Recovery trend, SJC gold price increased slightly

Domestic gold price today August 9

Early afternoon of August 9 , SJC's 9999 gold price today remained unchanged compared to the morning.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 3:01 p.m. as follows:

	Buy	Sell out
SJC Hanoi	66,750,000 VND/tael	67,370,000 VND/tael
SJC HCMC	66,750,000 VND/tael	67,350,000 VND/tael
SJC Danang	66,750,000 VND/tael	67,370,000 VND/tael

SJC gold price list updated early afternoon August 9

Early morning of August 9 , SJC gold price 9999 today increased by 50 thousand VND/tael in both buying and selling compared to yesterday's closing price.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 9:02 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:40 a.m. as follows:

	Buy	Sell out
SJC Hanoi	66,750,000 VND/tael	67,370,000 VND/tael
SJC HCMC	66,750,000 VND/tael	67,350,000 VND/tael
SJC Danang	66,750,000 VND/tael	67,370,000 VND/tael
Doji Hanoi	66,600,000 VND/tael	67,350,000 VND/tael
Doji HCMC	66,750,000 VND/tael	67,250,000 VND/tael

SJC and DOJI gold price list updated early morning August 9

At the end of the trading session on August 8, the domestic 9999 gold price was listed by SJC and Doji Gold and Gemstone Group in the following order of buying and selling:

SJC Hanoi: 66,700,000 VND/tael - 67,320,000 VND/tael
Doji Hanoi: 66,600,000 VND/tael - 67,350,000 VND/tael
SJC HCMC: 66,700,000 VND/tael - 67,300,000 VND/tael
Doji HCMC: 66,750,000 VND/tael - 67,250,000 VND/tael

The central exchange rate on August 9 announced by the State Bank is 23,831 VND/USD, an increase of 29 VND compared to yesterday. The USD price at commercial banks this morning (August 9) was traded around 23,540 VND/USD (buy) and 23,910 VND/USD (sell).

International gold price today August 9

At 9:25 a.m. today (August 9, Vietnam time) , the world spot gold price stood at around 1,927.7 USD/ounce, up 2.7 USD/ounce compared to last night. The price of gold futures for December delivery on the Comex New York floor was at 1,961.5 USD/ounce.

On the morning of August 9 , world gold converted to USD bank price was more than 55.56 million VND/tael (excluding tax and fees), about 11.87 million VND/tael lower than domestic gold price.

Fluctuations in international gold prices in the past 24 hours (Photo: Kitco)

On the night of August 8 (Vietnam time), the world spot gold price stood at around 1,925 USD/ounce. Gold for December delivery on the Comex New York floor was at 1,960 USD/ounce.

The world gold price on the night of August 8 was about 5.5% higher (101 USD/ounce) than at the beginning of 2023. World gold converted according to the bank USD price was 55.9 million VND/tael, including taxes and fees, about 11.4 million VND/tael lower than the domestic gold price as of the end of the afternoon session on August 8.

Gold prices on the international market fell sharply in the context of the USD increasing quite strongly after information about China.

The greenback rose more than 0.6% in the session on August 8, with the DXY index reaching 102.7 points.

Gold fell mainly due to the surge in the US dollar as the Chinese Yuan (CNY) fell sharply after China released a series of disappointing economic data, including very weak import and export figures.

*Gold price today dropped sharply. (Photo: KC)*

Exports from the world's second-largest economy fell 14.5% in July, the steepest decline since February 2020 during the Covid-19 pandemic. Imports in July 2023 also fell 12.4%. These figures may prompt the People's Bank of China to soon step up stimulus measures.

Gold is also under pressure to fall as its closely related commodity, oil, falls.

Gold price forecast

However, precious metals could be supported by information from Türkiye.

The Turkish government is looking to ease some restrictions on the gold market as it plans to lift the ban on gold imports and introduce new fees and a quota system, according to Kitco.

The Turkish government on August 8 announced an additional 20% fee on some imported gold items. Under the new rules, any gold imports originating from countries that do not have a free trade agreement and are not part of the European Union (EU) will be charged an additional fee on top of existing import duties and other taxes.

The new fee comes a day after Turkish media reported the government was considering implementing gold import quotas.

With the new developments, expectations for a rapid recovery of the Chinese economy are no longer great.

Previously, many people expected China's gold demand to increase sharply in the second half of this year thanks to Beijing's economic support policies and the country's gold consumption season.

However, China's real estate and retail markets remain weak, while exports have not improved.

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