Gold price surges on February 7, setting a new record for gold rings

Opening on February 7th, the price of SJC gold has increased significantly by about 400-500 thousand dong/tael compared to yesterday. Accordingly, the selling price of SJC gold has reached nearly 79 million dong/tael. The price of plain gold rings has also increased sharply, with some places reaching nearly 66 million dong/tael.


Specifically at Saigon Gold Silver Gemstone, SJC gold is currently listed at 76.7-78.9 million dong per tael, an increase of 400 thousand dong per tael compared to yesterday. The price of 24k plain gold rings here also increased by about 100-200 thousand dong per tael to 63.4-64.6 million dong per tael.

At Bao Tin Minh Chau, SJC gold price was raised to 76.75-78.85 million dong per tael. The price of 9999 plain gold rings here has reached 64.73-65.83 million dong per tael, the highest ever.

Phu Nhuan Gold Silver Gemstone also increased by about 300 thousand dong per tael for SJC gold, listed at 76.5-78.7 million dong per tael. DOJI Group increased to 76.55-78.85 million dong per tael.

In the international market, spot gold prices are standing at 2,034 USD/ounce, equivalent to about 60.5 million dong per tael when converted at the VND/USD exchange rate, excluding taxes and fees. The difference with domestic gold prices is widening as the exchange rate decreases, international gold prices decrease but domestic gold prices continue to rise.

Currently, international gold is still under pressure from the strong increase in the USD. The DXY index, which measures the strength of the US dollar against major currencies, is currently at 104.05 points. The US dollar continues to appreciate as the Federal Reserve (Fed) recently signaled no rush to cut interest rates. Investors believe that when the Fed reverses its monetary policy and there is more political tension, gold will have enough momentum to rise quickly.

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