gold is still uncertain, the US government debt is high, the US dollar is still strong," Reuters news agency commented.

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