SJC gold bar price
As of 5:40 p.m., the price of SJC gold bars was listed by Saigon Jewelry Company at 123.2-124.4 million VND/tael (buy in - sell out), unchanged. The difference between buying and selling prices is at 1.2 million VND/tael.
DOJI Group listed at 123.2-124.4 million VND/tael (buy in - sell out), unchanged. The difference between buying and selling prices is at 1.2 million VND/tael.
Meanwhile, Bao Tin Minh Chau listed the price of SJC gold bars at 123.2-124.4 million VND/tael (buy - sell), an increase of 600,000 VND/tael for buying and an increase of 400,000 VND/tael for selling. The difference between buying and selling prices is at 1.2 million VND/tael.
Phu Quy Jewelry Group listed the price of SJC gold bars at 122.2-124.4 million VND/tael (buy in - sell out), unchanged. The difference between buying and selling prices is at 2.2 million VND/tael.
9999 gold ring price
As of 5:40 p.m., DOJI Group listed the price of gold rings at 117.5-120 million VND/tael (buy in - sell out), unchanged in both directions. The difference between buying and selling is 2.5 million VND/tael.
Bao Tin Minh Chau listed the price of gold rings at 117.8-120.8 million VND/tael (buy in - sell out), unchanged. The difference between buying and selling is 3 million VND/tael.
Phu Quy Gold and Stone Group listed the price of gold rings at 117-120 million VND/tael (buy in - sell out), unchanged in both directions. The difference between buying and selling is 3 million VND/tael.
World gold price
The world gold price was listed at 6:40 p.m. at 3,397.6 USD/ounce, up 13.4 USD.
Gold price forecast
Gold prices increased after the news of the US imposing import tariffs on 1kg and 100 ounce gold bars - a move that is expected to shake the global gold market and deal another heavy blow to Switzerland, the world's largest gold refining center.
According to the ruling letter dated July 31 of the US Customs and Border Protection Agency (CBP) reached by the Financial Times, the above types of gold bars will be classified as taxable customs codes, instead of codes exempted under the comprehensive tax policy of US President Donald Trump. The verdict is a US document used to clarify trade policy.
This decision is in complete contrast to the previous expectations of the gold industry that 1kg and 100 ounce gold bars will be classified as tax-free. Currently, 1kg gold bars are the most popular trading on the comex exchange - the world's largest gold futures market - and account for the majority of Switzerland's gold exports to the US.
On Friday afternoon, the White House called the Financial Times article dis plagiarized and reassured the market that gold was not subject to tariffs. However, after a quick and short sell-off, the precious metal still maintained its upward momentum throughout the week.
Another important factor supporting gold prices is strong buying from central banks, especially China. In July, the People's Bank of China (PBOC) added 60,000 ounces of gold, bringing its total reserves to 73.96 million ounces. This is the 9th consecutive month that the PBOC has increased its gold purchases, aiming to diversify foreign exchange reserves and reduce dependence on the USD.
In addition, unsatisfactory US labor market data also supports the precious metal. The number of Americans filing for unemployment benefits was higher than expected, with 226,000 in the week ended August 2, compared to the forecast of 220,000 in the filing period. The labor market may be weakening, causing investors to expect the US Federal Reserve (FED) to soon cut interest rates to support the economy.
Economic data to watch next week
Tuesday: RBA interest rate decision, US CPI in July, speeches by Barkin and Schmid (FED).
Wednesday: Speeches by Barkin, Bostic and Goolsbee (FED).
Thursday: US PPI July, US jobless claims.
Friday: US retail sales in July, New York Empire State Production Index, Michigan Consumer Confidence Index (preliminary estimate).
Note: Gold price data is compared to a day earlier.
See more news related to gold prices HERE...
