Gold bar prices skyrocket
Opening the trading session on July 8, the price of SJC gold bars was listed by large enterprises at 119-121 million VND/tael (buy - sell), an increase of 500,000 VND in both buying and selling directions compared to before. The price of plain round rings was adjusted to increase with a similar amplitude, listed at 114.4-116.9 million VND/tael (buy - sell).
The world gold price is currently around 3,331 USD/ounce, down 7 USD. Previously, there was a time when the gold price fell to nearly 3,300 USD/ounce. The precious metal recorded an increase of nearly 2% last week, at one point reaching 3,365 USD/ounce due to concerns about geopolitics and the US public debt situation.
Gold price trend is difficult to predict (Photo: Manh Quan).
According to experts, the trend of gold is considered difficult to predict in the short term. Adam Button, head of currency strategy at trading unit Forexlive.com, said that the prolonged trend of selling USD will support gold. "The USD initially rose after the jobs report, then quickly fell. The trend of selling USD has dominated the first half of the year. If this continues, gold will benefit," he explained.
Meanwhile, Adrian Day, director of Adrian Day Asset Management, said factors such as trade agreements, the possibility of the US Federal Reserve (Fed) cutting interest rates in July, and central banks slowing their gold purchases could put pressure on the precious metal. However, the correction could be shallow and short-lived.
Central rate decreased
The USD-Index - a measure of the greenback's strength against a basket of major currencies - reached 96.98 points, down more than 10% from the beginning of the year.
The State Bank of Vietnam this morning listed the central exchange rate at 25,121 VND, up 8 VND compared to yesterday. With a 5% margin compared to the central exchange rate, commercial banks are allowed to buy and sell USD in the range of 23,864-26,377 VND. The exchange rate at large banks is 25,920-26,305 VND (buy - sell). At mid-sized banks, the USD price is 25,915-26,305 VND (buy - sell).
On the free market, foreign currency exchange points buy and sell USD around 26,420-26,500 VND (buy - sell), unchanged from before.
Source: https://dantri.com.vn/kinh-doanh/gia-vang-len-121-trieu-dongluong-20250708011129350.htm
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