Vietnamese Gold Price Sees Increase Amid Global Market Volatility
The gold price in Vietnam has seen an increase on August 4th, with SJC gold bars listed at a threshold of 137.5-141 million VND/tael (buying - selling), up 500,000 VND/tael from the buying side and remaining unchanged for selling prices.
The buying - selling difference is at 3.5 million VND/tael, with various business units reporting different prices: Phu Quy Gold and Gems Group listed SJC gold bars at 137.5-141 million VND/tael, DOJI also reported the same price range, while Bao Tin Minh Chau listed it at 138-142 million VND/tael (down 300,000 VND/tael in both directions).
The difference between buying and selling prices remains high, typically ranging from 3.5 to 4 million VND/tael, which poses a significant risk for buyers who may lose money immediately after trading due to the price gap.
World gold prices have also fluctuated around the 4,000 USD/ounce mark in recent sessions, with supporting and pressing factors intertwined. The US manufacturing sector's purchasing managers' index in July increased to 55.6 points, higher than market forecasts, indicating a robust economy that may limit the possibility of a breakthrough for gold prices.
Additionally, the sharp drop in crude oil prices has eased inflation concerns, pulling US bond yields down and making gold more attractive to buyers holding other currencies. However, the temporary cooling of tensions in the Gulf region has reduced part of the demand for safe-haven assets.