Vietnam Domestic Gold Prices Diverge from Global Market; SJC Gold Bars Stable

On August 3rd, Vietnam's domestic gold prices remained stable across major brands, contrasting with a slight uptick in the global market. SJC gold bars, in particular, held steady at 13.7 to 14.1 million VND/tael, maintaining a divergence from international prices. Globally, gold prices saw a slight increase to $4,052 per ounce on August 3rd, recovering from a week of declines as the US dollar strengthened. However, in Vietnam, after dropping by 500,000 VND/tael in the past week and 7.4 million VND/tael in the past month, SJC gold bars were trading at 14.1 million VND/tael on the morning of the 3rd. Currently, domestic gold prices in Vietnam are approximately 12 million VND/tael higher than global prices, excluding taxes and fees. Specifically, at 8:30 AM on August 3rd, Saigon Jewelry Company (SJC) listed SJC gold bars at 13.7 million VND/tael for buying and 14.1 million VND/tael for selling, unchanged from the previous day's closing. The spread between buying and selling prices is 4 million VND/tael. Other major brands showed similar trends. DOJI brand in Hanoi and Ho Chi Minh City listed buying prices at 13.7 million VND/tael and selling prices at 14.1 million VND/tael, unchanged from the end of last week. PNJ brand listed buying prices at 13.61 million VND/tael and selling prices at 14.09 million VND/tael, with slight increases and decreases respectively compared to the previous closing. Global spot gold prices are influenced by various factors, including expectations of a US interest rate hike, persistently high oil prices, and investor caution regarding the situation in the Strait of Hormuz. Investors are closely monitoring factors such as the US Federal Reserve's interest rate trend in September, US employment data next week, market reactions to inflation expectation indices at the end of July, and the situation in the Strait of Hormuz. In a weekly gold survey by Kitco News, 17 Wall Street experts participated. 30% (5 experts) believe gold prices will rise this week, 35% (6 experts) predict a decline, and the remaining 35% (6 analysts) hold a neutral view. Additionally, in an online poll of 184 retail investors on Main Street, 47% (87 investors) are optimistic about gold prices this week, 30% (55 investors) forecast a decline, and 23% (42 investors) expect prices to trade sideways. As of 9:00 AM on August 3rd (Vietnam time), global gold prices increased by $15.5 per ounce from the previous day's close, reaching $4,057.2 per ounce. The US dollar index slightly decreased to 99.69 points, the 10-year US Treasury yield stood at 4.696%, and US stock markets showed gains. Global oil prices dropped nearly 6%, with Brent crude trading around $83.89 per barrel and WTI crude around $80.38 per barrel.