Domestic and world gold prices simultaneously decreased

Gold bars discount

At the end of the trading session on April 3, the price of SJC gold bars was listed by large enterprises at 118.9-120.9 million VND/tael (buy - sell), down 400,000 VND each way in yesterday's session.

The price of plain round rings is 114.3-116.8 million VND/tael (buy - sell), down 200,000 VND each way.

Domestic gold prices decreased in line with world gold prices. In the international market, gold prices were around 3,334 USD/ounce, down 2 USD compared to the previous session. In the previous session, the precious metal also "evaporated" 20 USD. Converted at the exchange rate excluding taxes and fees, the world gold price is equivalent to 106 million VND/tael.

Giá vàng trong nước, thế giới đồng loạt giảm - 1 — Domestic gold prices decrease along with world prices (Photo: Tien Tuan).

The gold market cooled after the US Department of Labor released a June jobs report with 147,000 new jobs, higher than expected. This data reduced the possibility of the US Federal Reserve (Fed) cutting interest rates soon. High interest rates make gold less attractive.

The upbeat jobs report helped the dollar strengthen, making gold more expensive for buyers using other currencies.

“The bottom line is that the July rate cut is gone,” said David Meger, director of metals trading at asset manager High Ridge Futures. Investors expect the Fed to cut rates by 51 basis points (0.51%) later this year, starting in October.

However, Carsten Menke, an analyst at Swiss bank Julius Baer, said that the US House of Representatives' approval of a tax cut and spending increase bill by US President Donald Trump on July 3 will benefit gold in the long term. "As the US public debt increases, investors will be more concerned about the dollar, thereby pushing up the price of gold," he explained. This bill could increase the US government 's debt by $3.4 trillion.

USD price continues to increase

The USD Index, which measures the greenback against a basket of major currencies, hit 96.9, its lowest level in three years. It is down 10% from the start of the year.

At the end of the session on July 4, the State Bank listed the central exchange rate at 25,116 VND, up 25 VND compared to the previous one, setting a record. With a 5% margin compared to the central exchange rate, commercial banks are allowed to buy and sell USD in the range of 23,860-26,371 VND.

Commercial banks continued to raise the USD price close to the ceiling. The USD price in banks was 3.2% higher than at the beginning of the year and was the highest ever. Specifically, the exchange rate at large banks was 25,980-26,370 VND (buy - sell). At mid-sized banks, the USD price was 25,990-26,371 VND (buy - sell).

On the free market, foreign exchange points buy and sell US dollars around 26,420-26,520 VND (buy - sell), up 50 VND each way.

Source: https://dantri.com.vn/kinh-doanh/gia-vang-trong-nuoc-the-gioi-dong-loat-giam-20250704235529743.htm