Gold prices in the Asian market this morning (August 12) have not shown any signs of recovery and are still under great selling pressure despite having previously plummeted, losing about 50 USD in the US market. Domestic gold ring prices have slightly decreased by 100,000-200,000 VND/tael.
Specifically, at 9:25 this morning, SJC announced the price of gold rings of type 1-5 at only 116.5-119 million VND/tael (buy - sell), down 100,000 VND/tael compared to the previous session. Doji announced the price of gold rings of type 1-5 at only 116.8-119.3 million VND/tael (buy - sell), down 200,000 VND/tael.
In the session of August 11, the price of gold rings was adjusted by businesses to decrease by 700,000 VND/tael.
However, the price of SJC gold bars was kept unchanged by businesses at 122.7-123.9 million VND/tael (buy - sell). In the previous session, gold bars decreased by 500,000 VND in both directions.
In the world , the spot gold price this morning fluctuated between 3,340-3,350 USD/ounce.
Thus, spot gold prices are under pressure to fall to the lower range of 3,300-3,350 USD/ounce, the price range that was maintained in the second half of June and July.
The world gold price has just risen to the range of 3,350-3,400 USD/ounce in the past week thanks to the expectation that the US Federal Reserve (Fed) will cut interest rates in September, thereby pushing the USD down. In addition, investors have high expectations for gold due to geopolitical tensions and trade wars.
However, there are positive signs in the market regarding the handling of the conflict in Ukraine. Investors also expect countries to reach trade agreements with the Donald Trump administration.
Regarding import tax on gold, although US President Donald Trump announced on social media that gold will not be taxed, the market is still waiting for an official announcement from the White House about the possibility of imposing tax on imported 100-ounce and 1-kg gold bars.
Some investors breathed a sigh of relief at Mr. Trump’s announcement. But analysts at Kitco warned that the gold market could continue to be volatile this week. As the news of the gold import tariffs is clarified, the significant gap between U.S. gold futures and spot prices on the London OTC market is expected to narrow.
Currently, spot gold prices are still more popular than gold futures prices on the Comex floor.
The gold market has been experiencing significant volatility since late last week, when the Financial Times reported on a letter dated July 31 from the US Customs and Border Protection to a Swiss gold refinery, stating that 1kg and 100-ounce gold bars would be subject to high tariffs.
With the newly announced 39% tariff – one of the highest ever imposed by the Trump administration – the precious metals market has been thrown into panic.
The rush to buy physical gold, while imports into the US market fell on Friday, pushed the Comex premium to about $100 an ounce over London prices.
However, according to experts, the concern has been reduced after Mr. Trump's statement. Moreover, the difference between spot and future gold prices is not high at present. Specifically, the average difference between spot and contract prices has reached an average of 5.4% since the beginning of 2024, while the difference since the beginning of the year is only 3.1%.
Last Friday, the percentage difference was 2.8% before falling to 1.7% by Monday morning this week.
In the US, the physical market is not as active as in Asia. The physical gold market is almost quiet everywhere due to economic uncertainty. In India and the Middle East, physical gold demand is increasing but is still quiet because of the low season.
Source: https://vietnamnet.vn/vang-the-gioi-mat-da-nha-dau-tu-ngong-tin-hieu-tu-ong-trump-2431107.html
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