Gold price today 7-8: Strong increase thanks to information from China

(NLDO) – Gold prices today maintained their upward momentum as investors actively bought, and gold reserves in China reached a record level.

Gold price continues to increase today

At around 6:00 a.m. on August 7 (Vietnam time), the price of gold today on the international market reached 3,371 USD/ounce, up 13 USD compared to the lowest level in last night's trading session (3,358 USD/ounce).

The rise in gold prices was supported by the optimistic sentiment of traders, who were ready to buy when prices fell to take advantage of bargain opportunities. However, the somewhat unimproved "risk appetite" in the general market has somewhat limited the rise of gold.

Gold bullion reserves in warehouses linked to the Shanghai Futures Exchange have surged to a record high, signaling a strong recovery in demand for gold in China, according to a Bloomberg report. More than 36 tons of bullion have been registered for futures trading.

Traders and banks are taking advantage of the price difference between gold futures and physical gold to optimize profits.

John Reade, senior market strategist at the World Gold Council, said demand for gold trading in China is very strong, driven by arbitrage activities.

External markets also affect the gold price trend. Currently, the US dollar index is slightly down, creating favorable conditions for gold prices to increase.

In Vietnam, at the end of August 6, SJC gold was sold at 123.8 million VND/tael, while ring gold was at 119.3 million VND/tael.

Source: https://nld.com.vn/gia-vang-hom-nay-7-8-tiep-tuc-nong-len-nho-thong-tin-nay-196250807063658512.htm