World gold prices rise again

World gold prices are cautiously increasing again - Screenshot

Gold prices await interest rate news

At 12 noon, the world gold price was at 2,393.2 USD/ounce, up 7 USD/ounce compared to the closing price at the end of last week.

However, compared to the bottom level last week, the world gold price has increased by about 43 USD/ounce, equivalent to 1.3 million VND/tael.

Converted according to the listed exchange rate at the bank, the world gold price is currently equivalent to 73.47 million VND/tael.

Gold prices rose again but remained cautious, as investors waited for information ahead of regular monetary policy meetings of central banks around the world.

The US Federal Reserve (Fed) is scheduled to meet on Tuesday and Wednesday.

The Bank of England (BOE) meets on Thursday this week. Investors are expecting the Fed to signal a rate cut in September. If this happens, gold prices will be supported to increase.

The market is also betting on an 86% chance the Fed will cut rates in September, by 0.25%.

According to expert Tran Duy Phuong, the Fed chairman’s speech will have an important impact on the gold price trend this week. If the Fed signals that it will cut interest rates again in December, the gold price will continue to increase strongly.

Mr. Phuong also forecasts that in the medium term, gold prices will continue to increase, as geopolitical instability shows no signs of abating, and many major central banks are reversing monetary policy.

The group of leading emerging economies in the world (BRICS) is still planning to reduce its dependence on the US dollar and increase gold purchases.

Besides, the demand for gold reserves is still strong in many major central banks around the world.

SJC gold bar price remains high

Compared to the converted world gold price, the price of SJC gold bars is 6.03 million VND/tael higher - Photo: NGOC PHUONG

Today, SJC Company and four banks in the Big4 group still listed the selling price of gold at 79.5 million VND/tael.

Previously, the gold price remained at 66.98 million VND/tael for more than a month. After that, the world gold price increased continuously, leading to the State Bank increasing the gold selling price to 80 million VND/tael on July 18.

By July 23, facing the sharp decline in world gold prices, the price of SJC gold bars decreased by 500,000 VND/tael, to 79.5 million VND/tael.

However, compared to the converted world gold price, the price of SJC gold bars is 6.03 million VND/tael higher.

This is a rather high difference because since the State Bank approved four banks and SJC Company to sell gold to increase the gold supply to the market, the difference between domestic and world gold prices has continuously decreased.

The selling price of SJC brand 9999 gold rings on July 29 was 77.05 million VND/tael. The buying price was 75.6 million VND/tael.

At Bao Tin Minh Chau Company, DOJI, the price of 9999 gold rings also fluctuates between 77.08 and 77.1 million VND/tael. The buying price is at 75.88 million VND/tael.

Source: https://tuoitre.vn/gia-vang-the-gioi-tang-tro-lai-20240729121716031.htm